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.
Bailout and payroll
Discussion in 'Ask An Owner Operator' started by ncdriver1, Mar 26, 2020.
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And the one truck owner gets jack as usual.........
bzinger, Bigrigcowboy, Deere hunter and 7 others Thank this. -
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.superhill56, Deere hunter and Opus Thank this. -
There is no free lunch...bzinger, Deere hunter, Long FLD and 6 others Thank this. -
Don’t need a loan ... can cover what I need on my own .....
So I get $1200 a month for 3 months I guess...?bzinger, blairandgretchen, Deere hunter and 3 others Thank this. -
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how does one apply?
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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?D.Tibbitt and BoostedTeg Thank this.
Trucking Jobs in 30 seconds
Every month 400 people find a job with the help of TruckersReport.
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