The second spherical of funding handed by Congress final week for a pair of COVID-19 reduction packages aimed toward small companies ought to in concept make it simpler for truckers to participate in these packages.
But when that doesn’t occur, OOIDA Board Member Rodney Morine says small-business truckers could possibly be in deep trouble. Morine appeared on CNBC on Tuesday, April 28, and advised host Frank Holland that many truckers might face chapter in the event that they don’t get assist quickly.
Morine advised CNBC he’s submitting for reduction underneath the Paycheck Safety Program for the second time after being rejected on his first try.
“If small companies like myself can’t get the funding, then a lot will go out of business,” he stated.
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OOIDA has been important of the PPP and the Emergency Financial Damage Catastrophe loan Program previously, saying it has heard from lots of its members that they’ve been turned away from getting the cash they want.
OOIDA Director of Authorities Affairs Collin Lengthy stated the brand new invoice has funding put aside for group banks and credit score unions, which he stated ought to enhance the power of small trucking firms to get entry to federal reduction.
“The latest relief package is good for small trucking businesses,” Lengthy stated. “This change should improve the ability of small trucking businesses to access federal relief, and we encourage truckers who need financial support to contact their banks about these programs as soon as possible.”
Information Anchor Terry Scruton contributed to this report.