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A) more than $500 billion as part of aggressive new lending efforts by the nation’s Central Bank to distressed businesses and state and local governments.

B) more than $500 billion to distressed businesses and state and local governments as part of aggressive new lending efforts by the nation’s Central Bank.
option B is correct. It is in correct order.. $500 billion( to whome)? to distressed businesses and state and local governments .. (for what purpose?)as part of aggressive new lending efforts. Hence Option B is correct

C) as much as $500 billion as part of aggressive new lending efforts by the nation’s Central Bank to distressed businesses and state and local governments.
as much as.. is wrong becausewe are not comparing with anything. Hence Option C is wrong

D) so much as $500 billion as part of aggressive new lending efforts to distressed businesses and state and local governments by the nation’s Central Bank.
so much as is wrong.. because we are not comparing. Hence option D is wrong

E) as part of aggressive new lending efforts by the nation’s Central Bank more than $500 billion for distressed businesses and state and local governments.
Clumsy if we put in the line..

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A) more than $500 billion as part of aggressive new lending efforts by the nation’s Central Bank to distressed businesses and state and local governments.

B) more than $500 billion to distressed businesses and state and local governments as part of aggressive new lending efforts by the nation’s Central Bank.

C) as much as $500 billion as part of aggressive new lending efforts by the nation’s Central Bank to distressed businesses and state and local governments.

D) so much as $500 billion as part of aggressive new lending efforts to distressed businesses and state and local governments by the nation’s Central Bank.

E) as part of aggressive new lending efforts by the nation’s Central Bank more than $500 billion for distressed businesses and state and local governments.

B places modifier correctly and uses correct idiom
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Over the last six months, public and private banks have loaned more than $500 billion as part of aggressive new lending efforts by the nation’s Central Bank to distressed businesses and state and local governments.

A) more than $500 billion as part of aggressive new lending efforts by the nation’s Central Bank to distressed businesses and state and local governments. -> "as part of aggressive new lending efforts..." modifies "banks have loaned more than $500 billion" it is incorrect, because, banks did something to someone and it is called "as part of aggressive new lending efforts..."

B) more than $500 billion to distressed businesses and state and local governments as part of aggressive new lending efforts by the nation’s Central Bank. -> It is better than A. Let's keep it.

C) as much as $500 billion as part of aggressive new lending efforts by the nation’s Central Bank to distressed businesses and state and local governments. -> As much as is incorrect and we have modifier error as well, as mentioned in A.

D) so much as $500 billion as part of aggressive new lending efforts to distressed businesses and state and local governments by the nation’s Central Bank. -> Modifier error as A and so much as is incorrect.

E) as part of aggressive new lending efforts by the nation’s Central Bank more than $500 billion for distressed businesses and state and local governments. -> we need "more than $500 billion" first as non underlined stated "banks have loaned".

So, I think B. :)
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In this question, we have mainly two splits :
1. X have loaned as part of xxx to Y.
2. X have loaned to Y as part of xxx.


In the two sentences above, Y is the recipient of the loan and should be closer to the verb loaned.
Thus, loaned to Y - is better than - loaned as part of xxx to Y.

Only B qualifies.
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Over the last six months, public and private banks have loaned more than $500 billion as part of aggressive new lending efforts by the nation’s Central Bank to distressed businesses and state and local governments.

Pre-thinking: Sentence structure - 'more than $500 billion' should be followed by 'to distressed businesses and state and local governments'

A) more than $500 billion as part of aggressive new lending efforts by the nation’s Central Bank to distressed businesses and state and local governments.

B) more than $500 billion to distressed businesses and state and local governments as part of aggressive new lending efforts by the nation’s Central Bank.

C) as much as $500 billion as part of aggressive new lending efforts by the nation’s Central Bank to distressed businesses and state and local governments.

D) so much as $500 billion as part of aggressive new lending efforts to distressed businesses and state and local governments by the nation’s Central Bank.

E) as part of aggressive new lending efforts by the nation’s Central Bank more than $500 billion for distressed businesses and state and local governments.
'...banks have loaned as part of aggressive new ...' this does not make sense. Loaned what and to whom?

IMO answer should be Option B.
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