Posted on Apr 28, 2022
Overland Park trucking company got $700 million federal loan over Pentagon objections: House...
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In addition to meddling by Trump administration officials, the subcommittee report said lobbyists for Yellow Corp. leveraged its close ties with the administration to obtain a loan on terms so favorable that it violated guidelines of the Corona Aid, Relief, and Economic Security Act (CARES Act).
Acting over the objections of the Defense Department, the Trump administration made sure cash-strapped Kansas trucking company Yellow Corp. received a $700 million loan from the federal government in 2020, according to a House subcommittee report released on Wednesday.
The House Select Subcommittee on the Coronavirus Crisis report said that in addition to meddling by Trump administration officials, lobbyists for Yellow Corp. leveraged its close ties to the administration to obtain a loan on terms so favorable that it violated guidelines of the Corona Aid, Relief, and Economic Security Act (CARES Act).
Acting over the objections of the Defense Department, the Trump administration made sure cash-strapped Kansas trucking company Yellow Corp. received a $700 million loan from the federal government in 2020, according to a House subcommittee report released on Wednesday.
The House Select Subcommittee on the Coronavirus Crisis report said that in addition to meddling by Trump administration officials, lobbyists for Yellow Corp. leveraged its close ties to the administration to obtain a loan on terms so favorable that it violated guidelines of the Corona Aid, Relief, and Economic Security Act (CARES Act).
Overland Park trucking company got $700 million federal loan over Pentagon objections: House...
Posted from kcur.org
Overland Park
Donald Trump
Pentagon
Loans
Posted 2 y ago
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PO1 William "Chip" Nagel
..."Select Subcommittee Staff Report Shows Trump Political Appointees Overruled Career DOD Officials to Approve $700 Million National Security Loan That Violated CARES Act Terms
Press Release
Washington, D.C. (April 27, 2022) – Today, the Select Subcommittee on the Coronavirus Crisis, chaired by Rep. James E. Clyburn, released a staff report that lays out troubling new evidence regarding the Trump Administration’s approval of a $700 million loan under the Coronavirus Aid, Relief and Economic Security (CARES) Act program for companies “critical to maintaining national security.” This loan to trucking company YRC Worldwide Inc. (now named Yellow Corporation) represented 95% of the total funds disbursed under the CARES Act national security loan program."...
..."Select Subcommittee Staff Report Shows Trump Political Appointees Overruled Career DOD Officials to Approve $700 Million National Security Loan That Violated CARES Act Terms
Press Release
Washington, D.C. (April 27, 2022) – Today, the Select Subcommittee on the Coronavirus Crisis, chaired by Rep. James E. Clyburn, released a staff report that lays out troubling new evidence regarding the Trump Administration’s approval of a $700 million loan under the Coronavirus Aid, Relief and Economic Security (CARES) Act program for companies “critical to maintaining national security.” This loan to trucking company YRC Worldwide Inc. (now named Yellow Corporation) represented 95% of the total funds disbursed under the CARES Act national security loan program."...
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