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You are here News Politics Treasury approves $700 million loan to company being sued for overcharging Pentagon

Treasury approves $700 million loan to company being sued for overcharging Pentagon

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YRC Worldwide ygets $700m loan

The Treasury Department on Wednesday approved a $700 million loan to YRC Worldwide, a financially-troubled trucking company that is also being sued by the Defense Department (DOD) for overpricing shipping costs.

“We are pleased for Treasury to make this loan pursuant to the CARES Act,” Treasury Secretary Steven Mnuchin said in a statement. “This loan will enable a critical vendor to the Department of Defense to maintain significant employment while providing appropriate compensation to taxpayers.”

The CARES Act, just one of several pieces of coronavirus stimulus legislation, was passed by Congress and signed into law by President Trump in late March.

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