The U.S. Treasury Department on Thursday pledged to provide up to $5 billion in financing support to auto suppliers to help them survive a massive downturn in car sales.

Participating suppliers also will be able to sell receivables into the government program at a modest discount, giving them access to desperately needed liquidity and helping to unlock credit more broadly in the supplier industry, the Treasury said.

(Reporting by David Lawder; Editing by Leslie Adler)