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.