Trucking firm's loan of $700M from U.S. 'a mistake,' Hill says [View all]

WASHINGTON -- A Kansas trucking company received a $700 million federal loan after what appear to be "missteps" by the Treasury Department and the Department of Defense, the Congressional Oversight Commission said in a report released Friday.

Commissioners want to know who determined that the money-losing company, known at the time as YRC Worldwide, was "critical to national security" and thus qualified for the national security loan program, which was authorized last year near the start of the covid-19 pandemic.

The company got the loan after spending $570,000 on lobbying last year, the report notes. The previous year, it had spent nothing, the report stated.

"The Commission makes note of the correlation between lobbying the government and Yellow's ability to secure a $700 million loan," the report stated.

Read more: https://www.arkansasonline.com/news/2021/may/01/trucking-firms-loan-of-700m-from-us-a-mistake/?news-politics