By Casey Harper (The Heart Sq.)
A significant U.S. trucking firm referred to as Yellow Corp that acquired $700 million in taxpayer funds through the pandemic has now declared chapter, leaving taxpayers on the hook and sure spiking costs on a variety of products.
The Nashville-based firm filed for chapter Sunday, which value 30,000 jobs.
The corporate, which was almost 100 years previous, blamed latest union negotiations, saying it stored the corporate from making funds and revamping the enterprise.
The corporate, although, has struggled for many years. In 2020, it acquired $700 million through a taxpayer-funded mortgage through the COVID-19 pandemic as a part of a federal program to maintain companies afloat by the lockdowns.
That mortgage has been beneath scrutiny way back to 2021, when the then Democrat-led Home launched an inquiry into the sizable federal fee.
Yellow can also be considered one of a number of transport corporations sued by the federal authorities for allegedly overcharging the Division of Protection for shipments.
“Knowingly overcharging the federal government is an affront to American taxpayers, and the Division of Justice will search to make sure that those that interact in such misconduct are held accountable,” Assistant Lawyer Basic Jody Hunt of the Division of Justice’s Civil Division stated in a DOJ press release on the matter in 2018.
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Syndicated with permission from The Center Square.