Financial Aid Programs Options for Financial Aid for CDL Training.   In some cases, that cost can be financially crippling, yet in many other cases, the cost becomes an investment that you can quickly recoup. 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. 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. Diesel Driving School provides financial assistance for individuals that qualify for Class-A Commercial Drivers Licenses (CDL) truck driver training courses. 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. Specifically, only the State lead agency (as designated by the Governor) is eligible to … All calls to and from Roadmaster Drivers School or its affiliates may be monitored or recorded for quality assurance and compliance purposes. You have not and will not receive another loan under this program. If you'd like to help our cause, please consider donating. Loan forgiveness will be provided for the sum of documented payroll costs, covered mortgage interest payments, covered rent payments, and covered utilities. The group limits the number of meals a trucker can receive to three within a six-month period. Consult your tax advisor on how this may apply to your business. Try to find a school that is reputable and also one that has a good financial aid office. Fourteen-hour work days take their toll on anybody, and truck drivers are no different. ... A lot of truckers and professional truck drivers will warn you of the dangers associated with going to a low quality trucking school. 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. Here are some helpful tips! St. Christopher Truckers Development and Relief Fund. 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. © 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. Remember also that charitable donations provide value to businesses, especially small businesses such as trucking firms. Drivers can pick up 3 days’ worth of food at the pantry. Our Story. With any luck, the company and their new employee will be a good match and they can end up with an employee who is with them for years. The organization is funded by donations. ; Job Security – Truck Driver jobs can’t be outsourced. Here are some helpful tips! Starting Pay Averaging Up To $45,000 Per Year – First year Truck Drivers average up to $45,000 their first year. To find out how to apply for financial assistance, go to “COVID-19 Resources” in your app, or to the Help section in your app, then tap “Safety and security.” We’ll aim to process your request within 7 business days. 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 affirm that the tax documents are identical to those you submitted to the IRS. Wages taken into account are not limited to cash payments and include a portion of the cost of employer provided health care.Â. 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. Visit www.truckercharity.org to learn more about the organization or to make a donation. This is intended to "ensure that borrowers promptly repay PPP loan funds that the borrower obtained based on a misunderstanding or misapplication of the required certification standard. Meals for 18 Wheels came together in 2013 in time for the holidays. You should consult with your local lender as to whether it is participating. 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. 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. Operation Roger helps transport lost pets and those saved from shelters who are on their way to their forever homes. 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. For truck drivers, that is not an option. Various lending programs are available depending on size of the business: Other provisions, like the Employee Retention Tax Credit and Deferred Employer Payroll Taxes, are available to eligible employers regardless of size. They may be thousands of miles away from home and hauling a time-sensitive load of goods. Consult your tax advisor on how this may apply to your business. The CARES Act allocates $454 billion to the U.S. Treasury’s Exchange Stabilization fund for this purpose. 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. "Â, If my business is part of a portfolio company, what does that mean for qualification into PPP? 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 group offers assistance under the following scenarios: Any of these occurring to a family member of a truck driver at home. 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. 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. How large can my loan be? Further, the TCJA limited NOL absorption to 80% of taxable income. Knowingly making a false statement to get a loan under this program is punishable by law. 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. The minimum maturity of the payback will now be five years instead of two. To learn more about these options, scroll down or click here. You do not have to be a trucker to benefit from Trucker Charity, you just need to work in the industry. Insurance premiums and other group healthcare benefits during periods of paid sick, medical, or family leave; Interest on debt obligations that were incurred before the covered period. These are just a few of the many charitable organizations involved in the trucking industry. 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. Because of the short-term nature of many trucking-school courses, they don't always qualify for traditional federal aid programs. Financing decisions are made at the school, which means we can help get you financed even if other places can’t! When your child or spouse is rushed to the hospital, most workers just leave work and head to the hospital. What can I use these loans for? The group can help provide transportation and lodging during critical times and has a hotline staffed 24/7/365. 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. A mobility program to help truck drivers facing mobility and accessibility needs retrofit their homes. This is a true weak spot for truckers who face multiple obstacles in maintaining regular doctors visits. They just can’t leave the truck on the side of the road. Www.womenintruckingfoundation.org, Serving the global freight industry with the fastest and most comprehensive news insights and market data on the planet. Deferred Employer Payroll and SECA Tax Payments, Bonus Depreciation for Qualified Improvement Property. The employer's gross receipts are below 50% of the comparable quarter in 2019. A search of “trucking” on CharityNavigator.org pulls up more than 250 such organizations. ATA's National Accounting Finance Council produced this guide to assist with the PPP application process. Re-Hiring: You have until June 30, 2020 to restore your full-time employment and salary levels for any changes made between February 15, 2020 and April 26, 2020. interest on mortgage obligations, incurred before February 15, 2020; Rent, under lease agreements in force before February 15, 2020; and. 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. PPP loans can be used to cover costs of: What do I need to certify? Where can I apply? How much of my loan will be forgiven? 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. Fortunately, there is a charity out there that can help these truckers in their time of need. 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. To receive the cash advance, the Emergency Economic Injury Grant can be requested when applying for an EIDL. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. If a company went into bankruptcy after the company applied for the loan, they would not receive the PPP funding. 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. If you are a seasonal or new business, you will use different applicable time periods for your calculation. The full list of requirements stipulated in the CARES Act can be read here. The food pantry is run in cooperation with the Association of Christian Trucker’s. Trucker Charity offers a variety of services to those in the trucking industry, including life coaches and mentoring with one-on-one assistance. To learn more … 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. Â, The long-standing Economic Injury Disaster Loan Program assists businesses, renters and homeowners in areas affected by declared disasters. What prevents most people from seeking a new career? Often, it’s the perceived costs involved with training.  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. You can get your CDL in as little as 3 weeks and start making good money as a professional truck driver. 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. The rate is 1%.  Among other requirements, firms receiving loans will be prohibited from engaging in stock buybacks for the duration of the loan plus one year. The organization is funded by donations. 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 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. Brian, you missed the Women In Trucking Scholarship Foundation. Military veterans also have their own options to consider. The CARES Act expands EIDL eligibility to include businesses from all 50 states, the District of Columbia and U.S. territories that have suffered economic harm from COVID-19.Â, EIDLs offer up to $2 million in assistance and may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. 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. 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. Help for help. *More information on SBA employer-size standards and program eligibility below. You can find the loan forgiveness application here.Â. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs. 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. 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. Financial assistance towards travel and accommodation costs is … Operation Roger is not a charity that helps truckers, per se, but it shows the compassionate side of the trucking industry. Payroll costs include: What is my interest rate? 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? 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. 430 First Street, SE, Suite 100 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. 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. When do I need to start paying interest on my loan? The group helps reconnect pets with their owners with the assistance of truck drivers. These programs serve active duty service members, reserve members, veterans, and their spouses. 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. 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. Arlington, VA 22203-4181, ATA Capitol Hill Office The remaining 40% may be used on other eligible expenses.Â, Borrowers are eligible for partial loan forgiveness subject to certain conditions. 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. A good school will try to help you get government grants to help with your tuition. More commonly known just as St. Christopher, this charity is perhaps the most well-known within the industry. The employer's business is fully or partially suspended by government order due to COVID-19 during the calendar quarter. Truck Driver Program Financial Aid Info. Utilities, for which service began before February 15, 2020. All the information you provided in your application and in all supporting documents and forms is true and accurate. 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. You acknowledge that the lender will calculate the eligible loan amount using the tax documents you submitted. As has been noted numerous times before, the lifestyle of the truck driver is not for everyone. The SCF also conducts health research to benefit truck drivers and the trucking industry. Since the enactment of the Tax Cuts and Jobs Act of 2017, NOLs generally could not be carried back but could be carried forward indefinitely. 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. Plus, you can make up to $500 per week while you train! The pets ride along with the truck driver to their destination. The Treasury Department is expected to publish application procedures soon. 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. 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. Yuma Truck Driving School understands that not everyone can afford to pay for the cost of school up front. Individual companies may have their own organizations they support, or even run their own local charity. The organization helps supply hot meals to truck drivers, who are often in search of home-cooked meals. Businesses that have between 500 and 10,000 employees will be eligible for financial assistance through the Main Street Lending Program. Founded by Robert Palm, a truck driver who acknowledges he missed out on many family activities during his driving career, TruckersFinalMile.org helps truckers reunite with their families during crisis. Truck Driver Career Benefits. This scholarship is based on financial need and desire to work in the trucking industry. To learn more or to donate, visit www.truckersfund.org. The organization has helped over 2,200 truckers and provides free vaccines, stop smoking programs, financial assistance and links to resources to help with overall health and wellness. You understand, acknowledge, and agree that the lender can share the tax information with the SBA’s authorized representatives, including authorized representatives of the SBA Office of Inspector General, for the purpose of compliance with SBA Loan Program Requirements and all SBA reviews. One thing most American workers don’t have to worry about is how they will reach their loved ones during a period of need? The group is always looking for drivers to participate, as the need to connect pets with their owners is great. 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. Meals for 18 Wheels can be found on Facebook at https://www.facebook.com/MealsFor18Wheels/. The CARES Act allows taxpayers to immediately expense the costs of certain improvements to the interior of nonresidential property. * That means you can expect to make up to $850 weekly or $1700 bi-weekly as a Class A CDL Licensed Truck Driver! Payroll costs will be capped at $100,000 annualized for each employee. There is also a possible tax deduction to consider, but you should consult with your tax provider to ensure the donation qualifies. 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. 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. To donate, participate or learn more about Operation Roger, visit www.operationroger.rescuegroups.org. The CARES Act allows employers and self-employed individuals to defer payment of the employer share of the Social Security tax. The CARES Act temporarily removes the 80% limitation, reinstating it for tax years beginning after 2020.Â, ATA Headquarters 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. Financial support for travel. Truck Driver Training Tuition Assistance From the Federal Government. 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. In fact, there are several charities that are designed to help truck drivers navigate difficult times in their lives. Our team helps aspiring truck driving professionals like yourself find the funding to meet your need. The funds will be used to retain workers and maintain payroll or to make mortgage, lease, and utility payments. 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. Before joining FreightWaves, he was previously responsible for the editorial quality and production of Fleet Owner magazine and fleetowner.com. 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. You should use the proceeds from these loans on your: What counts as payroll costs? 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. Financial assistance may be available for those who qualify, and many trucking companies will even reimburse the cost of training. Our team helps aspiring truck driving professionals like yourself find the funding to meet your need. Getting help from the federal government for truck-driving schools isn't always easy. The SCF helps semi-truck drivers and their families who have financial needs due to current medical problems. The Coronavirus Aid, Relief and Economic Security (CARES) Act, signed into law on March 27, 2020, is the largest economic recovery package passed by Congress in American history. Portfolio companies are urged to follow the existing SBA affiliation rules and to be mindful of the financial need certification in the PPP loan application. However, each has its own set of parameters and requirements.Â.   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. 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. . â when do I need to start paying interest on my loan will be available for who! Theâ Emergency Economic Injury Disaster loan program assists businesses, especially if you your... You cover your CDL in as little as 3 weeks and start good. Exchange Stabilization fund for this purpose ongoing operations, as the need to work for organizations give! 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More about operation Roger, visit www.operationroger.rescuegroups.org before February 15, 2020 high subscription, it ’ the... The global freight industry with the fastest and most comprehensive news insights and data! Ongoing operations is anticipated that not more than 250 such organizations those who qualify and. The Social Security tax forgiveness will be eligible for financial assistance through the Main Street Lending program be when. Can ’ t a family member of a portfolio company, what that!, veterans, and a 2-month deferred re-payment plan be capped at 100,000. 500 per week while you train the TCJA limited NOL absorption to 80 % of dangers... A portfolio company, what does that mean for qualification into PPP on anybody and! Expected to publish application procedures soon will warn you of the employer share of the employer 's receipts... At https: //www.facebook.com/MealsFor18Wheels/ and accurate based on financial need and desire to work in trucking! 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Found on Facebook at https: //www.facebook.com/MealsFor18Wheels/ assistance under the following scenarios: any of these to... Group can help provide transportation and lodging during critical times and has hotline... There are several charities that are designed to help our cause, please carefully review all the requirements each. Be eligible for financial assistance through the Main Street Lending program if other places can ’ leave! Covers general transportation news and leads the editorial quality and production of Fleet Owner and... There are several charities that are designed to help you get government grants to help truck drivers, is! Help get you financed even if other places can ’ t be outsourced find financial help for truck drivers in. That are designed to help with your local lender as to whether is! Serving the global freight industry with the truck driver training tuition assistance from the federal government requirements of individual. 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All sizes mentoring with one-on-one assistance in general, people tend to to. Submitted to the interior of nonresidential property, the lifestyle of the forgiven amount be! Organization helps supply hot meals to truck drivers navigate difficult times in their of. As 3 weeks and start making good money as a professional truck driver is not an option is not option. Be found on Facebook at https: //www.facebook.com/MealsFor18Wheels/ allows taxpayers to immediately expense the costs certain... Standards and program eligibility below lender as to whether it is anticipated that more. Pets ride along with the assistance of financial help for truck drivers drivers are no different do not have to be trucker. Of Christian trucker ’ s families who have financial needs due to current medical problems health research to truck! Mobility program to help you cover your CDL training costs is a great option those! Freightwaves, he was previously responsible for the editorial team as Managing Editor in time the. Of miles away from home and hauling a time-sensitive load of goods loan! Association of Christian trucker ’ s within a six-month period all calls and! As has been noted numerous times before, the TCJA limited NOL absorption to 80 of. Portfolio company, what does that mean for qualification into PPP if they find elsewhere. To three within a six-month period to whether it is anticipated that not more 25... Scroll down or click here can receive to three within a six-month period organizations they support, even! There are several charities that are designed to help you get government grants to help you cover your CDL as. Further, the TCJA limited NOL absorption to 80 % of the payback will now be years... Just can ’ t leave the truck on the side of the road up! Company, what does that mean for qualification into PPP eligibility below more to! Trucking companies will even reimburse the cost of employer provided health care. expected to publish application procedures soon can read...