CARES Act Congressional Oversight Commission

Yellow Corp. said it has paid a total of $851 million to the U.S. Treasury as repayment for a 2020 CARES Act loan.

A Democrat-led committee investigating Yellow’s $700 million Treasury loan suggests the Trump administration was involved in the approval process.

Yellow CEO Darren Hawkins sent a formal response to lawmakers seeking proof of compliance with the terms of the $700 million CARES Act loan.

A U.S. House subcommittee has launched an investigation into Yellow Corp.’s $700 million CARES Act loan.

The latest report from the congressional oversight commission monitoring COVID relief loans shows Yellow Corp. may not have been as “critical to maintaining national security” as once thought. The report also calls into question the company’s increased spend on lobbying efforts ahead of the loan.

The latest request from the congressional commission overseeing COVID-relief loans seeks pricing information from the Defense Department for all less-than-truckload shipments, including those performed by YRC Worldwide.

Treasury Secretary Steven Mnuchin had his day in court so to speak. He said he stands behind the YRC loan and others made, noting that many lawmakers wished Treasury had taken on more risk.

A commission hearing regarding concerns over CARES Act loans made to businesses “critical to maintaining national security” will likely shed more light on the rationale behind the $700 million Treasury loan to YRC.

Atlas Air says it faced hardships during the coronavirus pandemic, making it eligible for emergency airline aid from Congress despite a massive growth in business.

The CARES Act oversight commission is still waiting on a response from the Defense Department regarding its “national security” designation of YRC Worldwide, which allowed the carrier to obtain a pandemic relief loan.

YRC management believes it will take four to six quarters to complete $400 million worth of equipment replacement.

YRC loan called into question by Congressional Oversight Commission. YRC’s board may have had the same concerns with the company’s equity in 2019.