● Watch Now


BusinessNewsTruck Driver IssuesTrucking

Breaking: More than 3,200 trucking companies received more than $150,000 from PPP

John Kingston
·
Image: Jim Allen/FreightWaves

More than 3,200 companies in the two main government classifications that comprise long-distance trucking received Paycheck Protection Program (PPP) loans in excess of $150,000, according to data released this morning by the Small Business Administration.

The two categories that make up long-distance trucking companies under the North American Industry Classification (NAICS) are 48412, General Freight Trucking Long Distance, Long Distance, Truckload and 484121, General Freight Trucking, Long Distance, Less than Truckload.

While the average PPP loan size fell below $110,000 by the end of the program, there are a significant number of trucking companies that received loans through PPP well in excess of $1 million, based on FreightWaves initial review of the data, including several companies that received loans in the highest category of $2 million to $5 million. 

Under the NAICS categories that begin with 48 and 49, all of them transportation-related in some way, the total number of loans given out in excess of $150,000 is more than 22,400.

The data does not include loans given out by SBA that are less than $150,000. The vast majority of borrowers fits that category but the biggest chunk of dollars is in the bigger loans.

FreightWaves will be updating this information over the course of the day.


F3: Future of Freight Festival

NOVEMBER 7-9, 2023 • CHATTANOOGA, TN • IN-PERSON EVENT

The second annual F3: Future of Freight Festival will be held in Chattanooga, “The Scenic City,” this November. F3 combines innovation and entertainment — featuring live demos, industry experts discussing freight market trends for 2024, afternoon networking events, and Grammy Award-winning musicians performing in the evenings amidst the cool Appalachian fall weather.

Register Now

3 Comments

  1. Stephen Webster

    This is very bad hospital can not meet payroll andf laying people off in Ontario Canada and in the U S . City transportation on busses has been gutted for lack of funds as well as homeless shelters. Many people think that this wrong. This wage subsidy will push many owner ops out of business. Assistance with insurance and plates cost fort trucks parekefd along with minimum wage rates and minimum freight rates. . This should be a illegal subsidy under the free trade agreement with Canada and Mexico. Any trucking company getting the wage subsidy should not be able to send any truck into Canada or Mexico fort 100 days. The same thing for any trucking company in Canada should not be able to send a truck into the U.. S for 100 days.

Comments are closed.

John Kingston

John has an almost 40-year career covering commodities, most of the time at S&P Global Platts. He created the Dated Brent benchmark, now the world’s most important crude oil marker. He was Director of Oil, Director of News, the editor in chief of Platts Oilgram News and the “talking head” for Platts on numerous media outlets, including CNBC, Fox Business and Canada’s BNN. He covered metals before joining Platts and then spent a year running Platts’ metals business as well. He was awarded the International Association of Energy Economics Award for Excellence in Written Journalism in 2015. In 2010, he won two Corporate Achievement Awards from McGraw-Hill, an extremely rare accomplishment, one for steering coverage of the BP Deepwater Horizon disaster and the other for the launch of a public affairs television show, Platts Energy Week.