The Treasury Division stated Wednesday that it has reached an settlement to lend as much as $10 billion to the U.S. Postal Service underneath a provision of the coronavirus-relief package deal handed by Congress in March.
Whereas the Postal Service doesn’t at the moment want the cash, the Cares Act reduction package deal authorizes it to borrow instantly from Treasury if essential to fund working bills.
The deal comes after President Trump indicated that he deliberate to make use of the availability as leverage to drive the Postal Service to raise rates for package delivery. Chatting with reporters in April, he referred to as the company “a joke,” claiming that it was dropping cash on packages delivered for Amazon.com Inc. and different e-commerce corporations.
Mr. Trump is a longtime critic of Amazon and its chief govt, Jeff Bezos, who additionally owns the Washington Put up.