2nd round of PPP loans, are you applying?

Discussion in 'Ask An Owner Operator' started by Beaver9, Jan 21, 2021.

  1. ready2truck

    ready2truck Light Load Member

    178
    199
    Oct 27, 2020
    0
    If you got that ppp loan don't be surprised when you get audited.
     
    Beaver9 and bzinger Thank this.
  2. Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.

  3. Scooter Jones

    Scooter Jones Road Train Member

    9,410
    19,416
    Apr 19, 2011
    0
    LOL, ain't that the truth :)
     
    Midwest Trucker Thanks this.
  4. Scooter Jones

    Scooter Jones Road Train Member

    9,410
    19,416
    Apr 19, 2011
    0
    PPP Round 1.JPG
    So what. As long as one's books are in order, what difference does that make? Also, as of August 2020, over 5.2 million businesses received PPP funds. I.R.S. goes after the big fish anyways. The average 1 man operator who grosses 200k a year in revenue is chump change to them.
     
    Last edited: Jan 22, 2021
  5. Midwest Trucker

    Midwest Trucker Road Train Member

    3,505
    9,270
    Aug 31, 2018
    0
    I kind of hope tons do get audited. I just looked up my two local repair shops. They are around the same size. One took 150 to 350k range. The other took between 1m and 2m. Something is way off. I’m sure there are thousands and thousands of these situations.
     
    Beaver9, bzinger and ready2truck Thank this.
  6. Scooter Jones

    Scooter Jones Road Train Member

    9,410
    19,416
    Apr 19, 2011
    0
    Alrighty, I'll give 'em a call and have them start with you then ;-)
     
    77fib77 Thanks this.
  7. Midwest Trucker

    Midwest Trucker Road Train Member

    3,505
    9,270
    Aug 31, 2018
    0
    Bring it! lol

    I’m painfully by the book. Might be why I get irritated at paying so much taxes.
     
    Beaver9, bzinger and Scooter Jones Thank this.
  8. ready2truck

    ready2truck Light Load Member

    178
    199
    Oct 27, 2020
    0
    I started my business in February 2020 and didn't need a #### thing from the government. The same people that talk all that junk about government assistance hopped right in line when it was they turn. smfh
     
    JonJon78, bzinger and Beaver9 Thank this.
  9. Beaver9

    Beaver9 Light Load Member

    212
    130
    Jun 15, 2020
    0
    I don't know if I am a loser. I survived. I financed a truck and a trailer just before the total shutdown. I didn't know this would happen.The person who cut the rates kept me running one, two days in a week while most stayed home. They did cut rates but not more than 25%. I accepted the rate since I had no choice. They did promise to bring it up once rates are up. Yes, that didn't happen. Also, they promised to bring it up after the new year. That didn't happen. But they are the ones that kept me in operation during the total shutdown. So, I am going to give them some time since they could have hired another driver for much less but didn't do it though. And I was paid within the same week I hauled. If I wouldn't have anything, it for sure would hurt or close my business for good after opening my authority since everyone knows costs are involved, and the shutdown lasted for months. The year 2019 was really bad due to my injury. So, I didn't get much from the PPP loan and that took months to receive anything. I got almost nothing there. So, I was definitely screwed up here by the system. I couldn't afford to close down 100% of my business when my insurance was very high the first year coming out. So, while some might see it as if I am a loser, my business plan worked for 2020. And I am still operating.
    I am looking for customers with commitment. Now, I have two customers I haul for on a regular basis--that is at least three to four loads per week without me even looking at the load boards. The thing is that loads I was backhauling are gone somehow. Most likely they closed down for good. Now, I spend so much more on fuel. Once I survive my second year, I can probably say my goodbyes or make changes. But so far, I am nowhere near going out of business unless some kind of an unpredicted storm hits. There are no guarantees.

    Let's not forget there are some brokers who won't give you any load your first year coming out like NEW PRIME for example. So, it wasn't easy for me first few months especially when trying to set up accounts when there were almost NO loads to haul. The load boards were empty. I had hurdles to jump the first year.

    I don't mind being audited for my first PPP loan. It was almost nothing I got there. And I operated only one to two days per week during the shutdown for a couple of months while there were monthly bills to pay.

    But others should be audited. But I don't think they will pay any penalty even if they got more than the rest of us. If they used this for business expenses and to pay themselves, it's nothing wrong with that. But I'm sure there were ones taking full advantage. For example if you had more drivers in 2019 than in 2020, the loan amount you got was based on 2019 even if the drivers were no longer working for you in 2020. And that is not fair.
     
    Last edited: Jan 22, 2021
  10. 77fib77

    77fib77 Road Train Member

    4,809
    17,032
    Jul 7, 2010
    St Louis
    0
    It's just that money is fleeting. You have to get it when it can be gotten. Often customers will cut you out to save a few dollars. Not always, but everyone has a price.
     
    bzinger Thanks this.
  11. 77fib77

    77fib77 Road Train Member

    4,809
    17,032
    Jul 7, 2010
    St Louis
    0
    I understand your view. I took an SBA loan. Why? I didn't want to be at a competitive disadvantage. I haven't touched that money. The ppp money, it's similar to me.

    I do wonder about people filling out fake applications. I saw somebody got 750k and bought a lamborghini with it
     
    bzinger, Midwest Trucker and TallJoe Thank this.
  • Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.

  • Draft saved Draft deleted