Report Claims The Trump Administration Gave $700 Million Loan To Ineligible Trucking Company


According to a report, the Trump Administration allegedly overruled Pentagon officials and awarded a trucking company $700 million in COVID-relief funds.

USA Today reports that the trucking company Yellow Corp., also previously known as YRC Worldwide Inc., received the loan based on terms that violated the CARES Act back in 2020, according to a press release by the Democratic-led House subcommittee.

The loan accounted for “95% of the total funds disbursed under the CARES Act national security loan program, despite the fact that a Defense Department assessment deemed the company not ‘critical’ to national security, which was a requirement under the act.”

South Carolina Rep. James E. Clyburn stated:

Political appointees risked hundreds of millions of dollars in public funds against the recommendations of career DOD officials and in clear disregard of provisions of the CARES Act intended to protect national security and American taxpayers.

The South Carolina rep has also called  on the Treasury Department to investigate and determine if any laws were broken.

It’s also reported that the loan represented 95% of the funds disbursed under the CARES Act national security loan program.

The trucking company’s loan represented 95% of the total funds disbursed under the CARES Act national security loan program, despite the fact that a Defense Department assessment deemed the company not “critical” to national security, which was a requirement under the act, according to the House panel’s report.

 

Yellow’s spokesperson Heather Nauert responded to claims and stated the findings were “unsubstantiated, and indeed demonstrably false.”

The report also stated in 2020 a “career DOJ official” stated that “the Pentagon would not certify Yellow as critical to national security.” The official expressed that “plenty of other trucking companies” could provide the same services needed. There were also concerns over a now-settled lawsuit “that was pending between the Department of Justice and the company for fraudulently overcharging the government.”

According to NewsWeek, it’s also reported that the U.S. Treasury “received more than $25 million in interest payments on a controversial loan worth $700 million.”

Roomies, what do y’all think of this?

The post Report Claims The Trump Administration Gave $700 Million Loan To Ineligible Trucking Company appeared first on The Shade Room.

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