Payroll Protection Program Protects Truckers
The coronavirus pandemic sweeping the nation has taken its toll on the trucking industry, but the federal government will not let the industry collapse without a fight. Through the Payroll Protection Program (PPP), which is part of the CARES Act, trucking companies both big and small have applied for loans to keep goods moving, loans that either may be eventually forgiven, completely or partially, or at the very least have a satisfactory interest rate. Here are the statistics.
- The Small Business Administration has given out $521 billion in PPP loans total.
- Of the $521 billion, the trucking industry has received $12 billion (2.3%).
- According to the SBA, 87% of all loans were fewer than $150,000. The lowest loan amount? Ten dollars.
- Texan trucking companies received the largest amount of loaned money, followed by Californian. Alaskan trucking companies received the least. Considering both population count and total trucking companies in those three states, this is hardly a surprise.
- The largest amount of money loaned out in a single loan was not disclosed, but is estimated to exceed $5 million.
- Approximately 102,000 trucking companies received loans from the PPP.
At TopMark Funding we have written about the YRC Worldwide bailout, and how it was more like a forced purchase of a stake in the company from the US Government. These companies received a lot less money, but with presumably a much lower interest rate, chance for the debt to be forgiven, and were not required to put up a stake in the company as part of the agreement. The SBA has the trucking industry’s back.
CORONAVIRUS [COVID-19] UPDATES AND ARTICLES
- Trucker’s Guide to When Every State is Reopening
- FMSCA Extends Hours of Service Relief Declaration
- How Truck Drivers Can Keep Their Cabs Clean During COVID-19
- International Roadcheck Delayed Over COVID-19 Fears
- Pennsylvania Reopens (Some) Rest Stops
- Truck Dealers Seek “Essential Status”
- Navistar And Paccar Halt Production
- Mack And Volvo Suspend Truck Production
- Fmcsa Expands Its COVID-19 Response
ABOUT TOPMARK FUNDING
TopMark Funding is a top-rated semi-truck financing and equipment financing company located in Roseville, CA. We specialize in commercial trucking and heavy equipment. Our mission is to become your long-term financial partner by helping you grow your trucking business and fleet.
We’re not here for the short-term, we’re on the long-haul with you!
We have financing options for semi-trucks, commercial trucks, trailers, and small businesses. We have great rates, low down payments, and flexible monthly payments regardless of credit history.
Learn more about Semi-Truck Financing
Fill out the contact form or give us a call at (866) 627-6644. One of our truck financing specialists will contact you as soon as possible to go over your truck lease needs and learn more about you and your business financing goals.