How the CARES Act may affect owner-operator truck drivers
April 6, 2020
If you are an owner-operator wondering how the $2 trillion Coronavirus Aid, Relief and Economic Security (CARES) Act President Trump signed on March 27 could affect your business, you may get some of the answers to your questions from ATBS:
What the CARES Act means for owner-operator truck drivers:
- The CARES Act provides $349 billion for small employers and independent owner-operators.
- The legislation provides cash-flow assistance through federally-granted loans to small business who continue their payroll for eight weeks. When business owners will receive their loan is dependent of if and when they apply for one.
- The CARES ACT could provide each owner-operator between $1,200 and $25,000 of economic stimulus relief. ATBS provides more information about what determines how much owner-operators receive.
- Small trucking companies in danger of shutdown because of COVID-19 could start applying for immediate relief under the CARES Act on April 3. To apply, business owners must submit an application through an SBA-and Treasury-approved bank, credit union or nonbank lender.