The deal is the first under a $17 billion loan program approved as part of the broader stimulus by Congress in March. ADAD“We are pleased for Treasury to make this loan pursuant to the CARES Act,” Secretary Steven Mnuchin said in a statement. The 96-year-old company covers 68 percent of the military’s services in that area, according to the Treasury Department’s announcement. ADADThe Defense Department is spending $668 million in Defense Production Act funding on the defense industrial base. Like most transportation companies, YRC was sharply affected by the state-by-state business closures that put the national economy into stasis throughout March and April.

Source: Washington Post July 01, 2020 15:09 UTC