Business owners can now apply for an up to $10,000 cash advance grant through the Small Business Administration’s Economic Injury Disaster Loan … If you were in business as of January 31, 2020, you can apply for the EIDL. Competition is good. If I get the full $10K (who knows?) Most trucking companies will likely find that the SBA 7(a) loan is the best fit for their needs. Another 20% received between 5,000 and $9,000. I know that it can only be spent on approved things. Economic Injury Disaster (EIDL) Loans VS Paycheck Protection Program (PPP) Loans: What’s The Difference? During these tough times, we are offering full application services and filing assistance for all COVID-19 SBA loan programs. 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. The leading provider of trucking news, media, and analytics. How can I capitalize on the Paycheck Protection Program to receive eight weeks of payroll cash-flow assistance? The Trucker News Staff is based in Little Rock, Arkansas. 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. They have good business credit and will like to keep it seperate from personal. 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. Applicants are eligible to apply for the loan until June 30, 2020. Truckers never quit. 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. As a small business owner in search of a trucking grant, you will first need to create a business plan. You can get a $10,000 emergency cash grant even if you don’t qualify for additional funds. A typical family of four is eligible for a $3,400 recovery rebate. But they are asking for liquidity and the necessary bridge to keep trucks moving as America recovers from this crisis. Verified Email. Membership is open to for-hire motor carriers, private carriers, industry suppliers & allied companies, shippers, and individual professionals through our councils. 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. Sign up with your email address to receive SBA news and updates. Truckers without employees will only benefit from an EIDL application. Documentation verifying the business was operational after February 15, 2020, and had employees for whom they paid salaries and payroll taxes (or a paid independent contractor), is required. This will take you to our basic application, which will allow us to review your business information, making sure everything is up to SBA standards before submission. If you like your trade group, you can keep your trade group. 0 (29 Ratings) $97$13. Join more than 37,000 ATA members representing America’s trucking industry. EIDL restrictions around collateral, business structure and use of … Membership is open to for-hire motor carriers, private carriers, industry suppliers & allied companies, shippers, and individual professionals through our councils. Covid-19 related EIDL loans include an up-to-$10,000 forgivable advance. redditor for 19 days. Truckers Final Mile helps bring truckers who die on the road home to their families. Be strategic for growth. Eligible businesses can get a refundable 50% tax credit on wages up to $10,000 per employee. I applied for the EIDL loan a few days ago. PPP & EIDL Loan Tax and Bookkeeping Mastery. An EIDL is for businesses that don’t have any physical damage from COVID-19 but have experienced financial losses. The process to secure a CARES Act EIDL Loan and up to $10,000 advance can be tricky. Prepare for a long wait. Stop getting offended that truckers have a choice and trade groups now have to compete for your membership dues. Nationwide EIDL Loans July 15, 2020. The SBA’s Economic Injury Disaster Loan (EIDL) Program. The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides financial assistance to employers and independent contractors through lending programs backed by the Small Business Administration, U.S. Treasury Department and Federal Reserve. You cannot use the loan to expand your business or purchase new assets. EIDLs offer up to $2 million in assistance and may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. PPP & EIDL Loan Tax and Bookkeeping Mastery. Trucker for Kids e.V., Hilfe für schwerkranke Kinder. VTC System VTC System. The CARES Act modified the EIDL, making it easier for small businesses to qualify and adding an emergency $10,000 cash advance (more on that later). what's this? 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. I'm on hold now, I was number 2355 when I first called, last update I was something like 1930 in line. Competition is the American Way. The EIDL program is open to independent contractors. I am not interested in the loan, only the $10K grant. Information on finding an approved SBA lender can be found here. FreightWaves monitors and provides context for truckers, intermodal, and logstics operators. If you were in business as of January 31, 2020, you can apply for the EIDL. The funds can be used for things like-payroll, fuel, repairs, operating capital, even fleet expansion. SBA Coronavirus Relief Loan for Truckers bill@vlocitygroup.com 2020-04-03T14:18:33+00:00. Some common expenses of doing business can be overlooked at tax-time. Amount: Your business could receive up to $2 million direct from the US Government. Read More. Right now, there are approximately 500,000 trucking companies in the U.S., employing 3.5 million people and generating nearly $700 billion in revenue each year. I sent an email to them first, and got the phone number in an automated email. If you are itching for a New Deal, you have one waiting at Yes, as long as it is a business expense and the vehicle is under the business name that you received the EIDL loan for. On Monday, Gov. The CANs.. Highlights of the EIDL: Availability: Available to any small businesses who has been impacted by the loss of revenue due to the Coronavirus. If you have a low credit score, expect your loan to be denied. Stop getting offended that truckers have a choice and trade groups now have to compete for your membership dues. Since most truckers are small businesses, whether your trucking company is a Corporation, an LLC, or even a Sole Proprietorship, you are eligible. The SBA Relief Program is extremely complex and can be very confusing. Summary of EIDL loan terms: Amount capped: at $150,000 Term: 30-year terms Interest rates: 3.75% for small businesses. He said there are other programs to support independent contractors — specifically an expanded Economic Injury Disaster Loan (EIDL) program. “ mit Sitz in Cloppenburg. A complete VTC system is waiting for you: Join companies or create your own, and customize, recruit, manage, post news, images and more! 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. Any small business in the United States is eligible for SBA assistance. 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. get reddit premium . 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. Economic Injury Disaster Loan Denials. 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. Among other requirements, firms receiving loans will be prohibited from engaging in stock buybacks for the duration of the loan plus one year. If you like your trade group, you can keep your trade group. SBA auditing truckers' insurance in wake of pandemic disaster loans: Two owners' stories. CDC expands COVID-19 guidance for long-haul truckers 5.12.20. For that reason, the application needs to be absolutely flawless before it is sent in. “Americans across the country have renewed focus right now on what it is truckers do every single day: provide the essential goods — food, water, fuel, medicine — that we all rely in our daily lives,” Spear said. Rent & mortgage payments (Not early payments) b. They always have and always will. Checking on your EIDL - Phone number for status update ... (800)659-2955 is the phone number to check on the status of your EIDL. Differentiate the EIDL funds in a separate business account for transparency and accountability. is sloppy and may send you BOTH without subtracting the $10K. It’s important to be aware that an application that is incorrectly submitted can result in a response that is delayed weeks, or even months. ATA Headquarters The grant program and the Paycheck Protection Loan have already run out. Economic Injury Disaster Loans (EIDL) Highlights: This program will give up to $2 million to small businesses. Bright Light Freight: 577 Madison Street Brooklyn, NY 11221, This site has been constructed to address the. 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. For ICs and businesses with 500 or fewer employees, or who otherwise meet SBA size standards, the newly created Paycheck Protection Program provides eight weeks of cash-flow assistance through 100% federally guaranteed loans to maintain payroll during this emergency. The bill also included $50 billion for Emergency Economic Injury Disaster Loans and another $10 billion for EIDL advances. They are also eligible for an additional $500 per child. If you get the $10,000 that is supposed to be subtracted from the PPP loan. I applied for the EIDL loan a few days ago. This site has been constructed to address the Current Needs of Truckers affected by the COVID-19 Crisis. The repayment terms can vary by application, up to a maximum of 30 years. 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. Truckers make sure we all get what we need; whether that need is stocking up a grocery store, or delivering life saving medical supplies, and we need them more than ever. A $349 billion loan program opened Friday for small businesses to help cushion the economic blow from the coronavirus pandemic. Important note:  If an employer receives a Paycheck Protection Program loan, it not eligible for a tax credit. I am not interested in the loan, only the $10K grant. illinois_trucker 10 post karma 4 comment karma send a private message. Okay, so let’s first break down what you CAN use the EIDL Loan money for: What You Can Use For: Business Operating Expenses a. 0 (29 Ratings) $97$13. Competition is good. *If you are looking for the regular company website for Bright Light Freight please click here. As of June 15, 2020, the SBA is once again accepting EIDL Advance and loan applications from all eligible borrowers. Therefore we are presenting everything to you in as simple a language as possible. More information is available here from Senate Finance Committee here. Starting April 3, 2020, small businesses and sole proprietorships can apply. 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. What can I use the money for? Independent contractors and … It keeps people on their toes and prevents complacency. Use borrowed capital with the expectations that profits made will be 10 times greater than the principal and interest payable. May 18. 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. The SBA District Offices are another good resource when applying for SBA assistance. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. Connect a good bookkeeping app to your business account (quickbooks app). Terms: 30 year fixed rate with a 3%-3.25% two year deferral and no personal guarantees required. 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. login. The CARES Act also provides direct financial assistance to most American citizens, depending on income level. However most truckers will benefit from the Emergency Loan, which will run uninterrupted until December 20, 2020 (updated 8/8/20). 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. SBTC will compete without crossing the ethical line. The Trucker's Lifestyle. EIDL loan) between when the owner applied for the loan and when the loan was deposited in the account. "Prasad Sharma, … Am 21.04.2018 wurde der Verein “ Trucker for Kids e.V. During the pandemic, trucking charities have been hit hard. 2. 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. Become a Redditor. Borrowers must, until September 30, 2020, maintain their employment levels as of March 24, 2020, to the extent practicable, and retain no less than 90% of their employees as of that date. It keeps people on their toes and prevents complacency. 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 I know that it can only be spent on approved things. 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. Remember These Tax Deductions for Your Trucking Business . The EIDL program is open to independent contractors. For EIDL loans click here. However, there are other considerations, and it’s important to know what they are. The new law totals 880 pages, authorizing more than $2 trillion in new federal spending to stabilize and stimulate the economy. It is advisable to begin the application immediately. • Economic Injury Disaster Loans (EIDL) – The law limits EIDL(s) to $1,500,000 for alleviating economic injury caused by the disaster. Todd Dills . Apply for the EIDL grant. 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