Bailout and payroll

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

  1. Banker

    Banker Road Train Member

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  3. TTNJ

    TTNJ Heavy Load Member

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    My personal opinion is that the economy will bounce back when this is over. The only question is when will it be over? My guess is right around June 1 is when we will see things back to somewhat normal.
    We all know we can’t trust C-H-I-N-A and they are probably under reporting the numbers. I also don’t believe that the media has created the panic frenzy either and this is real.
     
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  4. snowwy

    snowwy Road Train Member

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    I look at it like this.

    China has been dealing with it for about 4 months now. And is still dealing with it.

    The rest of the world. Is just getting started.
     
  5. sidrambill

    sidrambill Light Load Member

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    Ever tried to get a SBA loan to buy a truck?
     
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  6. TTNJ

    TTNJ Heavy Load Member

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    A small business loan should never be used to buy a truck in my opinion. My logic is without a truck you don’t have a business so why would would anyone give you a loan.
     
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  7. Scooter Jones

    Scooter Jones Road Train Member

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    Yes, I did and have one now. Bought the truck new in December 2015. 5.5% on the loan. Bank offered to rewrite the balance of the loan at 3.75% now. However, I'm waiting to read some of the finer details of what was just passed and signed by the congress before I pull the trigger.
     
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  8. blairandgretchen

    blairandgretchen Road Train Member

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    I’m not fooling with any of this loan stuff. Never taken a handout from this country, not going to start.

    You know how many times I’ve had to listen to the “All you immigrants get business grants and free stuff” speech over the years? Not me.

    I can’t escape the $1200 to the bank account, so I’ll use that for a new ride on mower from a Batesville, AR company, (BadBoy), or clothing from American Made Clothing Co. (Ohio if I recall).

    Most will probably use it to pay back their credit cards they used to greedily hoard and panic buy groceries.

    The last 10 years , after the 2008/2009 financial crisis, taught us to clear debt and prepare for the next one. And here we are again.

    I’m far from an economist, but I understand that printing another 2 trillion dollars will likely have consequences - inflation being one of them.
     
  9. kemosabi49

    kemosabi49 Trucker Forum STAFF Staff Member

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    From an email I got today from OOIDA:

    After passage of the most recent coronavirus emergency legislation, the U.S. Small Business Administration has posted the application for an emergency Economic Injury Disaster Loan (EIDL): https://covid19relief.sba.gov/#/.

    EIDLs are loans of up to $2 million that carry interest rates up to 3.75 percent for companies, as well as principal and interest deferment for up to 4 years. The loans may be used to pay for expenses that could have been met had the disaster not occurred, including payroll and other operating expenses. Small businesses, independent contractors, and sole proprietors negatively impacted by COVID-19 can apply.

    As part of this emergency legislation, small businesses, independent contractors, and sole proprietors can obtain an advance of up to $10,000. This advance is a grant, which means it doesn't have to be repaid, even if you are later denied an EIDL loan. Under the legislation, the SBA is required to provide this grant within 3 days of application.

    The emergency EIDL program is only one of the financial assistance programs made available in the recent legislation. More information on other assistance and relief can be found in a document we have prepared here. OOIDA will be sending more information about these new programs as it becomes available in the days and weeks ahead.

    You can apply online for this at:
    SBA - Disaster Loan Assistance
     
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  10. Old Man

    Old Man Road Train Member

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    This is what my account sent Me
    HOWEVER, there is an additional Emergency Economic Injury Grant program also available. This money looks to be a grant if you do not apply for the much bigger title 7(a) SBA disaster loan. It appears that they will use the profit and loss of ANY small business that filled a 2019 tax return, and the business is available for up to a $10,000.00 grant. When we say ANY, it includes Schedule C, Schedule E, Schedule F, S-corps, Partnerships, C-corps and qualifying Non-Profit Organizations.
     
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  11. pullem

    pullem Bobtail Member

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    You apply at sba.gov. Select the EIDL loan option and be sure to request the $10k advance. I applied yesterday, so I'll let you guys know if they deposit my check in 3 days, as promised.

    There are several different things going on to help people:

    1. $1200 stimulus check + $500 for each dependent under 17
    2. $10k advance (may be forgiven) for any business, including 1099 contractors & sole proprietors to help pay legit business expenses (payroll, rent, utilities, etc)
    3. Low interest loans with payments waived for 6-12mo
    4. Self-employed can now file for unemployment and receive up to $600/wk on top of whatever the state offers

    There's more, but feel free to read the 880pg bill here ;) https://www.ncsl.org/Portals/1/Documents/statefed/CARES_Act_Final_Version.pdf Deleted Good luck guys & be safe out there!
    JP
     
    Last edited by a moderator: Mar 31, 2020
    Reason for edit: Removed advertising
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