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UPDATE 5.11: The SBA has resumed accepting applications for qualified small business in any industry.
The EIDL is idle—unless you are in a certain industry. As of May 4, the Small Business Administration (SBA), which facilitates the Economic Injury Disaster Loans, or EIDL, announced that it will only accept applications from agricultural businesses. SBA cited “limitations in funding availability and the unprecedented submission of applications already received.” This seems to apply to both the EIDL and the EIDL Advance, which allowed for an advance of up to $10,000 within three days of loan approval. However, applications that were previously submitted will continue to be processed on a first-come, first-served basis, according the SBA website.
Additionally, The Washington Post is reporting that the loan amount has been reduced from a maximum of $2 million per company to just $150,000, although the SBA has not officially confirmed this.
Many small businesses have shared their frustration with the EIDL process, noting that the agency has a logjam of applications spanning several weeks, which promoted more than 100 lawmakers to send a letter to SBA Administrator Jovita Carranza this week. This mirrors what many operators in this industry have experienced, often voicing their concerns on social media or during online association meetings.
The EIDL program is different from the newly created Paycheck Protection Program (PPP) in that it is a bona fide 30-year loan with a 3.75 percent interest rate aimed at helping small businesses in disaster situations. Due to the unprecedented needs during COVID-19, the program was injected with two rounds of capital through the CARES Act stimulus bill.
The PPP, if used primarily for payroll and partially for rent/mortgage interest and utilities for an eight-week period—currently interpreted as a 75/25 split of payroll to facility expenses, although final guidelines are currently pending—is also a low-interest loan that may be forgivable. The portion that is not used as intended is a 1 percent loan with a two-year term. As of May 8, operators can still apply for the PPP—although demand is quickly outpacing funds.
Congress is currently in talks about another stimulus package, dubbed CARES Act 2, which should include funding for state and local government, as well as additional stimulus for individuals and businesses.
Visit the SBA website for more information.
[05.08.20]
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In order to better reflect its worldwide level of service in more than 120 countries, Chauffeur Services Brazil recently modified its name to Chauffeur Services Global, or CS Global. The company was founded in 2012 in São Paulo by partners Robson Maciel, Thiago Peseto and Rodrigo Frota, who have 12 years of experience in logistics planning in corporate transport and events, CS Global has transported more than 2.5 million customers in its eight-year history.
“We identified that our presence is globalized in more than 120 countries, with a standardized service of excellence. At the moment, our entire team is operating as a home office. If you have any need to assist a customer with our drivers, the service is performed with strict safety procedures,” highlights CEO Robson Maciel.
In addition to the name change, CS Global has adapted their operations and safety protocols due to COVID-19.
The company has an extensive fleet of executive sedans, vans, minibuses, motorcoaches, and armored vehicles (level III-A). To help protect its drivers and clients alike, all vehicles have been equipped with protective shields, while masks and hygiene products are available. It is also recommended that the windows remain open during the entire journey whenever possible. At the end of each trip, a complete internal cleaning of the vehicle is carried out.
“In this phase, the health area has proved to be an excellent business opportunity and the transport of professionals in the sector has been our main market. To provide more comfort and safety, our team has advised the use of vehicles that are larger than those initially requested by customers,” points out Operations Director Rodrigo Frota.
The company has identified a list of ten services that can be customized according to its customers’ needs, including executive transportation, roadshow, close protection, groups and events, logistics coordination, luxury car rental, weddings, private aviation, concierge, and boat rental.
“We adapted to the situation and started to keep in touch with our team, customers, and suppliers through meetings via videoconference applications. Overcoming the Coronavirus, we are going to further expand our worldwide operations,” says Financial Director Thiago Peseto.
Visit csglobal.tur.br for more information.
[05.08.20]
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Forest River, one of America’s leading manufacturers of recreational vehicles, pontoon boats, cargo trailers, and shuttle buses, announced that it has acquired REV Group’s shuttle bus businesses, which includes ElDorado National and Champion Bus.
With a history dating back over 60 years, Forest River cited REV Group’s shuttle bus brands reputation for performance, product quality, and unique features, as well as their strong, tenured relationship with the commercial public sector with dealer locations throughout the United States and Canada.
“We are excited to welcome Champion Bus and ElDorado to Forest River,” said David Wright, president of Forest River Bus. “Both organizations have built a history of integrity, quality, and innovation and enjoy an excellent reputation in our industry today. As we navigate these challenging times, the addition of these historic and iconic brands to the Forest River family enhance our ability to provide products and a customer experience that is second to none. We look forward to working with our dealer partners as we better position Forest River’s shuttle bus divisions for the future.”
Forest River will acquire the following REV Group shuttle bus brands: Champion Bus, Federal Coach, World Trans, Krystal Coach, ElDorado, and Goshen Coach. These brands are produced in Imlay City, Mich., and Salina, Kansas. This diverse product line provides convenient and dependable transportation for colleges, churches, assisted living facilities, retirement communities, transportation companies and government agencies.
Visit revgroup.com or forestriverinc.com for more information.
[05.08.20]