Funding for Your Trucking Company During COVID-19

The Trucking Industry and COVID-19

The Major Impacts COVID-19 Had on the Trucking Industry

The COVID-19 pandemic had significant and far-reaching impacts on the trucking industry, both in the United States and around the world. Here are four key ways in which the pandemic affected this critical sector:

  1. Disrupted Supply Chains: The pandemic disrupted global supply chains, causing sudden and unpredictable shifts in demand for goods. As a result, trucking companies faced challenges in adapting to rapidly changing shipping patterns. Some industries experienced a surge in demand, such as e-commerce and healthcare, while others, like hospitality and automotive, saw a sharp decline. Truckers had to quickly adjust routes, delivery schedules, and cargo types to meet these new demands.
  2. Driver Safety and Well-being: The safety and well-being of truck drivers became a top priority during the pandemic. As essential workers, truckers faced increased health risks due to their exposure to different regions and people. Companies implemented safety protocols, including enhanced cleaning procedures, provision of personal protective equipment (PPE), and measures to minimize contact during deliveries. Truck drivers also faced challenges finding rest stops and access to essential services as many businesses temporarily closed or reduced their operations.
  3. Labor Shortages: The pandemic exacerbated an existing shortage of truck drivers. With some drivers falling ill or opting to stay home due to health concerns, the industry struggled to meet demand. The shortage was further compounded by delays in commercial driver’s license (CDL) testing and training programs, making it difficult to bring new drivers into the industry. To address this, some states temporarily eased licensing requirements to expedite the process.
  4. Financial Impact: While some trucking companies experienced increased demand for their services, others faced financial strain due to reduced volumes or customers going out of business. Many companies had to navigate the complexities of federal relief programs, such as the Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL), to stay afloat. The financial impact of the pandemic underscored the importance of financial resilience and contingency planning within the industry.

In conclusion, the COVID-19 pandemic brought about unprecedented challenges and disruptions in the trucking industry. It highlighted the essential role of truck drivers and the importance of adapting to rapidly changing conditions. As the industry continues to recover and adapt to new realities, lessons learned from the pandemic will shape future strategies for resilience and growth.

Trucking Invoice Factoring

Our funding partners know the trucking industry is vital and have set aside funding specifically for:

Get The Cashflow to Keep on Trucking

If your trucking business is worried about cash flow, give us a call or fill out an online form. Freight factoring is an easy way to boost your cash flow by selling your invoices to a factoring company for an instant advance.

We have funding options available for those with factorable invoices and those without.

Adequate cash flow is crucial to keep up with the sudden increase in trucking demand.

Helpful Resources for Truckers on COVID-19:

American Trucking Associations COVID-19 Updates

Emergency Declaration for Trucking Relief Supplies FAQ

Coronavirus Trucking Industry Updates

Stay safe and stay healthy on the road!

Learn more about industry news.

Freight Factoring
Fuel Discounts
Contact Us