Not everyone fell in the category of "weaklings", some actually took advantage of the low interest and paid back what they borrowed and it helped get them into a better position financially. Not all, obviously there were plenty of idiots that should not have gotten a dine. I'm not speaking of those types. As far as aid to foreign countries, I'm not so sure most Americans agree we can assume financial responsibility for everything that happens everywhere in the entire world every. Single. Time.
Money for truckers...
Discussion in 'Ask An Owner Operator' started by Beaver9, Oct 20, 2022.
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What I meant by "out of line" was anything that would suggest additional PPP and EIDL type of loans to help to servive the current - a little over 7 months long - period of lower rates. If such a repetitive bail out loans keep coming, we'll never see the end of 2 dol per mile freight, over $200 000 price tags on new trucks and $62 000 on new dry van trailer with a 12 month lead time, and more importantly, we'll never see the end of inflation.Big Road Skateboard Thanks this. -
but if they are killing communists , I have no problem helping them do it. -
I know people that took a ppp loan that way mis spent that money and wouldn't wanna be them when they get audited.Siinman Thanks this. -
RJM1953, Eldiablo, HoundDog7 and 1 other person Thank this.
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Siinman, RJM1953, Oxbow and 1 other person Thank this.
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Google it. You probably could have gotten $40,000 maybe more. 100% forgiven as payroll compensation. That's how our competitors had no problems buying $50,000 dry vans and $100,000 reefers like it was nothing. And why they're all still trucking now chasing less and less freight lol.
60/40 Rule. The 60/40 rule states that 60% of your PPP loan must be used on payroll costs, and the remaining 40% can be used on other eligible expenses (rent, mortgage interest, utilities, etc.). However, as a self-employed worker, you can claim all 100% of your PPP loan as payroll under compensation replacement.RJM1953, Eldiablo, HoundDog7 and 1 other person Thank this. -
Dry vans went up 100% in price compared to pre PPP/EIDL loans days.
Lots of individuals received enough from the SBA to feel comfortable to purchase new trucks at a small % .
Sure, they can't use the funds for that directly but by the time they are audited, their eligible expenses should show enough to account for that money.
I bet most of those buyers did not care or did not even know that the loans had to be used in specific ways.
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