Mnuchin Says Postal Service May Not Need $10 Billion Virus Loan

(Bloomberg) -- The U.S. Postal Service may not need the $10 billion loan Congress made available in its coronavirus rescue legislation due to an increase in business, Treasury Secretary Steven Mnuchin said.

“The good news is, as of now, package deliveries are up over 50%,” he said Thursday during a virtual event hosted by the Hill. “As of now, they don’t need to use the loan.”

During negotiations for the $2.2 trillion Cares Act, some lawmakers wanted to give the Postal Service a $10 billion handout, Mnuchin said, which he called “unfair” and instead created the option for a loan.

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