Information on finding an approved SBA lender can be found here. I sent an email to them first, and got the phone number in an automated email. 0 (29 Ratings) $97$13. TROPHY CASE. Become a Redditor. There are multiple resources on … You cannot use the loan to expand your business or purchase new assets. Connect a good bookkeeping app to your business account (quickbooks app). Anything related to your business OR other expenses that have suffered as a … login. Competition is good. Checking on your EIDL - Phone number for status update ... (800)659-2955 is the phone number to check on the status of your EIDL. Truckers never quit. 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. The new law also expands eligibility for entities suffering economic harm from COVID-19 to access SBA’s Economic Injury Disaster Loans, while also giving SBA more flexibility to process and disperse small dollar loans. The SBA Relief Program is extremely complex and can be very confusing. Am 21.04.2018 wurde der Verein “ Trucker for Kids e.V. The funds can be used for things like-payroll, fuel, repairs, operating capital, even fleet expansion. 950 North Glebe Road, Suite 210 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. 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. 5 Lessons 5 Hours English. Prepare for a long wait. Most trucking companies will likely find that the SBA 7(a) loan is the best fit for their needs. Bright Light Freight: 577 Madison Street Brooklyn, NY 11221, This site has been constructed to address the. Starting April 3, 2020, small businesses and sole proprietorships can apply. *If you are looking for the regular company website for Bright Light Freight please click here. 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. Economic Injury Disaster Loans (EIDL) Highlights: This program will give up to $2 million to small businesses. 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. To qualify, a business must either have operations fully or partially suspended due to a COVID-19 shut down order OR have gross receipts decline by more than 50% when compared to the same quarter in the prior year. 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 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. EIDL loan) between when the owner applied for the loan and when the loan was deposited in the account. Some common expenses of doing business can be overlooked at tax-time. Closed signs hang on a fast food restaurant amid the … 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. Be careful not to overdue it as the U.S. govt. Membership is open to for-hire motor carriers, private carriers, industry suppliers & allied companies, shippers, and individual professionals through our councils. Competition is the American Way. “Truckers don’t have the option to telework, and they’re not asking for a handout. I am not interested in the loan, only the $10K grant. remember me reset password. “ mit Sitz in Cloppenburg. 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. The loan size would equal 250% of an employer’s average monthly payroll, with a maximum loan amount of $10 million and a maximum interest rate of 4%. About: The EIDL program funds small businesses or private including non-profits that suffer from the economic injury due to declared disaster … 1. Therefore we are presenting everything to you in as simple a language as possible. Apply for the EIDL grant. He said there are other programs to support independent contractors — specifically an expanded Economic Injury Disaster Loan (EIDL) program. Read More. Be strategic for growth. is sloppy and may send you BOTH without subtracting the $10K. Baskin said some insurers and borrowers are acting in good faith and assisting truckers, but a more formal, federal response is needed. Important note:  If an employer receives a Paycheck Protection Program loan, it not eligible for a tax credit. I know that it can only be spent on approved things. The CARES Act allocates $454 billion to the U.S. Treasury’s Exchange Stabilization fund for this purpose. They meet challenges head on. The Owner-Operator Independent Drivers Association wants Congress to take action to help truckers during COVID-19. Additional information is available here. Join more than 37,000 ATA members representing America’s trucking industry. We covered AB5 and its potentially disastrous implications for truck owner-operators earlier in the year. 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. For EIDL loans click here. Terms: 30 year fixed rate with a 3%-3.25% two year deferral and no personal guarantees required. The disaster loan program from the SBA is in place to offer economic relief to businesses impacted by natural disasters throughout the United States. If you get the $10,000 that is supposed to be subtracted from the PPP loan. ... Do you know any banks or credit card companies that accept truckers that do not want to use there personal credit as a guarantor. Provides $20 billion to restart and extend EIDL grants $15 billion grant program for live venues, theatres, museums, zoos A typical family of four is eligible for a $3,400 recovery rebate. 430 First Street, SE, Suite 100 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. May 18. 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). ", “Phase Three” COVID-19 Legislation: Keys for Motor Carriers, 3 Imperatives for America’s Governors in the COVID-19 Fight, Trucking Industry Applauds Congress, Administration on “Phase Three” COVID-19 Relief Bill, Agricultural and Food Transporters Conference, COVID-19 Stimulus Package Signed into Law, ATA Calls for Prioritized Vaccine Access for Trucking Workforce, Trucking Workforce Lauded in Congressional Hearing on COVID-19 Response. There's also a possibility of receiving an upfront grant of up to $10,000 that DOESN'T HAVE TO BE REPAID. Applicants are eligible to apply for the loan until June 30, 2020. FreightWaves monitors and provides context for truckers, intermodal, and logstics operators. 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. CDC expands COVID-19 guidance for long-haul truckers 5.12.20. Eligible businesses can get a refundable 50% tax credit on wages up to $10,000 per employee. 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. Competition is good. Learn how … There are multiple resources on … illinois_trucker 10 post karma 4 comment karma send a private message. The CANs.. Rent & mortgage payments (Not early payments) b. get them help and support. 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. The costs to be covered by EIDL are listed as "working capital, inventory, equipment purchases, real estate payments and other operating expenses. AB5 Law Paused For Truckers – For Now. Washington, DC 20003, “Across the country right now, truckers are answering the call during this national emergency, delivering food, medicine, PPE and other critical supplies. Since most truckers are small businesses, whether your trucking company is a Corporation, an LLC, or even a Sole Proprietorship, you are eligible. Remember These Tax Deductions for Your Trucking Business . A $349 billion loan program opened Friday for small businesses to help cushion the economic blow from the coronavirus pandemic. Arlington, VA 22203-4181, ATA Capitol Hill Office Covid-19 related EIDL loans include an up-to-$10,000 forgivable advance. For ICs and self-employed individuals, the application window opens April 10, 2020. Trucker for Kids e.V., Hilfe für schwerkranke Kinder. Amount: Your business could receive up to $2 million direct from the US Government. The EIDL program is open to independent contractors. I'm on hold now, I was number 2355 when I first called, last update I was something like 1930 in line. The CARES Act also provides direct financial assistance to most American citizens, depending on income level. “Without targeted economic and regulatory relief, many trucking companies will default on their lease or loan payments and risk losing their trucks. Welcome to Reddit, the front page of the internet. For Paycheck Protection Loans click here here. Larger businesses will be eligible for assistance in the form of loans, loan guarantees and investments through Federal Reserve lending programs. Todd Dills . U.S. residents or citizens with adjusted gross income under $75,000 ($112,500 for head of household / $150,000, married), who are not the dependent of another taxpayer and have a work-eligible Social Security Number, are eligible for the full $1,200 ($2,400 married) rebate. 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 Can you use EIDL loan to pay off vehicle loans? Some common expenses of doing business can be overlooked at tax-time. I applied for the EIDL loan a few days ago. Competition is the American Way. READ THE FULL STORY:Small business owners can apply for $10,000 cash advance grant through loan program. 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. VTC System VTC System. 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 loan gives up to $150,000 in aid to businesses, but the actual amount you can borrow is based on “economic injury,” … … I sent an email to them first, and got the phone number in an automated email. Yes, as long as it is a business expense and the vehicle is under the business name that you received the EIDL loan for. 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. 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. Business owners can now apply for an up to $10,000 cash advance grant through the Small Business Administration’s Economic Injury Disaster Loan … redditor for 19 days. Truckers without employees will only benefit from an EIDL application. The credit can be obtained on wages paid or incurred from March 13, 2020 through December 31, 2020. EIDL restrictions around collateral, business structure and use of … Terms: 30 year fixed rate with a 3%-3.25% … If an employer has less than 100 full-time employees, all employee wages qualify for the credit whether the employer has suspended business or is open and operating. PPP & EIDL Loan Tax and Bookkeeping Mastery. Economic Injury Disaster (EIDL) Loans VS Paycheck Protection Program (PPP) Loans: What’s The Difference? 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. An EIDL is for businesses that don’t have any physical damage from COVID-19 but have experienced financial losses. If you were in business as of January 31, 2020, you can apply for the EIDL. The Small Business Administration has approved $38 billion in Economic Injury Disaster Loans for 430,000 borrowers. This information will strengthen your grant application and add a quantitative value for the business, in terms of profit. 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. Membership is open to for-hire motor carriers, private carriers, industry suppliers & allied companies, shippers, and individual professionals through our councils. I know that it can only be spent on approved things. The CARES Act requires SBA to pay all principal, interest and fees on existing SBA loan products (outside of PPP loans) including 7(a), Community Advantage, 504 and Microloan programs—for a period up to six months. 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. Larry Hogan announced a $175 million emergency funding program to provide funds. 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. The bill also included $50 billion for Emergency Economic Injury Disaster Loans and another $10 billion for EIDL advances. 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. Use borrowed capital with the expectations that profits made will be 10 times greater than the principal and interest payable. If you have a low credit score, expect your loan to be denied. What can I use the money for? SBTC will compete without crossing the ethical line. This site has been constructed to address the Current Needs of Truckers affected by the COVID-19 Crisis. 2. The Kabbage Resource Center offers insights on the topics that matter most to small business owners today. 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 . AB5 Law Paused For Truckers – For Now. 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. 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