I know, it’s a weird title, but Tardigrades aka water bears are considered by most, to be the most adaptable living organism on the earth. When the economy hits a speed bump, like it is now because of the coronavirus, those who can adapt are the ones who survive and ultimately thrive.
What To Expect From Episode 44
This episode covers some important topics to help Owner Operators and smaller fleets survive a bumpy economy. Here is how the episode is laid out:
- What makes Owner Operators and small fleets adaptable
- Keys to being successful in a down economy
- Resources available for small businesses to help with the economic downturn related to the coronavirus
CARES Act (Coronavirus Aid, Relief, and Economic Security)
There are two main programs to help small businesses:
- Paycheck Protection Program Loans – Loans mainly focused on providing companies with loans to help continue to pay employees and cover some of the basic business expenses
- Economic Injury Disaster Loans and Emergency Economic Injury Grants – Loans and grants to cover other business expenses, like loan payments and other fixed costs
The SBA (Small Business Administration) is the best resource for information about these programs. You can find your local office by clicking here. Your local bank is also a good resource.
A lot of good information can be found right on the SBA website by clicking here. You can apply for the Economic Injury Disaster Loan right from the SBA’s website. I applied for that loan for Haulin Assets, it took me about 20 minutes.
Make sure you know your total revenue and cost of good sold for the 12 months prior to January 31, 2020. Your cost of goods sold, in trucking, is basically your variable expenses.