{"id":1959149,"date":"2023-06-28T11:53:01","date_gmt":"2023-06-28T15:53:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oops-treasury-erred-in-giving-700-million-covid-loan-to-trucking-company-congress-says\/"},"modified":"2023-06-28T11:55:12","modified_gmt":"2023-06-28T15:55:12","slug":"oops-treasury-erred-in-giving-700-million-covid-loan-to-trucking-company-congress-says","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oops-treasury-erred-in-giving-700-million-covid-loan-to-trucking-company-congress-says\/","title":{"rendered":"Treasury&#8217;s $700M COVID loan to trucking company was a mistake, says Congress."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Foops-treasury-erred-in-giving-700-million-covid-loan-to-trucking-company-congress-says%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1959149&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Report Reveals Dubious $700 Million Loan to Failing Trucking Company<\/h2>\n<div>\n<figure><figcaption>Getty Images<\/figcaption><\/figure>\n<\/div>\n<div>\n<p>A new congressional report <a href=\"https:\/\/www.wsj.com\/amp\/articles\/treasury-shouldnt-have-given-pandemic-aid-to-trucking-company-report-finds-889cd7ad\">found<\/a> that the Treasury Department gave a dubious $700 million loan to a failing <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/she-claimed-she-was-kidnapped-and-sexually-assaulted-now-shes-being-charged-with-lying\/\" title=\"She Claimed She Was Kidnapped And Sexually Assaulted. Now She\u2019s Being Charged With Lying.\">trucking company<\/a> with funds allocated by the bipartisan CARES Act.<\/p>\n<\/div>\n<div>\n<p><a href=\"https:\/\/winred.tomcotton.com\/tom-cotton\/defend-scotus-ads-beacon?utm_source=rc&#038;utm_medium=beaconads&#038;utm_campaign=2023maybeaconscotus\" target=\"_blank\" rel=\"noopener\"> <\/a><\/p>\n<p><a href=\"https:\/\/winred.tomcotton.com\/tom-cotton\/defend-scotus-ads-beacon?utm_source=rc&#038;utm_medium=beaconads&#038;utm_campaign=2023maybeaconscotus\" target=\"_blank\" rel=\"noopener\"> <\/a><\/p>\n<\/div>\n<p>Only companies that were fulfilling important defense contracts or had <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oops-treasury-erred-in-giving-700-million-covid-loan-to-trucking-company-congress-says\/\" title=\"Treasury's 0M COVID loan to trucking company was a mistake, says Congress.\">high-level security clearance<\/a> should have been eligible for such loans, the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/poll-one-in-six-biden-voters-would-have-changed-their-vote-if-they-had-known-about-scandals-suppressed-by-media\/\" title=\"Poll: One In Six Biden Voters Would Have Changed Their Vote If They Had Known About Scandals Suppressed By Media\">report states<\/a>. Yellow, the trucking company that received the loan, did not meet these requirements.<\/p>\n<p>However, by securing the approval of the Department of Defense or the director of national intelligence, the agency could grant the loan even if the national security conditions were not met. Using this &#8220;catch-all&#8221; provision, the Treasury granted the loan and took on ownership of roughly a third of the company.<\/p>\n<p>The federal government has recently come under <a href=\"https:\/\/freebeacon.com\/latest-news\/fraudsters-stole-more-than-200-billion-from-two-covid-relief-programs-watchdog-estimates\/\">scrutiny<\/a> for its lack of oversight in sending out COVID-19 relief funds. A recent report from the Small Business Administration inspector general found that more than $200 billion was disbursed to fraudsters within just two of the relief programs offered by the feds.<\/p>\n<div>\n<p><a href=\"https:\/\/winred.tomcotton.com\/tom-cotton\/defend-scotus-ads-beacon?utm_source=rc&#038;utm_medium=beaconads&#038;utm_campaign=2023maybeaconscotus\" target=\"_blank\" rel=\"noopener\"> <\/a><\/p>\n<p><a href=\"https:\/\/winred.tomcotton.com\/tom-cotton\/defend-scotus-ads-beacon?utm_source=rc&#038;utm_medium=beaconads&#038;utm_campaign=2023maybeaconscotus\" target=\"_blank\" rel=\"noopener\"> <\/a><\/p>\n<\/div>\n<p>&#8220;They should have <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/fraudsters-stole-more-than-200-billion-from-two-covid-relief-programs-watchdog-estimates\/\" title=\"Watchdog estimates 0B+ stolen by fraudsters from COVID relief programs.\">put basic fraud controls<\/a> in place to verify people&#8217;s identity and to make sure targeted relief was getting into the right hands,&#8221; the former executive director of the Pandemic Response Accountability Committee told the Associated Press.<\/p>\n<p>When the Treasury Department granted the loan to Yellow, it was rated as a poor investment and in <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/maryland-national-guard-says-its-in-dire-financial-straits-after-congress-has-yet-to-reimburse-funds-used-to-protect-the-capitol\/\" title=\"Maryland National Guard Says It\u2019s In Dire Financial Straits After Congress Has Yet To Reimburse Funds Used To Protect The Capitol\">dire financial straits<\/a>. Since receiving the loan, the value of the trucking service has plummeted, leaving taxpayers on the hook for the fallout.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>trucking company, received the loan despite not meeting the criteria. The report highlights the need for stricter guidelines to ensure taxpayer funds are allocated appropriately during times of crisis.<\/p>\n","protected":false},"author":894,"featured_media":1959150,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[544],"tags":[],"class_list":["post-1959149","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-free-beacon"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1959149","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/894"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1959149"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1959149\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1959150"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1959149"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1959149"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1959149"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}