OOIDA advocates to get PPP loans for small-business truckers
OOIDA asked Congress to provide “clear guidance” that would allow small-business truckers to demonstrate their eligibility for a proposed second round of Paycheck Protection Program loans.
In a letter to the Small Business Committee leaders in the House and Senate sent in September, OOIDA supported efforts for additional assistance during the COVID-19 pandemic but also stressed concerns about how proposed eligibility requirements could affect truck drivers.
“Recent proposals to provide a second round of PPP loans have included a requirement that a business experience a decline in its gross receipts to be eligible,” OOIDA wrote in the Sept. 21 letter signed by President and CEO Todd Spencer. “Congress must ensure that deserving small businesses are able to easily demonstrate this criterion. In particular, we ask that you make clear what documentation is necessary to meet this requirement.”
OOIDA said it understood Congress’ desire to limit the second wave of PPP loans to businesses that have been struggling but also wanted to make sure that deserving self-employed workers, including owner-operators, aren’t blocked from receiving assistance because of difficulties providing the necessary documentation.
“Small-business truckers keep necessary records to stay compliant with existing regulations and requirements, such as tax filings, but these may not be useful to demonstrate 2020 gross receipts,” OOIDA wrote. “We represent men and women who run their business out of their truck or home. Some of these sole proprietors or self-employed individuals keep records on paper tablets or simple computer spreadsheets. We have concerns that lenders or the government may question the validity of these records.”
That concern is why OOIDA asked Congress to provide clear guidance.
“Without clear guidance or certainty that their documentation will be accepted, small-business truckers who are otherwise eligible may opt not to apply for a second PPP loan,” OOIDA wrote. “Small businesses are rightfully concerned that they could face a government audit or penalties.” LL