Workhorse Receives $1.4M From CARES Act Program

Workhorse Receives $1.4M From CARES Act Program

As of press time, AMN has learned that the first round of funding for this program has already been exhausted.

Workhorse Group Inc., an American technology company focused on providing sustainable and cost-effective electric vehicles to the last mile delivery sector, recently entered into a Paycheck Protection Program Term Note with PNC Bank under the Paycheck Protection Program (PPP), part of the recently enacted Coronavirus Aid, Relief, and Economic Security Act (CARES Act) administered by the U.S. Small Business Administration (SBA).

Under the terms of PNC Note, Workhorse received total proceeds of $1,411,000. In accordance with the requirements of the CARES Act, Workhorse says it will use proceeds primarily for payroll costs. During the first six months of the PNC Note, neither principal nor interest will be due and payable during this deferral period and a large portion of the loan could be forgiven should the company meet certain qualifications under the program.

“We are appreciative of the federal government’s recognition and support of small business needs during an unprecedented time in our nation’s history,” said Workhorse Chief Financial Officer Steve Schrader. “Because of the proactivity of our leadership team in responding to the requirements of the SBA PPP application process, we were able to access this relief swiftly and without issue. These funds will go a long way in allowing us to continue to meet our payroll needs and, as an essential business supporting the package delivery industry, keeping all our employees safe and working is critical through this challenging period.

“More generally, over the past year-plus period, we’ve seen a growing interest in our ground-based delivery vehicles with their integrated Horsefly drone capabilities as America and the global economy has become increasingly reliant on online ordering and at-home delivery. The various industry shutdowns over the past few weeks have made this demand greater and the need more immediate. We are committed to supporting our customers and partners as they perform these vital delivery and support services during this period.”

Editor’s Note: As of press time, AMN has learned that the first round of funding for this program has already been exhausted. According to the Auto Care Association, “while Congress had appropriated $349 billion dollars for this program, those funds have now been exhausted in a matter of two weeks.” Auto Care urges its members to contact their legislators to let them know how important continuing this program is for your company and other small businesses that comprise our industry.  

You May Also Like

Auto Parts 4 Less Reports Substantial Revenue Growth

The company attributes the growth to strategic initiatives and its platform, which was reactivated five months ago.

Auto Parts 4 Less Group Inc. Announces Growth Strategy

Auto Parts 4 Less Group Inc. announced significant revenue growth following its strategic initiatives.

Christopher Davenport, CEO and Founder of Auto Parts 4 Less Group Inc. stated, "We are thrilled to report a significant increase in our revenue over the first quarter of this year. Our revenue climbed from $48,573 in January to $102,409 in March, marking an impressive growth of 111%. This success is primarily driven through our platform, which we reactivated just five months ago. Additionally, while our subsidiary, Auto Parts for Less Inc., reported a P&L net loss of approximately $5,500 for March, we are very close to achieving a break-even point, which is a testament to our efforts in controlling the burn rate.

Auto Parts 4 Less Announces Investment from RB Capital

Auto Parts 4 Less announced it has completed the first tranche of funding from RB Capital Partners.

Auto Parts 4 Less Group Inc. Announces Growth Strategy
Advance Auto Parts Reports Q4, Full Year 2023 Results

President and CEO Shane O’Kelly said Advance continues to act with a sense of urgency to “return to profitable growth.”

financial results
AutoZone Reports Q2 Results with Increases in Same Store Sales

During the quarter, AutoZone opened 19 new stores in the U.S., while adding six new stores in Mexico and four in Brazil.

Dana Inc. Reports 2023 Record Sales and Q4 Earnings

For the full-year 2023, Dana reported sales of $10.6 billion, up from $10.2 billion in 2022.

AAM Reports Q1 2024 Financial Results
Other Posts
LKQ Corp. Announces Q4, Full Year 2023 Results

President and CEO Dominick Zarcone expressed satisfaction with the company’s results amid macroeconomic challenges.

Standard Motor Products Releases Q4, 2023 Year-End Results

Eric Sills, chairman and CEO, said the company is looking to continue to find ways to better service customers and explore opportunities to partner for growth in 2024.

AAM Reports Q1 2024 Financial Results
Phinia Reports Q4 Results & 2024 Outlook

Phinia reported that it expects strong earnings and cash generation in 2024, driven by operational efficiencies, and growth in aftermarket sales.

financial results
GPC Delivers on 2023 Financial Goals

GPC reported mid-single-digit total sales growth and its third consecutive year of double-digit earnings growth.