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Also Trump violated the CARES Act by giving Yellow the loans in question

https://coronavirus-democrats-oversight.house.gov/news/press-releases/clyburn-trump-admin-yellow-national-security-report-covid-oversight

Today, the Select Subcommittee on the Coronavirus Crisis, chaired by Rep. James E. Clyburn, released a staff report that lays out troubling new evidence regarding the Trump Administrations approval of a $700 million loan under the Coronavirus Aid, Relief and Economic Security (CARES) Act program for companies critical to maintaining national security. This loan to trucking company YRC Worldwide Inc. (now named Yellow Corporation) represented 95% of the total funds disbursed under the CARES Act national security loan program. Chairman Clyburn also wrote to the Department of the Treasury (Treasury) Deputy Inspector General Richard K. Delmar to request that the Office of Inspector General investigate whether any of the misleading representations Yellow made in applying for its loan constitute knowing false claims and false statements within the meaning of the False Claims Act, or otherwise violate federal law.

Evidence newly uncovered by the Select Subcommittee shows the company was certified as eligible for the loan despite the assessment of career Department of Defense (DOD) officials that the company was not critical to national securitya requirement under the CARES Act. The loans approval involved the intervention of top Trump Administration officialspotentially including the presidentand its generous terms also violated CARES Act risk and interest rate requirements.

Documents obtained by the Select Subcommittee indicate that, contrary to CARES Act requirements that loans be used to cover pandemic-related losses, Yellow executives sought to use government funds for long-term capital investments to update the companys aging truck fleet. For example, Yellows Chief Financial Officer wrote to a private creditor saying, while we had our hand in the cookie jar we thought we would try to get a little catch up capex [capital expenditures] while we were at it.