Bailout and payroll

Discussion in 'Ask An Owner Operator' started by ncdriver1, Mar 26, 2020.

  1. ncdriver1

    ncdriver1 Road Train Member

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    The Senate Passed the Cares Act Wednesday and should sail through the House in the next day or two. Provided there aren't significant changes to the Act, small businesses will be able to get Treasury backed SBA Loans to cover payroll. The loans can cover Payroll/Mortgage/Utilities/Rent/Health insurance for the period Feb 15 to June 30.

    The loans then convert into Grants, and are forgiven.

    Cares Act

    Title 1, Section 1102 and Section 1106 detail eligibility for the loans and loan forgiveness. It looks like we'll be able to cover our own payroll with this bailout.
     
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  2. Cat sdp

    Cat sdp . .

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    And the one truck owner gets jack as usual.........
     
  3. ncdriver1

    ncdriver1 Road Train Member

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    Not at all.

    the sum of payments of any compensation to or income of a sole proprietor or independent contractor that is a wage, commission, income, net earnings from self-employment, or similar compensation and that is in an amount that is not more than $100,000 in 1 year

    I'm setup as a business with 1 employee, so I will be covering my payroll with this loan/grant. Even if you are a simple sole proprietor you will still qualify. This is very good for all of us.
     
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  4. Opendeckin

    Opendeckin Light Load Member

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    if that's accurate I'll have 12,276 dollars coming to me based on my salary of 40k per year. This is only going to further weaken the dollar though.

    There is no free lunch...
     
  5. Cat sdp

    Cat sdp . .

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    Don’t need a loan ... can cover what I need on my own .....


    So I get $1200 a month for 3 months I guess...?
     
  6. Opendeckin

    Opendeckin Light Load Member

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    Feb 15th to June 30th would be 4.5 months.
     
  7. TallJoe

    TallJoe Road Train Member

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    Absolutely yes! However, from that tariff war perspective, it may not be such a bad thing, if I am not missing something. Lucky we are that the most of the world also trades with US Dollar.
     
  8. Swift09

    Swift09 Bobtail Member

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    Just my 2 cents.

    If the government is involved, it's probably not that good.
     
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  9. Opus

    Opus Road Train Member

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    how does one apply?
     
  10. Midwest Trucker

    Midwest Trucker Road Train Member

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    So, don’t you have to quit working to receive all of this free money? And not have any work?

    How is this going to pay anything more then your personal bills? What about your overhead costs?
     
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