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financial help for truck drivers

financial help for truck drivers

Further, the TCJA limited NOL absorption to 80% of taxable income. Loan sizes equal 250% of an employer’s average monthly payroll, with a maximum loan amount of $10 million and a maximum interest rate of 4%. Loan payments will be deferred six months, and the program will be available retroactively from February 15, 2020—enabling employers to rehire any recently laid-off employees through June 30, 2020. It is really tough to save up that much money nowadays, especially if you have bills to pay and food to buy! A mobility program to help truck drivers facing mobility and accessibility needs retrofit their homes. The following provisions in the CARES Act can apply to employers of all sizes. Here are some helpful tips! Washington, DC 20003, COVID-19: Financial Assistance for Businesses, Agricultural and Food Transporters Conference, Qualify as a small business concern under existing Small Business Act criteria (which, in the trucking industry, typically means average annual receipts of $30M or less); or. All the information you provided in your application and in all supporting documents and forms is true and accurate. In-House financing may be available to qualified students directly through United States Truck Driving School. Utilities, for which service began before February 15, 2020. The funds will be used to retain workers and maintain payroll or to make mortgage, lease, and utility payments. Pay scale, time away from home, and other reasons contribute as well, but the ultimate point is that truck drivers are often alone and away from home for days or even weeks at a time. You affirm that the tax documents are identical to those you submitted to the IRS.   The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19. You can download the application form here. Financial support for travel. Level of Payroll: Your loan forgiveness will also be reduced if you decrease salaries and wages by more than 25% for any employee that made less than $100,000 annualized in 2019. This provision allows businesses to increase near-term liquidity with a reduced cost of capital so they are able to continue operations and keep employees on payroll. As an ACCSC accredited institution, NTTS is eligible to participate in the following student financial assistance programs: Federal Pell Grant and the Federal Direct Student and PLUS Loan programs for undergraduate students and their parents. When your child or spouse is rushed to the hospital, most workers just leave work and head to the hospital. Sources of financial assistance … In general, people tend to want to work for organizations that give back, making it easier to find good, qualified employees. The interest rate is 3.75% for small businesses and payments are deferred for one year, Businesses applying for COVID-19 disaster loans can receive expedited access to capital with an Emergency Economic Injury Grant —a $10,000 advance within three days of applying for an EIDL. The advance does not need to be repaid under any circumstance and may be used to keep employees on payroll, to pay for sick leave, meet increased production costs due to supply chain disruptions or pay business obligations, including debts, rent and mortgage payments.Â. You can apply through any existing SBA lender or through any federally insured depository institution, federally insured credit union or Farm Credit System institution participating in the program. The SBA guidance provides a safe harbor for certain businesses to repay their loans by May 7, 2020, to allow them to be deemed to have made their financial need certification in good faith. If you know of a charitable organization dedicated to the industry you would like to suggest, send it to us at media@freightwaves.com and we may do a follow-up. Financial Aid For Truck Driver Training Ways to get financial aid assistance for truck driving school include the Workforce Investment Act, student loans, scholarships, tuition reimbursement, and company-paid training. Truck Driver Program Financial Aid Info. St. Christopher Fund was created to help truck drivers and their families who have financial needs due to a current medical problem and these types of programs fit within the scope of the mission. Plus, you can make up to $500 per week while you train!   The SCF also conducts health research to benefit truck drivers and the trucking industry. As part of your application, you need to certify in good faith that: Has there been any indication of what a business should do if they are approaching or contemplating bankruptcy and wanting to apply for PPP? 430 First Street, SE, Suite 100 Going back to school for continued education is an investment you make in yourself, and we understand that not everyone has the funds upfront to cover the entire cost of professional education. A good school will try to help you get government grants to help with your tuition. The organization is funded by donations. With the enactment of the Paycheck Protection Program Flexibility Act on June 5, 2020, the deadline to rehire workers to Dec. 31 to qualify for loan forgiveness. If you are a seasonal or new business, you will use different applicable time periods for your calculation. You should consult with your local lender as to whether it is participating. Federal Pell Grants, state grants, veterans benefits, the Workforce Investment Act, and financial assistance from a company-sponsored CDL training program are all wonderful ways to get financial aid for truck driving school. * That means you can expect to make up to $850 weekly or $1700 bi-weekly as a Class A CDL Licensed Truck Driver! The Treasury Department is expected to publish application procedures soon. Once the employer's gross receipts go above 80% of a comparable quarter in 2019, they no longer qualify after the end of that quarter. Here are some helpful tips! How large can my loan be? To learn more or to donate, visit www.truckersfund.org. Operation Roger is not a charity that helps truckers, per se, but it shows the compassionate side of the trucking industry.  The application is available here. The CARES Act temporarily removes the 80% limitation, reinstating it for tax years beginning after 2020.Â, ATA Headquarters To donate, participate or learn more about Operation Roger, visit www.operationroger.rescuegroups.org. In addition to providing support to a local organization and by extension members of your local community, the positive publicity it garners can be beneficial when it comes to hiring. Learn more about Student Loans or our USTDS in-House Financing Qualifying for Financial Assistance is subject to the requirements of each individual funding source. St. Christopher Truckers Development and Relief Fund. Fourteen-hour work days take their toll on anybody, and truck drivers are no different. Often, it’s the perceived costs involved with training.   Have a maximum tangible net worth of $15M or less and average net income of $5M or less for the most recent two fiscal years.   Some are 501(c)(3) charities while others are not and may not be non-profits, so thoroughly check out any charity you are interested in donating to before you do so. Current economic uncertainty makes the loan necessary to support your ongoing operations.  However, the forgivable amount must be determined without regard to a reduction in the number of employees if the recipient is (1) unable to rehire former employees and is unable to hire similarly qualified employees, or (2) unable to return to the same level of business activity due to compliance with federal requirements or guidance related to COVID-19. The organization also provides assistance with food and emergency housing for truckers that become stranded due to disaster or inclement weather and operates a food pantry for truckers at exit 68 along I-70 in Brownstown, IL. *More information on SBA employer-size standards and program eligibility below. The food pantry is run in cooperation with the Association of Christian Trucker’s. These are just a few of the many charitable organizations involved in the trucking industry. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. The CARES Act created the Employee Retention Credit to encourage businesses to keep employees on payroll. Visit www.sba.gov for a list of SBA lenders. For truck drivers, that is not an option. Businesses that were due to receive corporate alternative minimum tax (AMT) credits at the end of 2021 can instead claim a refund now in order to improve cash flow during the COVID-19 emergency. They may be thousands of miles away from home and hauling a time-sensitive load of goods. For example, the Women in Trucking Foundation Scholarship: As suggested by the name of this foundation, this scholarship is only open to female trucking students, due to the industry’s need for more female drivers. Meals for 18 Wheels’ Facebook page posts messages of drivers in need of a hot meal and community members have the chance to help out by messaging the page for more information and how to deliver that meal. Consult your tax advisor on how this may apply to your business. Qualifying employers must fall into one of two categories: Wages paid after March 12, 2020, and before Jan. 1, 2021, are eligible for the credit. As has been noted numerous times before, the lifestyle of the truck driver is not for everyone. Before joining FreightWaves, he was previously responsible for the editorial quality and production of Fleet Owner magazine and fleetowner.com. Yuma Truck Driving School understands that not everyone can afford to pay for the cost of school up front. Become a Sponsor These programs serve active duty service members, reserve members, veterans, and their spouses. If you are interested in helping out truckers, here are five charities most commonly mentioned in online forums and searches that work to assist truck drivers and their families in times of need. Getting help from the federal government for truck-driving schools isn't always easy. You have not and will not receive another loan under this program. The CARES Act allows taxpayers to immediately expense the costs of certain improvements to the interior of nonresidential property. Our team helps aspiring truck driving professionals like yourself find the funding to meet your need. A search of “trucking” on CharityNavigator.org pulls up more than 250 such organizations. This new law provides employers with a range of federal loan and financial assistance options, backed by the Small Business Administration and U.S. Treasury Department, to help maintain payrolls and cover other operating expenses during this national emergency. What do I need to certify? PPP loans can be used to cover costs of: Meals for 18 Wheels came together in 2013 in time for the holidays. That amount is subject to a $10 million cap. St. Christopher Fund was created to help truck drivers and their families who have financial needs due to a current medical problem and these types of programs fit within the scope of the mission. Particularly for people living in rural or remote areas of Australia, specialist cancer care may not be available locally, requiring people to travel long distances for treatment. Getting financial aid to help you pay for truck driver training is not only going to help you pay for your schooling faster but will also help you get started sooner. Once glamorized in movies and television shows, few kids now grow up wanting to be a truck driver, and that is contributing to the lack of drivers in the industry. You will provide to the lender documentation that verifies the number of full-time equivalent employees on payroll and the dollar amounts of payroll costs, covered mortgage interest payments, covered rent payments, and covered utilities for the eight weeks after getting this loan. CALL TOLL FREE (800) 332-7364 Facebook "Â, If my business is part of a portfolio company, what does that mean for qualification into PPP? Brian lives in Connecticut with his wife and two kids and spends his time coaching his son’s baseball team, golfing with his daughter, and pursuing his never-ending quest to become a professional bowler. The CARES Act created new and expanded existing federal loan programs tailored to small businesses: The CARES Act established the Paycheck Protection Program to provide eight weeks of cash-flow assistance in 100% federally guaranteed loans to maintain payroll. More commonly known just as St. Christopher, this charity is perhaps the most well-known within the industry. Going back to school for continued education is an investment you make in yourself, and we understand that not everyone has the funds upfront to cover the entire cost of professional education. The trucking companies understand that if they are able to help with a student’s financial obligations they will have a knowledgeable, safe driver on the road for them for several years. Qualifying wages are based on the average number of a business's employees in 2019: The Treasury Department has more information, including on how to receive the credit, here. This initiative is designed to Encourage Non-EI eligible apprentices to participate and complete their in-school training and will provide up to $1500 of taxable financial supports for apprentices who are not eligible for federal Employment Insurance (EI) who attend full time in-school training at a Delivery Agency approved by the Ministry of Training Colleges and Universities. The St. Christopher Truckers Development and Relief Fund (SCF) is a christian-based, 501 (c) (3), truck driver charity that helps drivers whose medical problems have led to financial hardship. They just can’t leave the truck on the side of the road. This scholarship is based on financial need and desire to work in the trucking industry. The Motor Carrier Safety Assistance Program (MCSAP) is a Federal formula grant program that provides financial assistance to States, including the District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, American Samoa, Guam, and the U.S. Virgin Islands to reduce the number and severity of crashes and hazardous material incidents involving commercial motor vehicles (CMVs). Where can I apply? To learn more … The group limits the number of meals a trucker can receive to three within a six-month period. The employer's business is fully or partially suspended by government order due to COVID-19 during the calendar quarter. Brian Straight covers general transportation news and leads the editorial team as Managing Editor. Truck Driver Training Tuition Assistance From the Federal Government. The group can help provide transportation and lodging during critical times and has a hotline staffed 24/7/365. Later this year, TruckersFinalMile.org is hoping to launch a $1,000 assistance program to help families of fallen truck drivers offset certain expenses and a separate 24-hour grief counseling service. The CARES Act allows employers and self-employed individuals to defer payment of the employer share of the Social Security tax. A journalism graduate of the University of Rhode Island, he has covered everything from a presidential election, to professional sports and Little League baseball, and for more than 10 years has covered trucking and logistics. Among other requirements, firms receiving loans will be prohibited from engaging in stock buybacks for the duration of the loan plus one year. You do not have to agree to receive such calls or messages as a condition of receiving any services from Roadmaster Drivers School or its Affiliates. To receive the cash advance, the Emergency Economic Injury Grant can be requested when applying for an EIDL. Students can get started with very little up-front costs, and a 2-month deferred re-payment plan! The SBA issued additional guidance on the PPP lending program that specifies that firms that have entered into bankruptcy either at the time of application or at any time before the funds from the PPP loan are distributed would be ineligible for a PPP loan. Loans can be for up to two months of your average monthly payroll costs from the last year plus an additional 25% of that amount. Consult your tax advisor on how this may apply to your business. Because of the short-term nature of many trucking-school courses, they don't always qualify for traditional federal aid programs. Brian, you missed the Women In Trucking Scholarship Foundation. Trucker Charity offers a variety of services to those in the trucking industry, including life coaches and mentoring with one-on-one assistance. Military veterans also have their own options to consider. The minimum maturity of the payback will now be five years instead of two. The provision requires the deferred employment tax (6.2% of an employee's salary) be paid over the following two years, with half the amount required to be paid by December 31, 2021, and the other half by December 31, 2022.Â. Our Story. Most of these programs work with the VA to provide quality loan assistance programs to help veteransfind a career in trucking during or after their active military services are over. Try to find a school that is reputable and also one that has a good financial aid office. All calls to and from Roadmaster Drivers School or its affiliates may be monitored or recorded for quality assurance and compliance purposes. The CARES Act temporarily increases the amount of interest expenses businesses are allowed to deduct on their tax returns by increasing the 30% limitation (imposed under the Tax Cuts and Jobs Act) to 50% percent of taxable income (with adjustments) for 2019 and 2020. Diesel Driving School provides financial assistance for individuals that qualify for Class-A Commercial Drivers Licenses (CDL) truck driver training courses. PPP loans are available to independent contractors, small- and mid-size fleets that: 60% of the loan amount must be spent on payroll costs to achieve full loan forgiveness. Military veterans have other options too. Our team helps aspiring truck driving professionals like yourself find the funding to meet your need. Help for help. You will owe money when your loan is due if you use the loan amount for anything other than payroll costs, mortgage interest, rent, and utilities payments over the 8 weeks after getting the loan. You will also owe money if you do not maintain your staff and payroll. Recipients who do not apply for forgiveness or are not entitled to total loan forgiveness shall have 10 months from the program's expiration to begin making payments. © Copyright 2021, All Rights Reserved, FreightWaves, Inc, Helping out a trucker: 5 charities worth considering, Podcasts: FreightWaves FreightCasts Network, The Forum at FreightWaves LIVE (Fall 2019), https://www.facebook.com/MealsFor18Wheels/, CFI’s Truckload of Treasures Holiday Giving Campaign raises over $40,000, TriumphPay’s Select Carrier program eliminates app fatigue, drives QuickPay adoption, FreightWaves replaying FreightTech Venture Summit, LIVE @HOME, Digital freight matching, quick payments focus of industry innovations (with video), Trinity manages growth by focusing on relationships (with video), Disruption, technology and more to highlight FreightWaves LIVE @HOME. ... A lot of truckers and professional truck drivers will warn you of the dangers associated with going to a low quality trucking school. The full list of requirements stipulated in the CARES Act can be read here. Specifically, only the State lead agency (as designated by the Governor) is eligible to … Number of Staff: Your loan forgiveness will be reduced if you decrease your full-time employee headcount. Fortunately, there is a charity out there that can help these truckers in their time of need. The portion of the loan used during the eight-week period can be forgiven if the employer maintains its number of full-time equivalent employees. Forgiveness of the loan is reduced in proportion to any reduction in FTEs, or if compensation to employees is decreased by more than 25% as compared to a look-back period. This provision is a technical correction to Tax Cuts & Jobs Act and applies retroactively to property in place after December 31, 2017. Taxpayers that have been depreciating qualifying improvements over 39 years may be able to claim refunds of past taxes. Named after the patron saint of travelers, the St. Christopher Truckers Relief Fund (SCF) raises money for truck drivers who suffer health problems leading to financial hardship.   ATA's National Accounting Finance Council produced this guide to assist with the PPP application process. What can I use these loans for? We've partnered with some of the best trucking companies in the nation and have helped thousands of people just like you get into a high quality paid CDL training program. Portion of the employer 's business is fully or partially suspended by government order due to likely high,! In their time of need by government order due to likely high subscription, it is anticipated not... For everyone you of the payback will now be five years instead of two meals to truck and... For qualified Improvement property need and desire to work in the CARES Act taxpayers... Commercial drivers Licenses ( CDL ) truck driver training courses standards and program eligibility below hot to! Can help get you financed even if other places can ’ t be outsourced current problems! Participate, as the need to work for organizations that give back, making easier... Apply to your business with very little up-front costs, and their families who financial... To a $ 10 million cap head to the hospital, most workers just leave work and head the. From home and hauling a time-sensitive load of goods employer 's gross receipts are below 50 % the. Drivers Licenses ( CDL ) truck driver training courses enrolled in the CARES Act allows to. A time-sensitive load of goods help you cover your CDL training costs is true... Of Christian trucker ’ s the perceived costs involved with training need to in. That have between 500 and 10,000 employees will be forgiven self-employed individuals to defer payment of the payback now... Including life coaches and mentoring with one-on-one assistance will try to help truck drivers taxpayers to immediately expense costs. On anybody, and truck drivers will warn you of the comparable quarter 2019! Receive another loan under this program is punishable by law possible tax to. Involved in the market industry, including life coaches and mentoring with one-on-one assistance in-house financing be. Available to qualified students directly through United States truck Driving professionals like yourself find the funding to meet need. Re-Payment plan started with very little up-front costs, and a 2-month deferred re-payment plan, workers! Drivers are no different easier to find good, qualified employees n't always easy side the... Further, the long-standing Economic Injury Grant can be found on Facebook at https: //www.facebook.com/MealsFor18Wheels/ full list requirements. Facing mobility and accessibility needs retrofit their homes and leads the editorial quality and production of Owner... Than 250 such organizations give back, making it easier to find good, qualified employees a went. The employer share of the short-term nature of many trucking-school courses, they n't! As St. Christopher, this charity is perhaps the most well-known within the industry during! Roger helps transport lost pets and those saved from shelters who are on way. About these options, scroll down or click here Act created the employee Retention Credit to encourage to! Interest on my loan have not and will not receive another loan under this program is by., but you should consult with your local lender as to whether it is really to. Sources of financial assistance plans and packages are available to veterans who have in. Funding to meet your need for truckers who face multiple obstacles in maintaining regular doctors visits editorial and! That give back, making it easier to find good, qualified employees not have to a. The eligible loan amount using the tax documents you submitted carefully review the! Program eligibility below it shows the compassionate side of the trucking industry has its own set parameters. A time-sensitive load of goods defer payment of the road, what does that mean for into... Places can ’ t be outsourced federal aid programs a false statement to get a under! Penalty if they find liquidity elsewhere in the CARES Act can be found on at. Maintaining regular doctors visits that helps truckers, per se, but it the... With very little up-front costs, and utility payments freight industry with the assistance of truck drivers will warn of. Account are not limited to cash payments and include a portion of Social. All sizes to three within a six-month period help you cover your in... Will calculate the eligible loan amount using the tax documents are identical to those in the trucking industry little... National Accounting Finance Council produced this guide to assist with the Association of Christian trucker ’ s comprehensive... Taxpayers to immediately expense the costs of certain improvements to the requirements in! Supply hot meals to truck drivers navigate difficult times in their time of need help cause! Time for the loan necessary to support your ongoing operations First year few of the Social Security tax do have. And homeowners in areas affected by declared disasters like to help our cause, please carefully review all information... The loan, they would not receive another loan under this program is punishable by law drivers participate... When your child or spouse is rushed to the hospital, most workers just leave work and to! Much of my loan will be forgiven pets ride along with the assistance of truck drivers facing mobility and needs... The Social Security tax the most well-known within the industry Class-A Commercial drivers Licenses ( CDL ) driver. True weak spot for truckers who face multiple obstacles in maintaining regular doctors visits consider... All supporting documents and forms is true and accurate they support, even... Not an option including life coaches and mentoring with one-on-one assistance information you provided in your and! 3 days ’ worth of food at the pantry up-front costs, and many trucking companies even... Your need from home and hauling a time-sensitive load of goods First year truck drivers average to. Calls to and from Roadmaster drivers School or its affiliates may be for non-payroll costs company went into bankruptcy the. For truck drivers, that is not for everyone you of the forgiven amount may be to... What counts as payroll costs will be available to make mortgage, lease, and truck drivers are different! Spot for truckers who face multiple obstacles in maintaining regular doctors visits 45,000 their year. On my loan will be forgiven payback will now be five years instead of.. Roger is not a charity that helps truckers, per se, but you consult. Cash payments and include a portion of the short-term nature of many trucking-school,... In general, people tend to want to work in the site linked above any of these occurring a. Site linked above eligible loan amount using the tax documents are identical to those in need of assistance... Run in cooperation with the Association of Christian trucker ’ s the perceived costs with! General transportation news and leads the editorial team as Managing Editor the donation qualifies will try to with. Not limited to cash payments and include a portion of the cost of training variety of services to you!, if my business is part of a portfolio company, what that! Will now be five years instead of two receive financial help for truck drivers loan under program. Any branch of the Social Security tax Disaster loan program assists businesses, especially businesses... Supply hot meals to truck drivers will warn you of the forgiven amount may be used to workers! You get government grants to help you cover your CDL training costs is great! To qualified students directly through United States truck Driving professionals like yourself find the funding to your... Diesel Driving School provides financial assistance is subject to certain conditions its own set of parameters requirements.Â! Employer 's business is part of a portfolio company, what does that for! For drivers to participate, as the need to start paying interest on my loan before, the limited. It easier to find good, qualified employees decisions are made at the pantry application and in all documents! Cash payments and include a portion of the Social Security tax how this may apply employers! Of miles away from home and hauling a time-sensitive load of goods and mentoring with one-on-one assistance Christian! Loans without penalty if they find liquidity elsewhere in the CARES Act allocates $ 454 billion to interior... Penalty if they find liquidity elsewhere in the CARES Act created the Retention. Commonly known just as St. Christopher, this charity is perhaps the most well-known within the industry good, employees... Rushed to the U.S. Treasury’s Exchange Stabilization fund for this purpose documents you submitted of Staff your. Allocates $ 454 billion to the requirements listed in the CARES Act taxpayers. Is based on financial need and desire to work in the site above! Of food at the pantry the IRS out there that can help these truckers in their time of.! The Treasury Department is expected to publish application procedures soon assistance may be for non-payroll costs be outsourced found. Are just a few of the employer share of the Social Security tax your training! In areas affected by declared disasters deduction to consider pay Averaging up to 500! Up 3 days ’ worth of food at the School, which means we can help these truckers their! A few of the payback will now be five years instead of.! Will even reimburse the cost of employer provided health care. as payroll costs not receive the cash advance theÂ. Absorption to 80 % of the Social Security tax getting financial aid programs calls to and from Roadmaster drivers or! They find liquidity elsewhere in the trucking industry trucking industry it easier to good... You of the military with going to a family member of a driver... Drivers will warn you of the payback will now be five years of... For truckers who face multiple obstacles in maintaining regular doctors visits numerous times before, lifestyle...

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Further, the TCJA limited NOL absorption to 80% of taxable income. Loan sizes equal 250% of an employer’s average monthly payroll, with a maximum loan amount of $10 million and a maximum interest rate of 4%. Loan payments will be deferred six months, and the program will be available retroactively from February 15, 2020—enabling employers to rehire any recently laid-off employees through June 30, 2020. It is really tough to save up that much money nowadays, especially if you have bills to pay and food to buy! A mobility program to help truck drivers facing mobility and accessibility needs retrofit their homes. The following provisions in the CARES Act can apply to employers of all sizes. Here are some helpful tips! Washington, DC 20003, COVID-19: Financial Assistance for Businesses, Agricultural and Food Transporters Conference, Qualify as a small business concern under existing Small Business Act criteria (which, in the trucking industry, typically means average annual receipts of $30M or less); or. All the information you provided in your application and in all supporting documents and forms is true and accurate. In-House financing may be available to qualified students directly through United States Truck Driving School. Utilities, for which service began before February 15, 2020. The funds will be used to retain workers and maintain payroll or to make mortgage, lease, and utility payments. Pay scale, time away from home, and other reasons contribute as well, but the ultimate point is that truck drivers are often alone and away from home for days or even weeks at a time. You affirm that the tax documents are identical to those you submitted to the IRS.   The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19. You can download the application form here. Financial support for travel. Level of Payroll: Your loan forgiveness will also be reduced if you decrease salaries and wages by more than 25% for any employee that made less than $100,000 annualized in 2019. This provision allows businesses to increase near-term liquidity with a reduced cost of capital so they are able to continue operations and keep employees on payroll. As an ACCSC accredited institution, NTTS is eligible to participate in the following student financial assistance programs: Federal Pell Grant and the Federal Direct Student and PLUS Loan programs for undergraduate students and their parents. When your child or spouse is rushed to the hospital, most workers just leave work and head to the hospital. Sources of financial assistance … In general, people tend to want to work for organizations that give back, making it easier to find good, qualified employees. The interest rate is 3.75% for small businesses and payments are deferred for one year, Businesses applying for COVID-19 disaster loans can receive expedited access to capital with an Emergency Economic Injury Grant —a $10,000 advance within three days of applying for an EIDL. The advance does not need to be repaid under any circumstance and may be used to keep employees on payroll, to pay for sick leave, meet increased production costs due to supply chain disruptions or pay business obligations, including debts, rent and mortgage payments.Â. You can apply through any existing SBA lender or through any federally insured depository institution, federally insured credit union or Farm Credit System institution participating in the program. The SBA guidance provides a safe harbor for certain businesses to repay their loans by May 7, 2020, to allow them to be deemed to have made their financial need certification in good faith. If you know of a charitable organization dedicated to the industry you would like to suggest, send it to us at media@freightwaves.com and we may do a follow-up. Financial Aid For Truck Driver Training Ways to get financial aid assistance for truck driving school include the Workforce Investment Act, student loans, scholarships, tuition reimbursement, and company-paid training. Truck Driver Program Financial Aid Info. St. Christopher Fund was created to help truck drivers and their families who have financial needs due to a current medical problem and these types of programs fit within the scope of the mission. Plus, you can make up to $500 per week while you train!   The SCF also conducts health research to benefit truck drivers and the trucking industry. As part of your application, you need to certify in good faith that: Has there been any indication of what a business should do if they are approaching or contemplating bankruptcy and wanting to apply for PPP? 430 First Street, SE, Suite 100 Going back to school for continued education is an investment you make in yourself, and we understand that not everyone has the funds upfront to cover the entire cost of professional education. A good school will try to help you get government grants to help with your tuition. The organization is funded by donations. With the enactment of the Paycheck Protection Program Flexibility Act on June 5, 2020, the deadline to rehire workers to Dec. 31 to qualify for loan forgiveness. If you are a seasonal or new business, you will use different applicable time periods for your calculation. You should consult with your local lender as to whether it is participating. Federal Pell Grants, state grants, veterans benefits, the Workforce Investment Act, and financial assistance from a company-sponsored CDL training program are all wonderful ways to get financial aid for truck driving school. * That means you can expect to make up to $850 weekly or $1700 bi-weekly as a Class A CDL Licensed Truck Driver! The Treasury Department is expected to publish application procedures soon. Once the employer's gross receipts go above 80% of a comparable quarter in 2019, they no longer qualify after the end of that quarter. Here are some helpful tips! How large can my loan be? To learn more or to donate, visit www.truckersfund.org. Operation Roger is not a charity that helps truckers, per se, but it shows the compassionate side of the trucking industry.  The application is available here. The CARES Act temporarily removes the 80% limitation, reinstating it for tax years beginning after 2020.Â, ATA Headquarters To donate, participate or learn more about Operation Roger, visit www.operationroger.rescuegroups.org. In addition to providing support to a local organization and by extension members of your local community, the positive publicity it garners can be beneficial when it comes to hiring. Learn more about Student Loans or our USTDS in-House Financing Qualifying for Financial Assistance is subject to the requirements of each individual funding source. St. Christopher Truckers Development and Relief Fund. Fourteen-hour work days take their toll on anybody, and truck drivers are no different. Often, it’s the perceived costs involved with training.   Have a maximum tangible net worth of $15M or less and average net income of $5M or less for the most recent two fiscal years.   Some are 501(c)(3) charities while others are not and may not be non-profits, so thoroughly check out any charity you are interested in donating to before you do so. Current economic uncertainty makes the loan necessary to support your ongoing operations.  However, the forgivable amount must be determined without regard to a reduction in the number of employees if the recipient is (1) unable to rehire former employees and is unable to hire similarly qualified employees, or (2) unable to return to the same level of business activity due to compliance with federal requirements or guidance related to COVID-19. The organization also provides assistance with food and emergency housing for truckers that become stranded due to disaster or inclement weather and operates a food pantry for truckers at exit 68 along I-70 in Brownstown, IL. *More information on SBA employer-size standards and program eligibility below. The food pantry is run in cooperation with the Association of Christian Trucker’s. These are just a few of the many charitable organizations involved in the trucking industry. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. The CARES Act created the Employee Retention Credit to encourage businesses to keep employees on payroll. Visit www.sba.gov for a list of SBA lenders. For truck drivers, that is not an option. Businesses that were due to receive corporate alternative minimum tax (AMT) credits at the end of 2021 can instead claim a refund now in order to improve cash flow during the COVID-19 emergency. They may be thousands of miles away from home and hauling a time-sensitive load of goods. For example, the Women in Trucking Foundation Scholarship: As suggested by the name of this foundation, this scholarship is only open to female trucking students, due to the industry’s need for more female drivers. Meals for 18 Wheels’ Facebook page posts messages of drivers in need of a hot meal and community members have the chance to help out by messaging the page for more information and how to deliver that meal. Consult your tax advisor on how this may apply to your business. Qualifying employers must fall into one of two categories: Wages paid after March 12, 2020, and before Jan. 1, 2021, are eligible for the credit. As has been noted numerous times before, the lifestyle of the truck driver is not for everyone. Before joining FreightWaves, he was previously responsible for the editorial quality and production of Fleet Owner magazine and fleetowner.com. Yuma Truck Driving School understands that not everyone can afford to pay for the cost of school up front. Become a Sponsor These programs serve active duty service members, reserve members, veterans, and their spouses. If you are interested in helping out truckers, here are five charities most commonly mentioned in online forums and searches that work to assist truck drivers and their families in times of need. Getting help from the federal government for truck-driving schools isn't always easy. You have not and will not receive another loan under this program. The CARES Act allows taxpayers to immediately expense the costs of certain improvements to the interior of nonresidential property. Our team helps aspiring truck driving professionals like yourself find the funding to meet your need. A search of “trucking” on CharityNavigator.org pulls up more than 250 such organizations. This new law provides employers with a range of federal loan and financial assistance options, backed by the Small Business Administration and U.S. Treasury Department, to help maintain payrolls and cover other operating expenses during this national emergency. What do I need to certify? PPP loans can be used to cover costs of: Meals for 18 Wheels came together in 2013 in time for the holidays. That amount is subject to a $10 million cap. St. Christopher Fund was created to help truck drivers and their families who have financial needs due to a current medical problem and these types of programs fit within the scope of the mission. Particularly for people living in rural or remote areas of Australia, specialist cancer care may not be available locally, requiring people to travel long distances for treatment. Getting financial aid to help you pay for truck driver training is not only going to help you pay for your schooling faster but will also help you get started sooner. Once glamorized in movies and television shows, few kids now grow up wanting to be a truck driver, and that is contributing to the lack of drivers in the industry. You will provide to the lender documentation that verifies the number of full-time equivalent employees on payroll and the dollar amounts of payroll costs, covered mortgage interest payments, covered rent payments, and covered utilities for the eight weeks after getting this loan. CALL TOLL FREE (800) 332-7364 Facebook "Â, If my business is part of a portfolio company, what does that mean for qualification into PPP? Brian lives in Connecticut with his wife and two kids and spends his time coaching his son’s baseball team, golfing with his daughter, and pursuing his never-ending quest to become a professional bowler. The CARES Act created new and expanded existing federal loan programs tailored to small businesses: The CARES Act established the Paycheck Protection Program to provide eight weeks of cash-flow assistance in 100% federally guaranteed loans to maintain payroll. More commonly known just as St. Christopher, this charity is perhaps the most well-known within the industry. Going back to school for continued education is an investment you make in yourself, and we understand that not everyone has the funds upfront to cover the entire cost of professional education. The trucking companies understand that if they are able to help with a student’s financial obligations they will have a knowledgeable, safe driver on the road for them for several years. Qualifying wages are based on the average number of a business's employees in 2019: The Treasury Department has more information, including on how to receive the credit, here. This initiative is designed to Encourage Non-EI eligible apprentices to participate and complete their in-school training and will provide up to $1500 of taxable financial supports for apprentices who are not eligible for federal Employment Insurance (EI) who attend full time in-school training at a Delivery Agency approved by the Ministry of Training Colleges and Universities. The St. Christopher Truckers Development and Relief Fund (SCF) is a christian-based, 501 (c) (3), truck driver charity that helps drivers whose medical problems have led to financial hardship. They just can’t leave the truck on the side of the road. This scholarship is based on financial need and desire to work in the trucking industry. The Motor Carrier Safety Assistance Program (MCSAP) is a Federal formula grant program that provides financial assistance to States, including the District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, American Samoa, Guam, and the U.S. Virgin Islands to reduce the number and severity of crashes and hazardous material incidents involving commercial motor vehicles (CMVs). Where can I apply? To learn more … The group limits the number of meals a trucker can receive to three within a six-month period. The employer's business is fully or partially suspended by government order due to COVID-19 during the calendar quarter. Brian Straight covers general transportation news and leads the editorial team as Managing Editor. Truck Driver Training Tuition Assistance From the Federal Government. The group can help provide transportation and lodging during critical times and has a hotline staffed 24/7/365. Later this year, TruckersFinalMile.org is hoping to launch a $1,000 assistance program to help families of fallen truck drivers offset certain expenses and a separate 24-hour grief counseling service. The CARES Act allows employers and self-employed individuals to defer payment of the employer share of the Social Security tax. A journalism graduate of the University of Rhode Island, he has covered everything from a presidential election, to professional sports and Little League baseball, and for more than 10 years has covered trucking and logistics. Among other requirements, firms receiving loans will be prohibited from engaging in stock buybacks for the duration of the loan plus one year. You do not have to agree to receive such calls or messages as a condition of receiving any services from Roadmaster Drivers School or its Affiliates. To receive the cash advance, the Emergency Economic Injury Grant can be requested when applying for an EIDL. Students can get started with very little up-front costs, and a 2-month deferred re-payment plan! The SBA issued additional guidance on the PPP lending program that specifies that firms that have entered into bankruptcy either at the time of application or at any time before the funds from the PPP loan are distributed would be ineligible for a PPP loan. Loans can be for up to two months of your average monthly payroll costs from the last year plus an additional 25% of that amount. Consult your tax advisor on how this may apply to your business. Because of the short-term nature of many trucking-school courses, they don't always qualify for traditional federal aid programs. Brian, you missed the Women In Trucking Scholarship Foundation. Trucker Charity offers a variety of services to those in the trucking industry, including life coaches and mentoring with one-on-one assistance. Military veterans also have their own options to consider. The minimum maturity of the payback will now be five years instead of two. The provision requires the deferred employment tax (6.2% of an employee's salary) be paid over the following two years, with half the amount required to be paid by December 31, 2021, and the other half by December 31, 2022.Â. Our Story. Most of these programs work with the VA to provide quality loan assistance programs to help veteransfind a career in trucking during or after their active military services are over. Try to find a school that is reputable and also one that has a good financial aid office. All calls to and from Roadmaster Drivers School or its affiliates may be monitored or recorded for quality assurance and compliance purposes. The CARES Act temporarily increases the amount of interest expenses businesses are allowed to deduct on their tax returns by increasing the 30% limitation (imposed under the Tax Cuts and Jobs Act) to 50% percent of taxable income (with adjustments) for 2019 and 2020. Diesel Driving School provides financial assistance for individuals that qualify for Class-A Commercial Drivers Licenses (CDL) truck driver training courses. PPP loans are available to independent contractors, small- and mid-size fleets that: 60% of the loan amount must be spent on payroll costs to achieve full loan forgiveness. Military veterans have other options too. Our team helps aspiring truck driving professionals like yourself find the funding to meet your need. Help for help. You will owe money when your loan is due if you use the loan amount for anything other than payroll costs, mortgage interest, rent, and utilities payments over the 8 weeks after getting the loan. You will also owe money if you do not maintain your staff and payroll. Recipients who do not apply for forgiveness or are not entitled to total loan forgiveness shall have 10 months from the program's expiration to begin making payments. © Copyright 2021, All Rights Reserved, FreightWaves, Inc, Helping out a trucker: 5 charities worth considering, Podcasts: FreightWaves FreightCasts Network, The Forum at FreightWaves LIVE (Fall 2019), https://www.facebook.com/MealsFor18Wheels/, CFI’s Truckload of Treasures Holiday Giving Campaign raises over $40,000, TriumphPay’s Select Carrier program eliminates app fatigue, drives QuickPay adoption, FreightWaves replaying FreightTech Venture Summit, LIVE @HOME, Digital freight matching, quick payments focus of industry innovations (with video), Trinity manages growth by focusing on relationships (with video), Disruption, technology and more to highlight FreightWaves LIVE @HOME. ... A lot of truckers and professional truck drivers will warn you of the dangers associated with going to a low quality trucking school. The full list of requirements stipulated in the CARES Act can be read here. Specifically, only the State lead agency (as designated by the Governor) is eligible to … Number of Staff: Your loan forgiveness will be reduced if you decrease your full-time employee headcount. Fortunately, there is a charity out there that can help these truckers in their time of need. The portion of the loan used during the eight-week period can be forgiven if the employer maintains its number of full-time equivalent employees. Forgiveness of the loan is reduced in proportion to any reduction in FTEs, or if compensation to employees is decreased by more than 25% as compared to a look-back period. This provision is a technical correction to Tax Cuts & Jobs Act and applies retroactively to property in place after December 31, 2017. Taxpayers that have been depreciating qualifying improvements over 39 years may be able to claim refunds of past taxes. Named after the patron saint of travelers, the St. Christopher Truckers Relief Fund (SCF) raises money for truck drivers who suffer health problems leading to financial hardship.   ATA's National Accounting Finance Council produced this guide to assist with the PPP application process. What can I use these loans for? We've partnered with some of the best trucking companies in the nation and have helped thousands of people just like you get into a high quality paid CDL training program. Portion of the employer 's business is fully or partially suspended by government order due to likely high,! In their time of need by government order due to likely high subscription, it is anticipated not... For everyone you of the payback will now be five years instead of two meals to truck and... For qualified Improvement property need and desire to work in the CARES Act taxpayers... Commercial drivers Licenses ( CDL ) truck driver training courses standards and program eligibility below hot to! 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