The SBA’s Economic Injury Disaster Loan (EIDL) Program. The EIDL program provides low-interest loans to self-employed people. Truckers never quit. You can get a $10,000 emergency cash grant even if you don’t qualify for additional funds. Between 2006 and 2015, trucking and transport companies took out more than $774 million in SBA 7(a) loans, with an average loan size of $10 Economic Injury Disaster Loans are loans of up to $2 million that carry interest rates up to 3.75% for companies, as well as principal and interest deferment for up to four years. I am not interested in the loan, only the $10K grant. Here's how to get your money and keep your small business running. Starting April 3, 2020, small businesses and sole proprietorships can apply. Can you use EIDL loan to pay off vehicle loans? The EIDL program is open to independent contractors. The Trucker's Tavern . In addition, businesses that apply for an EIDL expedited access to capital through an Emergency Grant—an advance of $10,000 within three days to maintain payroll, provide paid sick leave and to service other debt obligations. Membership is open to for-hire motor carriers, private carriers, industry suppliers & allied companies, shippers, and individual professionals through our councils. If you were in business as of January 31, 2020, you can apply for the EIDL. If you were in business as of January 31, 2020, you can apply for the EIDL. Join more than 37,000 ATA members representing America’s trucking industry. A complete VTC system is waiting for you: Join companies or create your own, and customize, recruit, manage, post news, images and more! Last updater Sun, 04-Oct-2020 . 0 (29 Ratings) $97$13. The Cares Act increases the maximum amount of SBA express loans, which can be obtained in a streamlined process for a variety of business needs, from $350,000 to $1 million. Independent contractors and … Larry Hogan announced a $175 million emergency funding program to provide funds. Well, in this article, we’re going to break down exactly what can you use the EIDL loan money for and what you cannot use it for. Highlights of the EIDL: Availability: Available to any small businesses who has been impacted by the loss of revenue due to the Coronavirus. The grant program and the Paycheck Protection Loan have already run out. I applied for the EIDL loan a few days ago. “Without targeted economic and regulatory relief, many trucking companies will default on their lease or loan payments and risk losing their trucks. SBA Disaster Assistance Update Nationwide EIDL Loans / COVID-19 Loans Approved 2,622,203 Dollars Approved $150,177,958,290 2 July 15, 2020 Figures as of 7/14/20 STATE APPROVED DOLLARS STATE APPROVED DOLLARS Alabama 31,323 $ 1,540,706,957 Kansas 14,742 $ 881,554,950 The SBA Relief Program is extremely complex and can be very confusing. The loan gives up to $150,000 in aid to businesses, but the actual amount you can borrow is based on “economic injury,” … It’s important for our nation’s supply chain that trucking has access to liquidity, so we can keep our trucks on the road—and not on the sales lot.”, "Truckers don’t have the option to telework, and they’re not asking for a handout. A line of trucks seen last week outside a Clorox manufacturing plant in Fairborne, GA. Last week, President Trump signed into law the biggest economic recovery package in American history, marking the third phase of emergency relief legislation Congress has passed in response to the COVID-19 crisis. The disaster loan program from the SBA is in place to offer economic relief to businesses impacted by natural disasters throughout the United States. The CARES Act also addressed small business needs by modifying the terms and criteria for EIDLs, making available low-interest emergency loans up to $2M for the period between Jan. 31, 2020, and Dec. 31, 2020. The Economic Injury Disaster Loans, managed by the Small Business Administration (SBA), is the fastest way to get money now with almost no requirements other than proving you are self-employed. is sloppy and may send you BOTH without subtracting the $10K. I'm on hold now, I was number 2355 when I first called, last update I was something like 1930 in line. ... Do you know any banks or credit card companies that accept truckers that do not want to use there personal credit as a guarantor. Competition is good. *If you are looking for the regular company website for Bright Light Freight please click here. Remember These Tax Deductions for Your Trucking Business . The Kabbage Resource Center offers insights on the topics that matter most to small business owners today. Learn how to properly navigate through your PPP, EIDL, and grant proceeds to maximize your loan forgiveness to help you pay the least amount in taxes while staying compliant with the Internal Revenue Service. The CARES Act created a program called the Employee Retention Credit to provide a refundable payroll tax credit of 50% of wages paid by employers to employees during the COVID-19 timeframe. I know that it can only be spent on approved things. Competition is the American Way. The loans may be used to pay for expenses that could have been met had the disaster not occurred, including payroll and other operating expenses. The U.S. Chamber of Commerce has issued this guide and cheat sheet to help independent contractors and self-employed individuals prepare to file for a loan from the CARES Act's Paycheck Protection Program (PPP) loans / grants, SBA's Economic Injury Disaster Loans (EIDL), and/or Unemployment Compensation for losses of income related to the coronavirus pandemic. Read More. This site has been constructed to address the Current Needs of Truckers affected by the COVID-19 Crisis. Competition is the American Way. Another 20% received between 5,000 and $9,000. 1. The SBA limited the grant to $1,000 per employee due to the high demand for the grant. Rent & mortgage payments (Not early payments) b. “Truckers don’t have the option to telework, and they’re not asking for a handout. To apply for the EIDL or cash advance, click here. For over 30 years, the objective of The Trucker editorial team has been to produce content focused on truck drivers that is relevant, objective and engaging. David commented that most of the EIDL denials has been for applicants that have a low credit score and for very small businesses. We covered AB5 and its potentially disastrous implications for truck owner-operators earlier in the year. If you have a low credit score, expect your loan to be denied. Highlights of the EIDL: Availability: Available to any small businesses who has been impacted by the loss of revenue due to the Coronavirus. Last updater Sun, 04-Oct-2020. CDC expands COVID-19 guidance for long-haul truckers 5.12.20. ATA Headquarters First payment: 12 months from the date of the promissory note For loans less than $25,000: the SBA does NOT take a security interest in any collateral . The process to secure a CARES Act EIDL Loan and up to $10,000 advance can be tricky. Competition is good. 5 Lessons 5 Hours English. "Prasad Sharma, … 0 (29 Ratings) $97$13. The costs to be covered by EIDL are listed as "working capital, inventory, equipment purchases, real estate payments and other operating expenses. Connect a good bookkeeping app to your business account (quickbooks app). READ THE FULL STORY:Small business owners can apply for $10,000 cash advance grant through loan program. They have good business credit and will like to keep it seperate from personal. Truckers can utilize these options to help make up for lost revenue due to decrease in loads or other slowdowns as a result of COVID-19. But they are asking for liquidity and the necessary bridge to keep trucks moving as America recovers from this crisis. Terms: 30 year fixed rate with a 3%-3.25% two year deferral and no personal guarantees required. The CARES Act expands EIDL eligibility to include businesses from all 50 states, the District of Columbia and U.S. territories that have suffered economic harm from COVID-19. There's also a possibility of receiving an upfront grant of up to $10,000 that DOESN'T HAVE TO BE REPAID. 430 First Street, SE, Suite 100 The CANs.. The funds can be used for things like-payroll, fuel, repairs, operating capital, even fleet expansion. Expanding your trucking company: If you want to expand to new routes, hire new truckers, or purchase new trucks, an SBA 7(a) loan could be a great way to do it. Closed signs hang on a fast food restaurant amid the … what's this? Apply for the EIDL grant; Get your finances in order; Analyze your best course of action; Apply for the rebates and any other personal relief funds; Incorporate; 1. Amount: Your business could receive up to $2 million direct from the US Government. SBA Coronavirus Relief Loan for Truckers bill@vlocitygroup.com 2020-04-03T14:18:33+00:00. How can I capitalize on the Paycheck Protection Program to receive eight weeks of payroll cash-flow assistance? They meet challenges head on. What can I use the money for? The law requires the Treasury Secretary to publish application procedures and minimum requirements by April 6, 2020. About: The EIDL program funds small businesses or private including non-profits that suffer from the economic injury due to declared disaster … You cannot use the loan to expand your business or purchase new assets. A typical family of four is eligible for a $3,400 recovery rebate. Some common expenses of doing business can be overlooked at tax-time. PPP & EIDL Loan Tax and Bookkeeping Mastery. He said there are other programs to support independent contractors — specifically an expanded Economic Injury Disaster Loan (EIDL) program. #3 Economic injury - Loans to cover small business operating expenses after a declared disaster. You cannot use the loan to expand your business or purchase new assets. Important note:  If an employer receives a Paycheck Protection Program loan, it not eligible for a tax credit. Yes, as long as it is a business expense and the vehicle is under the business name that you received the EIDL loan for. If you are itching for a New Deal, you have one waiting at More information on the application is available here from the Treasury Department. redditor for 19 days. Carriers interested in the Paycheck Protection Program can contact their financial institution and ask if they are a SBA 7(a) approved lender or if they intend to participate in the PPP loan program.The application can be found here. login. Use borrowed capital with the expectations that profits made will be 10 times greater than the principal and interest payable. The SBA District Offices are another good resource when applying for SBA assistance. Here are key provisions for motor carriers: For independent contractors, small- and mid-size carriers, the CARES Act creates new SBA lending programs, and expands upon existing ones, to help maintain payrolls and other business expenses. The complicated rules of the road for small trucking companies seeking government COVID-19 assistance steered into a discussion of the simple math of “upside down” freight rates in a wide-ranging webinar Friday conducted by Scopelitis, one of the biggest trucking-specific law firms in … Learn how to properly navigate through your PPP, EIDL, and grant proceeds to maximize your loan forgiveness to help you pay the least amount in taxes while staying compliant with the Internal Revenue Service. #1 Check disaster declarations - See if the SBA has issued a disaster declaration in your area #2 Apply for a disaster loan - We can assist in this process, please request details. There are multiple resources on … Anything related to your business OR other expenses that have suffered as a result of a decrease in business. What can I use the money for? SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. • Economic Injury Disaster Loans (EIDL) – The law limits EIDL(s) to $1,500,000 for alleviating economic injury caused by the disaster. illinois_trucker 10 post karma 4 comment karma send a private message. The repayment terms can vary by application, up to a maximum of 30 years. Most trucking companies will likely find that the SBA 7(a) loan is the best fit for their needs. Anything related to your business OR other expenses that have suffered as a … Since most truckers are small businesses, whether your trucking company is a Corporation, an LLC, or even a Sole Proprietorship, you are eligible. Truckers without employees will only benefit from an EIDL application. get them help and support. Insurance premiums and other group healthcare benefits during periods of paid sick, medical, or family leave; Interest on debt obligations that were incurred before the covered period. It provides grants, emergency payroll funds, and loans at low interest rates with repayment options that are helpful to those currently struggling to meet expenses. The CARES Act allocates $454 billion to the U.S. Treasury’s Exchange Stabilization fund for this purpose. PPP & EIDL Loan Tax and Bookkeeping Mastery. More information will be published at treasurgy.gov/cares. As he noted in his remarks, “It makes no sense for the SBA to make a loan payment to a carrier for an independent contractor and then compensate the IC for lost income.” Welcome to Reddit, the front page of the internet. However, there are other considerations, and it’s … Remember These Tax Deductions for Your Trucking Business . Large Trucking Firms Can Also Benefit From SBA 504 Loans . Become a Redditor. If an employer has more than 100 full-time employees, qualified wages for the credit are wages paid to employees when they are not providing services due to the COVID-19 virus. Applicants are eligible to apply for the loan until June 30, 2020. If you don’t have your payroll reports handy you can upload them at a later date-the important thing to do is get the application started to secure your application being started. The leading provider of trucking news, media, and analytics. Sign up with your email address to receive SBA news and updates. I am not interested in the loan, only the $10K grant. I sent an email to them first, and got the phone number in an automated email. Previous funding for the two programs, which were aimed at helping small businesses recover from the economic effects of the COVID-19 pandemic, ran out in mid-April. Information on finding an approved SBA lender can be found here. Among other requirements, firms receiving loans will be prohibited from engaging in stock buybacks for the duration of the loan plus one year. For EIDL loans click here. For ICs and self-employed individuals, the application window opens April 10, 2020. As of June 15, 2020, the SBA is once again accepting EIDL Advance and loan applications from all eligible borrowers. If you like your trade group, you can keep your trade group. The EIDL program is open to independent contractors. Covid-19 related EIDL loans include an up-to-$10,000 forgivable advance. Stop getting offended that truckers have a choice and trade groups now have to compete for your membership dues. Any small business in the United States is eligible for SBA assistance. 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