Government says automakers could get loans by Dec. 31

By: The Associated Press
By: The Associated Press

The Energy Department says it has written rules to govern how it will dole out $25 billion in federal loans for automakers and parts suppliers that could get money flowing by the end of this year.

The department had been criticized for saying the rules could take months to write, delaying loans for up to 18 months when the Detroit Three automakers are in critical need of cash.

Department officials said Wednesday night that they drafted the interim rules in about half the 60-day time frame required by Congress when the loans were approved in September.

They say if applications are in order, money could be disbursed before the end of the year for fuel-saving technology.

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