More CARES Act Funding On Way + Bus/Vehicle/Rental Fleet Issues: COVID-19 Transportation Update - Tuesday, April 7, 2020
Webinar Alert: Matt Daus Addresses Legal Issues and SBA Loan Questions for Small and Medium-Sized Businesses with Fleets
During today’s webinar, Matt Daus, Partner and Practice Chair of the Transportation Practice Group at Windels Marx, was a featured panelist in the program hosted by Bobit Business Media, including Automotive Fleet, Auto Rental News, Business Fleet, METRO, School Bus Fleet and Work Truck. Updated data was provided on the economic impact resulting from COVID-19 travel restrictions to the rental, school bus, and motorcoach industries. Also, further guidance was provided regarding the evolving status of the Paycheck Protection Program (PPP) – including loan details, eligibility, and application requirements – as well as SBA loan applications. Discussion ensued about the insurance issues facing transportation fleet and vehicles owners, and the need for Congress and the States to address financial and other relief, as well as what CARES 2.0 should look like.
For those interested in learning more about these important topics for transportation companies impacted by the COVID-19 crisis, click HERE to view the full Webinar.
If you are interested in additional information about these topics, please reach out to MATT DAUS at mdaus@windelsmarx.com or (212) 237-1106. To assist the industry at its time of need, our team is providing free advice to industry members!
Windels Marx FAQs and Checklist/Worksheet for Transportation Companies Seeking COVID-19 Loans
Beginning Friday, April 3, 2020, transportation companies were able to start filing applications for the Paycheck Protection Program (PPP) loans. Transportation providers can benefit from these 2-year loans to pay for payroll costs, rent, utilities, or interest payments for mortgages or loans for the 8 weeks after receiving the loan funds. Since the loans may be forgiven in whole or in part, these PPP loans can be grants. Even if part of a PPP loan is not forgiven, the PPP loan has a fixed 1% interest rate, and borrowers have a 6-month loan deferment available, although interest will accrue. Many companies have questions and need guidance about the PPP loan program eligibility. Matt Daus and his team at Windels Marx have been fielding questions about the PPP loan program for the past week. To be of assistance, we have prepared the Paycheck Protection Program Frequently Asked Questions for Transportation Providers to address the many, many questions that transportation companies have been asking. The FAQs for Transportation Providers may be found HERE. We have also prepared a PPP Loan Checklist and Worksheet that transportation companies may use as a resource to assemble the required documents – and try to determine the amount of your PPP loan. The Checklist and Worksheet also includes information to assist transportation companies in calculating unemployment benefits under the CARES Act. The Checklist and Worksheet may be found HERE.
If you are interested in additional information about seeking loans and assistance related to COVID-19, please reach out to MATT DAUS at mdaus@windelsmarx.com or (212) 237-1106. To assist the industry at its time of need, our team is providing free advice to industry members!
