New law provides important relief for employers and small business
Arlington, Va. – American Trucking Associations is praising Congress and the Trump Administration today for the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which cleared the U.S. House of Representatives and was signed into law by the president. The legislation provides critical assistance to motor carriers needed to maintain payrolls, the economy’s supply lines and the movement of essential goods that all Americans rely on.
“Across the country right now, truckers are answering the call during this national emergency, delivering food, medicine, PPE and other critical supplies,” said ATA President and CEO Chris Spear. “It’s important for our nation’s supply chain that trucking has access to liquidity, so we can keep our trucks on the road—and not on the sales lot.”
“Truckers don’t have the option to telework, and they’re not asking for a handout. But they are asking for liquidity and the necessary bridge to keep trucks moving as America recovers from this crisis,” Spear said.
The legislation provides $377 billion to help prevent workers from losing their jobs and small businesses from going under due to economic losses caused by COVID-19. The Paycheck Protection Program provides eight weeks of cash-flow assistance through 100-percent federally guaranteed loans to small employers who maintain their payroll during this emergency. It also expands eligibility for entities suffering economic harm due to COVID-19 to access SBA’s Economic Injury Disaster Loans (EIDL), while also giving SBA more flexibility to process and disperse small dollar loans. It requires SBA to pay all principal, interest, and fees on all existing SBA loan products for a period of up to six months.
“We thank President Trump and leaders in Congress for putting partisan differences aside and taking these necessary steps to keep our economy moving. The trucking industry will continue to do our part to move America through this challenge,” Spear said.
Go further: Visit the ATA COVID-19 Update Hub for the latest news, information and resources.