WASHINGTON, D.C. -- General Motors (GM) and Chrysler have been given up to $5 billion in additional loans in order to stay afloat during the next few months.
The money is being provided by the U.S. Government through the Troubled Asset Relief Program (TARP), which also recently gave the automakers a combined $17.4 billion in loans in order to avoid bankruptcy. This additional funding will help keep the automakers in business while they work to complete their second draft of restructuring plans. GM has been given until June 1 to complete its plan; Chrysler has until May 1 to complete its restructuring plan, which includes a technology partnership with Fiat.
