U.S. Postal Service May Go Broke by September Without Government Bailout

April 10, 2020
Post Office

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Mom-and-pop shops aren't the only businesses on the brink of permanent closure as the coronavirus pandemic drags on--the United States Postal Service is in trouble, too. The New York Times reports that the USPS appealed to Congress for an $89 billion lifeline on Thursday, saying that the agency could run out of cash by the end of September if a bailout doesn't come through. Mail volume is down by nearly a third compared with the same time last year as businesses dramatically cut back on sending solicitations and advertisements. As a result, the Postal Service is projecting a $13 billion revenue shortfall this fiscal year because of the pandemic and another $54 billion in losses over 10 years. “The sudden drop in mail volumes, our most profitable revenue stream, is steep and may never fully recover," Postmaster General Megan Brennan told lawmakers.