The American Trucking Association praised the Senate Thursday for passing a $2.2 trillion economic stimulus package designed to combat the economic fall-out from the coronavirus.
The bill, HR 748, also known as the Coronavirus Aid, Relief, and Economic Security (CARES) Act, provides economic assistance to small- and midsized motor carriers so they can maintain operations, including paying payroll, and keep American supply lines of essential goods open.
“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,” ATA President and CEO Chris Spear said.
The bill provides $377 billion in small business loans to help companies with payroll and other expenses. Those loans would be forgiven if companies maintain their employment levels for a certain period of time. Called 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.
“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 passed in the House on Friday and was signed into law by President Donald Trump Friday afternoon.