Mnuchin said he would continue to work with DeJoy to “achieve the president`s goal of establishing a sustainable business model, under which the USPS can continue to provide the necessary postal service to all Americans without the costs shifting to taxpayers.” “While the USPS is able to finance its operating costs without additional borrowing at that time, we are pleased to have reached an agreement on the essential terms of a loan if necessary,” said Minister Steven T. Mnuchin. “I look forward to continuing to work with Postmaster General DeJoy to achieve the president`s goal of building a sustainable business model, under which the USPS can continue to provide the necessary postal service to all Americans without shifting the costs to taxpayers.” Discussions appeared to have accelerated after Louis DeJoy was sworn in as general post last month. DeJoy announced the deal Wednesday and said the post office board approved it on Tuesday. Both sides have yet to formally sign the terms, but expect to do so “in the coming weeks.” A USPS spokesman declined to meet the terms of the loan. The USPS Board of Governors approved the principle of the credit agreement on Tuesday and expects to prepare formal credit documents in the coming weeks, the service said. Democrats had publicly asked postal workers to persevere and not accept Treasury funding if it meant giving up control of the agency. In the Senate, a multiparty agreement was reached during a first round of coronavirus aid spending to provide a $13 billion grant to the USPS, but Trump has threatened to veto the entire law â€” worth $2 trillion and total financial resources for unemployed workers, small businesses and other sectors that have been hit by the new pandemic coronavirus recession â€“ I wouldn`t. WASHINGTON â€” The United States The Postal Service, grappling with the effects of the coronavirus pandemic, has reached an agreement on a $10 billion loan from the Treasury. The postal service will provide the Treasury, subject to confidentiality restrictions, with copies of its 10 largest “negotiated service agreements” or contracts with large-scale third parties such as Amazon, FedEx and UPS, and will receive a decisive financial injection, which postal agents say will keep the debt agency solvent for at least another year. according to a copy of the loan`s roadmap, which is available in the Washington Post. “While the USPS is able to finance its operation.
Spending without additional borrowing at this stage, we are happy to have reached an agreement on the essential terms of a loan if necessary,” Mnuchin said. WASHINGTON, DC â€“ U.S. Postal Director General Louis DeJoy announced today that the United States Postal Service (USPS) has reached an agreement in principle with the U.S. Treasury on terms related to the $10 billion care agency under the CARES Act. The USPS Board of Governors unanimously approved the principle of the agreement yesterday and expects the parties to formally recall the agreement through loan documents that will be jointly developed in the coming weeks. The credit agreement was unanimously approved Tuesday by the USPS Board of Governors. . .