Weekly COVID-19 Oversight & Enforcement Report - May 2021

The Congressional Oversight Commission released its 12th report on April 30. The report focuses on a $700 million loan to trucking company Yellow Corporation (formerly known as YRC Worldwide) under the CARES Act loan program “for businesses critical to maintaining national security.” According to the report, the Commission had “concerns regarding the Treasury’s process for certifying Yellow as ‘critical to maintaining national security’ and questioned whether Yellow’s precarious financial position at the time of the loan exposed taxpayers to a significant risk of loss.” After conducting an in-depth review, which is summarized in the report, “the Commission continues to believe that Treasury and DOD made missteps in deeming Yellow as critical to national security and executing the loan.”

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