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

Valvoline Reports Strong Same-Store Sales Growth in Q3

Valvoline outgoing CEO Sam Mitchell said the company continues to demonstrate resiliency in its Q3 financial report.

Valvoline Inc. reported its financial results for its third fiscal quarter ending June 30, 2023, as it "continues to demonstrate the resiliency of the preventive maintenance business and our algorithm for growth," said outgoing CEO Sam Mitchell. Valvoline's sales grew 19% and adjusted EBITDA grew 28% versus the prior year. All comparisons in Valvoline's results are made to the same prior-year period unless otherwise noted.

Dorman Products Reports Q2 2023 Results

Dorman reported second quarter 2023 net sales of $480.6 million, up 15% compared to the second quarter of 2022.

financial results
MPA Reports Fiscal First Quarter Results

Motorcar Parts of America is on track to achieve its year-over-year targets, said Selwyn Joffee, chairman, president & CEO.

ITW Reports Record Operating Income in Q2 Results

ITW’s second quarter revenue of $4.1 billion increased 2 percent with organic revenue growth of three percent.

LKQ Corporation Announces Results for Q2 2023

LKQ President and CEO Dominick Zarcone said wholesale businesses in North America and Europe produced high Q2 revenue.

financial results

Other Posts

Phinia Highlights Strategic Growth in Q2 Results

After completing its spinoff from BorgWarner, Phinia has secured new OE business and reported a 11.4% YoY sales growth.

SMP Announces Q2 2023 Results and Quarterly Dividend 

SMP continues to be bullish on long-term growth of its engineered solutions business, said President and CEO Eric Sills.

BorgWarner Shows Progress Toward Electric in Q2 Report

BorgWarner Inc. highlighted the ways it’s creating an electric future for its business through its “Charging Forward” plan.’s Q2 Results Driven By Digital Transformation

The second quarter of 2023 marked the highest sales level for any quarter in company history, said CEO David Meniane.