U.S. Postal Service

EVO, trucking firm that hauls for USPS, asked to give back PPP funds

A publicly-traded Phoenix-based trucking company that received $10 million under the Paycheck Protection Program (PPP) has been asked to give it back.

The company, EVO Transportation and Energy Services, mostly hauls for the U.S. Postal Service. Much of its fleet appears to be powered by compressed natural gas (CNG). The company’s 10-K filing for 2018—the most recent 10-K submitted—said the USPS accounted for 95% of the company’s revenue.

In a letter sent Friday to EVO’s Chief Executive Officer...

https://s29755.pcdn.co/news/evo-trucking-firm-that-hauls-for-usps-asked-to-give-back-ppp-funds

U.S. Postal Service loses $4.5 billion in latest quarter

U.S. Postal Service (USPS) losses continued to mount with a $4.5 billion loss reported on May 8 for the latest quarter amid warnings from the federal agency that government intervention is needed to avoid a potential service shutdown.

The loss in the agency’s fiscal second quarter (ending March 31) is more than double the $2.1 billion loss in the same period last year.

“We are unable to predict the duration of COVID-19 business closures and the duration of the recession we are currently...

https://www.freightwaves.com/news/u-s-postal-service-loses-4-5-billion-in-latest-quarter

Former XPO executive tapped to head U.S. Postal Service

The U.S. Postal Service (USPS) board unanimously selected Louis DeJoy to serve as its 75th Postmaster General, a private-sector pick that feeds speculation that the world’s largest postal organization could be headed for privatization.

DeJoy, a former executive at XPO Logistics [NYSE: XPO], is expected to begin serving in the role on June 15. He replaces Megan Brennan, who announced her plans to retire in October 2019. DeJoy will be the first person from outside USPS to lead the organization...

https://s29755.pcdn.co/news/former-xpo-executive-tapped-to-head-u-s-postal-service

+ More