Help for Small Business Truckers During COVID-19

The Owner-Operator Independent Drivers Association is continuing its push the federal government to address the needs of truck drivers and small-business trucking companies as they struggle with the many challenges caused by the COVID-19 pandemic.

In its most recent letter to leaders of Congress, on May 13, OOIDA outlined steps it said need to be taken to help small-business truck drivers remain viable.

In the letter to Senate Majority Leader Mitch McConnell, Senate Minority Leader Chuck Schumer, Speaker of the House Nancy Pelosi, and House Minority Leader Kevin McCarthy, OOIDA wrote, “Since the outbreak of COVID-19 in the United States, small-business truckers have been risking their lives to deliver critical supplies to communities across the country,” but that since the initial surge in demand has subsided and demand and freight rates have plummeted, “many now face significant economic challenges that threaten the viability of their business.”  (https://www.truckinginfo.com/358643/ooida-writes)

How to Apply for SBA Coronavirus Disaster Assistance

Has your state declared an emergency declaration? The U.S. Small Business Administration (SBA) is offering states and territories that have made an emergency declaration, low-interest federal disaster loans up to $2 million for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Here’s how to apply for SBA Coronavirus Disaster Assistance:

Visit sba.gov and Apply Online or Contact your local SBA District Office

1. Check the SBA website to see if the SBA has issued a disaster declaration for your area.
2. Apply online for a disaster loan at sba.gov
3. Log into your account and check for updates.

The SBA’s Office of Disaster Assistance will coordinate with the state’s or territory’s Governor to submit the request for Economic Injury Disaster Loan assistance. Once a declaration of emergency is made for your state, the information on the application process for Economic Injury Disaster Loan assistance will be made available to all affected communities as well as updated on our website: SBA.gov/disaster.

These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate (as of March 14, 2020) is 3.75% for small businesses.

SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. The terms of the loan are based upon each borrower’s ability to repay.

For additional information, please contact the SBA disaster assistance customer service center. Call 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail disastercustomerservice@sba.gov

For businesses with existing SBA loans who are seeking to defer payments, read: How to Defer an SBA Loan.

(Reprint from https://fleetservicesint.com/)