OOIDA member tells CNBC truckers could be in trouble without relief loans
April 29, 2020
•Land Line Staff
The second round of funding passed by Congress last week for a pair of COVID-19 relief programs aimed at small businesses should in theory make it easier for truckers to take part in those programs.
But if that doesn’t happen, OOIDA Board Member Rodney Morine says small-business truckers could be in serious trouble. Morine appeared on CNBC on Tuesday, April 28, and told host Frank Holland that many truckers could face bankruptcy if they don’t get help soon.
Morine told CNBC he is filing for relief under the Paycheck Protection Program for the second time after being rejected on his first attempt.
“If small companies like myself can’t get the funding, then a lot will go out of business,” he said.
OOIDA has been critical of the PPP and the Emergency Economic Injury Disaster Loan Program in the past, saying it has heard from many of its members that they have been turned away from getting the money they need.
OOIDA Director of Government Affairs Collin Long said the new bill has funding set aside for community banks and credit unions, which he said should improve the ability of small trucking companies to get access to federal relief.
“The latest relief package is good for small trucking businesses,” Long said. “This change should improve the ability of small trucking businesses to access federal relief, and we encourage truckers who need financial support to contact their banks about these programs as soon as possible.”
News Anchor Terry Scruton contributed to this report.