CARES bill opens billions in relief to small trucking companies
Small trucking companies and other businesses in danger of permanently closing their doors as a result of COVID-19 can apply for immediate relief under the stimulus package expected to be approved tomorrow.
After the $2 trillion Coronavirus Aid, Relief and Economic Security (CARES) Act passed the Republican-controlled U.S. Senate late yesterday by unanimous vote, U.S. House Speaker Nancy Pelosi (D-California) said her chamber will be taking up the legislation on March 27 “with strong bipartisan support.”
House Transportation and Infrastructure Committee Ranking Member Sam Graves (R-Missouri) said the bill’s funding “will ensure these dedicated workers can continue to do what they do best and transportation businesses can keep their doors open as we move into the next stage of this nationwide fight against the coronavirus.”
The 880-page legislation creates a “paycheck protection program” that provides $349 billion for small employers – generally those of 500 employees or less, as well as for independent owner-operators – that provides eight weeks of cash-flow assistance through federally guaranteed loans to small employers who maintain their payroll.
Read more: Freight Waves