A $700 million loan provided by the U.S. Treasury under the CARES Act will help YRC Worldwide, Inc.’s operating companies pay its employees’ health care and other benefits and get through this pandemic while protecting the livelihoods of about 24,000 Teamsters and their families.
“I want to thank Congress for passing the CARES Act, and the Treasury Department for helping make this essential bridge loan possible,” Teamsters General President Jim Hoffa said on July 1. “They recognized the urgency and acted swiftly to avoid our members’ health benefits from being cut and, in the long term, to protect 24,000 Teamster jobs at YRC Freight, Holland, Reddaway and New Penn.”
The CARES Act assistance will be used to pay for employee health care and pension costs and other obligations. YRCW employs 30,000 freight workers, including 24,000 Teamsters.
“I echo General President Hoffa in thanking the government for providing this loan and protecting our members’ livelihoods” said Ernie Soehl, Teamsters National Freight Director. “Like so many Teamsters who are essential workers, our members working at the YRCW operating companies have continued to keep our nation’s supply chain moving to serve millions of Americans. They are true heroes. This assistance gives them some peace of mind moving forward and we hope it gives YRCW the economic stability it needs in the months and years to come.”