The loan was administered under the Coronavirus Aid, Relief and Economic Security (CARES) Act program for companies deemed as 'critical to maintaining national security.'
The loan was administered under the Coronavirus Aid, Relief and Economic SecurityThe Select Subcommittee on the Coronavirus Crisis released aWednesday detailing"troubling new evidence" that the trucking company, now named Yellow Corporation, received the massive loan"despite the assessment of career Department of Defense officials that the company was not 'critical' to national security—a requirement under the CARES Act.
Yellow Corporation lawyer Marc E. Kasowitz said in a letter to the committee responding to its findings, which was shared with, that the company paid more than $25 million in interest on the loan. He also said in the letter that the Treasury's equity stake in Yellow is now worth about $70 million, an increase of roughly 50 percent since the beginning of the loan.
In his letter, Kasowitz noted what he described as the"prominent quotation of an off hand and flippant remark made by a former employee." Representative James Clyburn, a Democrat from South Carolina who chairs the committee, said in a statement that the new report"reveals yet another example of the Trump Administration disregarding their obligation to be responsible stewards of taxpayer dollars.
He asserted that documents Yellow has provided established that Yellow was eligible for and properly used the CARES Act loan.
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