The Treasury Department said Thursday it will provide up to $5 billion in financing to auto parts makers to help restore credit flows in their industry in the wake of slumping business at the Big Three carmakers.

The aid program is designed to bail out an industry employing more than 500,000 people from the brink of bankruptcy by paying money owed to suppliers for the parts they shipped to the Big Three, the department said.

The money will be paid no matter what happens to the recipient car company, the department said.

The step will give suppliers "the confidence they need to continue shipping parts, pay their employees and continue their operations," the department said in a statement.

"Because of the credit crisis and the rapid decline in auto sales, many of the nation's auto parts suppliers are unable to access credit and are facing growing uncertainty about the prospects for their businesses and for the auto companies that rely on the parts they ship," it said.

Treasury Secretary Treasury Secretary Timothy Geithner said in a statement that "the program will provide supply companies with much needed access to liquidity to assist them in meeting payrolls and covering their expenses, while giving the domestic auto companies reliable access to the parts they need."

Two major auto supply industry groups had requested up to $25 billion in aid to the federal government.

According to news media, more than 40 major suppliers have filed for Chapter 11 bankruptcy protection due to dwindling sales at the Big Three makers.