Money for truckers...

Discussion in 'Ask An Owner Operator' started by Beaver9, Oct 20, 2022.

  1. HoundDog7

    HoundDog7 Light Load Member

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    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.
     
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  3. TallJoe

    TallJoe Road Train Member

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    The PPP and EIDL loans are already the things of the past. EIDL will have to be repaid starting January 2023.
    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.
     
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  4. Lexuslane

    Lexuslane Medium Load Member

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    Those weapons and ammunition were purchased with the money the fedgov took at the point of a gun from people who earned it .

    but if they are killing communists , I have no problem helping them do it.
     
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  5. bzinger

    bzinger Road Train Member

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    I passed on the ppp loan and glad I did !
    I know people that took a ppp loan that way mis spent that money and wouldn't wanna be them when they get audited.
     
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  6. rollin coal

    rollin coal Road Train Member

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    Not likely if they were their only employee. The banks doing PPP loans were advising people on how to keep things legit. All they had to do was write themself a check for lost income then simply move it from one bank account to another. Preferably different banks and keep bank statements to document it. Once it was in the other account it could be spent for anything. That's how it worked for 1 employee only self employed. For companies with employees it was different. The government shut everything down and caused a lot of unnecessary economic hardship. Then they offered this money with forgiveness. Most of your competitors took that money and it was all forgiven as long as the proper steps were taken.
     
  7. bzinger

    bzinger Road Train Member

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    They wernt my competition...vacations to Branson and expensive antiques were not part of the ppp plan , nor were new pick ups .
     
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  8. rollin coal

    rollin coal Road Train Member

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    Wrong, for replacing lost income sole proprietor or 1 employee corporation it could be spent on anything. Now a big company with lots of employees couldn't do that...
     
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  9. bzinger

    bzinger Road Train Member

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    Ok lol
     
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  10. rollin coal

    rollin coal Road Train Member

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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.
     
  11. TallJoe

    TallJoe Road Train Member

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    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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