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7/29/2020

Treasury and United States Postal Service Reach Agreement on Terms of CARES Act Loan | U.S. Department of the Treasury

Treasury and United States Postal Service Reach Agreement on
Terms of CARES Act Loan
July 29, 2020

WASHINGTON – Today the U.S. Department of the Treasury announced that it had reached an
agreement with the United States Postal Service (USPS) on the material terms and conditions of
a loan of up to $10 billion to the USPS under Section 6001 of the Coronavirus Aid, Relief, and
Economic Security (CARES) Act. The loan will be documented in an agreement to be developed
and executed by Treasury and the USPS.
The CARES Act authorizes the USPS to borrow up to $10 billion from Treasury for operating
expenses if the USPS determines that, due to the COVID-19 emergency, it will not be able to fund
operating expenses without borrowing money.
“While the USPS is able to fund its operating expenses without additional borrowing at this
time, we are pleased to have reached an agreement on the material terms and conditions of a
loan, should the need arise,” said Secretary Steven T. Mnuchin. “I look forward to continuing to
work with Postmaster General DeJoy to fulfill the President’s goal of establishing a sustainable
business model under which USPS can continue to provide necessary mail service for all
Americans, without shi ing costs to taxpayers.”
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https://home.treasury.gov/news/press-releases/sm1071

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