PPP loans for O/O?

Discussion in 'Ask An Owner Operator' started by furtigan, Jul 16, 2020.

  1. furtigan

    furtigan Bobtail Member

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    Jul 16, 2020
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    My buddy is an O/O leased to a local company. He's buying the truck from them, hauls for them exclusively. Typically, he gets like 10-15 loads per week. However, this spring it was more like 2-4 per week due to the Covid shutdowns, and he's going through financial hardship.

    I've told him to look into the small business loans the government is/was offering, but he's seemingly convinced he wouldn't be eligible or whatever. He's really depressed and the idea of dealing with all the government paperwork and crap seems overwhelming to him. ("There's not going to be any help for guys like me" blah blah blah).

    I'm looking at the government websites to get info on eligibility, but everything there these are oriented towards businesses that have employees, not solo operators.

    Does anyone have any knowledge/experience getting any small business loans or grants or anything out of the Covid-19 programs? Any websites or programs or anything I can point him towards?
     
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  3. Wespipes

    Wespipes Medium Load Member

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    He's a little late. PPP for employers with employees. Very little paperwork. He can try for eidl but again probably too late now. I allpied in March just not getting approved. Theyre about out of money
     
  4. Rideandrepair

    Rideandrepair Road Train Member

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    He can apply now, and he will get it. Has to have a schedule c. Maybe a 1099. A feb 2020 bank statement. Divide the amount on schedule c by 12. Times that amount by 2.5, that’s how much he will get. The deadline has been extended til August 8th? I believe. But it takes a while, better apply ASAP.
     
  5. Rideandrepair

    Rideandrepair Road Train Member

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    Bluevine, seems to be the best lender to use. All online. Some smaller Banks, and Credit Unions May also be good. New rules for the extension include,60% of the loans get processed through small banks, for small businesses.
     
  6. Midwest Trucker

    Midwest Trucker Road Train Member

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    Your a good friend. Just remember you can lead him to water, but he’s gotta be the one to drink.

    Does he pay himself on payroll?
     
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  7. Scooter Jones

    Scooter Jones Road Train Member

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    Remember if using schedule C, it's the NET profit divided by 12 mos for an average, not the gross revenue for the year.
     
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  8. Applied and got the paperwork in. money in 5 days. Went through a local bank. Also got an sbl loan up to $25000 no collateral needed. Pay back on 30 yrs.
     
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  9. furtigan

    furtigan Bobtail Member

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    Jul 16, 2020
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    Thanks to everyone for the info! I will be sending him this thread!
     
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  10. boxerpupsrcool

    boxerpupsrcool Bobtail Member

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    Small Business Administration

    this link shows which banks are still doing ppp loans. a lot of banks have stopped doing them now, so if you are going to get in on it, you better hurry. there is still money left for the ppp program. aug 8th is the deadline
     
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