Report finds Treasury Department has hardly spent any of its $500 billion fund to help businesses

Steven Mnuchin and Donald Trump.
(Image credit: Mandel Ngan/AFP via Getty Images)

A Congressional Oversight Commission report released Monday finds that the Treasury Department has barely spent any of the $500 billion fund meant to assist local governments and businesses.

Both the Congressional Oversight Commission and the Treasury fund were created by the $2 trillion CARES Act in March. The fund will help large and small businesses, as well as cities and states, and the commission was formed to oversee how that money is being used. The 17-page report released Monday is the commission's first.

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