Transportation companies receive $10.6 billion in emergency cash

Apr 20, 2020 at 10:16 AM CST
In an update to a status report issued earlier this week, the U.S. Treasury Department revealed Friday that transportation and warehousing accounted for $10.6 billion of the $342 billion in loans secured through the Paycheck Protection Program (PPP) that Congress passed and President Trump signed into law on March 27. The program was designed to provide loans that could mostly be forgiven to companies with 500 employees or fewer, with 75% of the money to be used to maintain payroll for roughly 10 weeks. Small and mid-size trucking companies have been attempting to take advantage of the program to help keep drivers paid as the effects of the COVID-19 emergency begins to hit freight volumes.

Apr 20, 2020 at 10:16 AM CST

In an update to a status report issued earlier this week, the U.S. Treasury Department revealed Friday that transportation and warehousing accounted for $10.6 billion of the $342 billion in loans secured through the Paycheck Protection Program (PPP) that Congress passed and President Trump signed into law on March 27. The program was designed to provide loans that could mostly be forgiven to companies with 500 employees or fewer, with 75% of the money to be used to maintain payroll for roughly 10 weeks. Small and mid-size trucking companies have been attempting to take advantage of the program to help keep drivers paid as the effects of the COVID-19 emergency begins to hit freight volumes.