Postmaster General Louis DeJoy said that the loan will “delay the approaching liquidity crisis.”
The Treasury Department announced Wednesday it has reached an agreement to lend up to $10 billion to the U. S. Postal Service (USPS) under a provision of the coronavirus-relief package passed by Congress in March after months of negotiations—and hostility from President Trump, who has derided the Postal Service as a “joke.”
The Postal Service’s finances have been a problem for many years. It reported a net loss of $8.8 billion in 2019, $4.9 billion more than the previous year. Operating expenses for the year were $79.
