Bill contains important relief for employers and small business
Arlington, Va. – The largest trade group representing America’s trucking industry is praising the Senate today for passing the Coronavirus Aid, Relief, and Economic Security (CARES) Act—bipartisan legislation that will deliver critical relief to Americans and small businesses reeling from the impact of COVID-19. ATA President and CEO Chris Spear says the bill will provide critical assistance to small- and midsize motor carriers needed to maintain payrolls, the economy’s supply lines and the movement of essential goods that all Americans rely on.
“At its core, trucking is an industry of small business. More than 90% of motor carriers in this country have fewer than six trucks, and it is critically important for the health of our nation’s supply chain that small- and midsize carriers have accesses to liquidity so they can keep their drivers paid, trucks running, stores restocked and hospitals supplied,” Spear said.
“Americans across the country have renewed focus right now on what it is truckers do every single day: provide the essential goods – food, water, fuel, medicine – that we all rely in our daily lives. 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 their trucks moving as America recovers from this crisis.”
The bill would provide $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 would provide eight weeks of cash-flow assistance through 100-percent federally guaranteed loans to small employers who maintain their payroll during this emergency. The bill would expand 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 would also require SBA to pay all principal, interest, and fees on all existing SBA loan products for a period of up to six months.
“We thank Congressional leaders for putting partisan differences aside and taking these necessary steps to get our economy moving again. The trucking industry will continue to do our part to move America through these difficult times,” Spear said.