OOIDA member tells CNBC truckers could be in trouble without relief loans

Mike

Well-Known Member
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.

 
Good to see this getting out in the media at some level.

I was able to get a small PPP loan, but the amount was in no way in step with the money actually needed to survive for the 8 weeks it is expected to last. For me, it covered my revenue losses during the downtime for my engine rebuild, which took much longer from drop off to pickup, thanks to slowdowns in many areas due to slowdowns caused by the virus. A simple refinance on my truch which would normally take a few hours at the most, took me close to three weeks to complete because nobody was in an actual office, and each document that ended up being requested traveled via email for 2-3 days until it would reach me, then back through the email chain once I provided it.

Parts took longer than normal to arrive.

Everything just takes longer now.

All that done, and I show back up to the freight market to see rates that are in no way sustainable. Each load leaves me a little further behind, but at least they are slowing the bleeding until things hopefully turn around.

With the state of the current freight market, small trucking companies are going to need help to get through it. As others return to work, you will be seeing more trucks unable to operate because the funds have gone dry.
 
Good to see this getting out in the media at some level.

I was able to get a small PPP loan, but the amount was in no way in step with the money actually needed to survive for the 8 weeks it is expected to last. For me, it covered my revenue losses during the downtime for my engine rebuild, which took much longer from drop off to pickup, thanks to slowdowns in many areas due to slowdowns caused by the virus. A simple refinance on my truch which would normally take a few hours at the most, took me close to three weeks to complete because nobody was in an actual office, and each document that ended up being requested traveled via email for 2-3 days until it would reach me, then back through the email chain once I provided it.

Parts took longer than normal to arrive.

Everything just takes longer now.

All that done, and I show back up to the freight market to see rates that are in no way sustainable. Each load leaves me a little further behind, but at least they are slowing the bleeding until things hopefully turn around.

With the state of the current freight market, small trucking companies are going to need help to get through it. As others return to work, you will be seeing more trucks unable to operate because the funds have gone dry.
The rates I’m seeing for my sector will only speed up the bleeding if I took them. 2 bucks a mile for permit loads. Permits would easily be .50 per mile on these loads. So a 1.50 per mile after permits. No thanks!
 
The rates I’m seeing for my sector will only speed up the bleeding if I took them. 2 bucks a mile for permit loads. Permits would easily be .50 per mile on these loads. So a 1.50 per mile after permits. No thanks!
Yeah, this happened at a very bad time for me.

Bought a house this past summer. Due to all the deductions I take, I had to pay all my personal stuff off in order to qualify for the house we wanted. Drained my savings quite a bit.

We were just digging out of that into a comfort level and this virus hit, then the truck engine hit immediately after so that put me down for almost three weeks + the repair bills, lol.

Back out just in time for this nonsense, but in a position where I need to stop as much bleeding as possible.

Good sign today, though. Managed to beat market average on a load without much negotiating on a load from Ohio back to Arkansas. Don’t have to log it, either, so hours will be reset on Wednesday when I deliver.

I would have sit this out if I felt at all comfortable doing it. Gut feeling told me to go make as much hay as possible, so out here I am.
 
Yeah, this happened at a very bad time for me.

Bought a house this past summer. Due to all the deductions I take, I had to pay all my personal stuff off in order to qualify for the house we wanted. Drained my savings quite a bit.

We were just digging out of that into a comfort level and this virus hit, then the truck engine hit immediately after so that put me down for almost three weeks + the repair bills, lol.

Back out just in time for this nonsense, but in a position where I need to stop as much bleeding as possible.

Good sign today, though. Managed to beat market average on a load without much negotiating on a load from Ohio back to Arkansas. Don’t have to log it, either, so hours will be reset on Wednesday when I deliver.

I would have sit this out if I felt at all comfortable doing it. Gut feeling told me to go make as much hay as possible, so out here I am.
It’s tough right now. A crystal ball would be handy.
 

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