Congress escalates probe into Yellow’s $700M COVID loan

Congress is stepping up its scrutiny of Yellow Corp. (NASDAQ: YELL) and its $700 million CARES Act relief loan following reports alleging the company may have been ineligible for the funds and then misused them.

In letters sent on Thursday to Treasury Secretary Janet Yellen, Department of Defense (DOD) Secretary Lloyd Austin, Yellow CEO Darren Hawkins and Crowley Logistics, Rep. James Clyburn, D-S.C., chairman of the Select Subcommittee on the Coronavirus Crisis, requested documents on whether...

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