Controversial trucking firm YRC Worldwide has been provided a $700 million bank loan by the U.S. Treasury Department.
In a assertion, the firm stated it was getting provided the bank loan less than the CARES Act immediately after it was significantly impacted by the COVID-19 pandemic. The Treasury Department stated the bank loan was justified simply because YRC gives a large portion of the a lot less-than-truckload providers used by the U.S. army.
“Treasury’s determination was based mostly on a certification by the Secretary of Protection that YRC is vital to sustaining countrywide protection,” the Treasury Department stated in a assertion.
YRC stated it gives 68% of a lot less-than-truckload providers to the Department of Protection. The firm stated it is the 2nd premier a lot less-than-truckload firm in the United Said and, together with its running firms, employs 30,000 men and women, including 24,000 teamsters.
In May, YRC stated