As North America adjusts during the COVID-19 outbreak, and trucking businesses continue to facilitate important deliveries across the country, carriers are faced with many issues they haven’t experienced before. Through all of these changes, it’s important for carriers to know that there are small business financial assistance programs to assist if you find your business needs help.
Trucking plays an essential part in our supply chain. The U.S. Small Business Administration is putting together programs to assist small businesses through these stressful times. Here are two programs that may be helpful to your business.
Economic Injury Disaster Loan Program
Recently launched, the SBA’s Economic Injury Disaster Loan program provides small businesses who have been impacted by COVID-19 with working capital loans of up to two million dollars.
Small businesses who qualify can easily fill out an online form to be considered. The loan advance provides economic relief to small businesses that are experiencing a brief loss of revenue. Once approved, funds can be available within three days and will not have to be repaid.
Paycheck Protection Program
The Paycheck Protection Program was created to provide motivation for small businesses to continue keeping workers on payroll by providing each small business loan up to $10 million dollars for payroll and other expenses.
If, after eight weeks, employees are kept on payroll, the SBA will forgive the share of the loans used for payroll, utilities, rent or mortgage interest. The forgivable amount is up to 100 percent.
We hope you’ll consider researching both of the programs above to help you in your business. Applying for these programs shouldn’t take much time, and you’ll benefit immensely from them. If you’d like to find small business assistance near you, check out sba.gov/local-assistance.
Disclaimer: The above is for informational purposes only. It does not constitute financial, legal or other advice, nor does it form the basis of any relationship between the recipient and England Logistics, Inc. or England Carrier Services, LLC. Recipients are encouraged to seek their own independent legal, financial, tax and other advice before taking any steps relating to the programs described herein.
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The England Carrier Services (ECS) division offers a variety of services for carriers ranging from maintenance to support. As ECS members, carriers have access to nationwide discounts on fuel and tires from dedicated team members who are committed to finding the best price. ECS also provides factoring services with benefits such as same-day funding to a bank account or fuel card. These options allow carriers the freedom to focus on growing their business while saving time and money.