The auto sector stands to benefit from the $2 trillion economic stimulus package, but in its effort to get relief, the industry has taken a more cautious route by not seeking an auto-specific bailout and instead focusing on liquidity and supporting the economy broadly.
The Senate unanimously passed the bill late Wednesday, March 25, after days of intensive negotiations. It passed in the House on Friday, and President Donald Trump signed it into law later that day.
The 880-page measure is the largest of its kind in U.S. history.
Unlike during the Great Recession, when the Detroit 3 initially requested $50 billion, automakers avoided direct pleas for a rescue despite global production shutdowns that could lead to significant revenue losses. The UAW and Detroit 3 discussed sending a letter to Congress this month on why the industry needed access to liquidity, but GM ultimately declined and it was never sent, a person familiar with the matter told Automotive News.
Instead, a coalition of groups representing automakers, dealers and suppliers sought broader relief as the industry navigates a public health crisis.