Labor, equipment shortage and Driver Inc. top executives’ concerns

An inability to procure new equipment, the labor shortage, and the ongoing Driver Inc. business model are the top issues facing fleet executives, according to a new Nanos survey.

“It’s been a couple of years that we have been recruiting abroad, and it hasn’t gotten easier; it’s actually been harder. We’ve been waiting for applications for a year-and-a-half. It takes a very long time,” one executive said.

An inability to source new equipment is also an issue. One respondent said: “I cannot buy a truck. I cannot buy a trailer for a couple of years. Trucks will be inoperable, but I still must make payments on them and that is happening today.”

Fleet execs also complained about the Driver Inc. business model, which misclassifies company drivers as independents to skirt certain taxes.

“The Driver Inc. model is one of the challenges that includes a lot of good drivers in (that system) who are being taken advantage. For all of us that remain in a non-Driver Inc. model for employees, we end up paying the (proper labor requirements), such as 10 sick days leave, etc.,” said one frustrated executive. “If the government says [Driver Inc.] is OK, then we will have to change our model as well.”


7 Reasons to Finance Equipment for your Business

The majority (78%) of U.S. businesses of all sizes – from small entrepreneurs to Fortune 100 companies – in all industries – from construction to healthcare – lease or finance their equipment.

Here are some reasons why top companies finance their equipment:

    • Finance 100%: arrange 100% financing of your equipment, software, and service with 0% down payment. (OAC)
    • Keep up to date: Keep up to date with technology by acquiring more and better equipment that you could without financing.
    • Accelerate ROI: rather than paying one lump sum for your equipment, make smaller payments while the equipment generates revenue.
    • Benefit from bundling: bundle the equipment, installation, maintenance and more into a single, easy-to-manage solution.
    • Save cash: save your limited cash for areas of your business, such as expansion, improvements, marketing, or R&D.
    • Outsource asset management: Let your equipment financing company manage your equipment from delivery to disposal.
    • Customize your terms: Set customized payments to match your cash flow and even seasonal income fluctuations.


When looking at equipment finance companies, Premier Business Lending stands out from the rest. Our name is synonymous with equipment financing and leasing. Since opening our doors, we’ve helped countless business owners acquire equipment at a critical period of their growth. Premier Business Lending has a wide variety of loan programs which helps you the customer meet your goals and in addition to our wide variety of loan programs we offer you customer service that is second-to-none. You will work directly with a Premier Business Lending financing expert who will support you every step of the way via phone or email. Equipment finance has never been faster or easier.


Premier Business Lending Explains Section 179 and The Carry Over to 2021

What is the Section 179 Deduction?

Most people think the Section 179 deduction is some mysterious or complicated tax code. It really isn’t, as you will see below.

Essentially, Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year. That means that if you buy (or lease) a piece of qualifying equipment, you can deduct the FULL PURCHASE PRICE from your gross income. It’s an incentive created by the U.S. government to encourage businesses to buy equipment and invest in themselves.

Several years ago, Section 179 was often referred to as the “SUV Tax Loophole” or the “Hummer Deduction” because many businesses have used this tax code to write‐off the purchase of qualifying vehicles at the time (like SUV’s and Hummers). But that particular benefit of Section 179 has been severely reduced in recent years

However, despite the SUV deduction lessened, Section 179 is more beneficial to small businesses than ever. Today, Section 179 is one of the few government incentives available to small businesses and has been included in many of the recent Stimulus Acts and Congressional Tax Bills. Although large businesses also benefit from Section 179 or Bonus Depreciation, the original target of this legislation was much needed tax relief for small businesses – and millions of small businesses are taking action and getting real benefits.

Here’s How Section 179 works:

In years past, when your business bought qualifying equipment, it typically wrote it off a little at a time through depreciation. In other words, if your company spends $50,000 on a machine, it gets to write off (say) $10,000 a year for five years (these numbers are only meant to give you an example).

Now, while it’s true that this is better than no write‐off at all, most business owners would really prefer to write off the entire equipment purchase price for the year they buy it.

And that’s exactly what Section 179 does – it allows your business to write off the entire purchase price of qualifying equipment for the current tax year.

This has made a big difference for many companies (and the economy in general.) Businesses have used Section 179 to purchase needed equipment right now, instead of waiting. For most small businesses, the entire cost of qualifying equipment can be written‐off on the 2021 tax return (up to $1,050,000).

Who Qualifies for Section 179?

All businesses that purchase, finance, and/or lease new or used business equipment during tax year 2021 should qualify for the Section 179 Deduction (assuming they spend less than $3,670,000).

Most tangible goods used by American businesses, including “off‐the‐shelf” software and business‐use vehicles (restrictions apply) qualify for the Section 179 Deduction.

For basic guidelines on what property is covered under the Section 179 tax code, please refer to this list of qualifying equipment. Also, to qualify for the Section 179 Deduction, the equipment and/or software purchased or financed must be placed into service between January 1, 2021 and December 31, 2021.

For 2021, $1,050,000 of assets can be expensed; that amount phases out dollar for dollar when $2,620,000 of qualified assets are placed in service.

The Heavy-Duty Vehicle Market Doesn’t Get Much Better than the Current Condition

According to ACT Research’s recently released Transportation Digest, the current business
environment for heavy-duty trucks does not get much better than it is now.

“Demand for commercial vehicles in North America is about as good as we’ve seen in 35 years of
monitoring heavy-duty market conditions,” Kenny Vieth, president, and senior analyst for ACT
Research said. “Times are so good that demand is far outrunning the industry’s ability to supply
right now and that will likely remain the case into the autumn and perhaps even through the

Regarding the COVD-19 impact on the trucking industry, Chris Wilcox CMO of Premier Business
Lending said, “The roller coaster ride down and up of the COVID cycle was about the same as in
the Great Recession, but the duration of the ride is happening in only 25% of the elapsed time.”
Wilcox elaborated these two considerations impact commercial vehicle demand, “Combining
record levels of freight demand with the constrained ability to bring supply to bear, carrier
profitability is projected to rise to record levels in the coming quarters, and as we’ve often opined,
fleets buy or at least order, equipment when they are making money. Orders for medium-duty
trucks, heavy-duty tractors, and trailers remain elevated, and with demand hot and production
constrained, backlogs are extended beyond traditional ranges.”


SBA stops accepting new PPP applications from most lenders as general funds run out

The U.S. Small Business Administration (SBA) has stopped accepting new Paycheck Protection Program (PPP) applications from most lenders almost a full month before the $292 billion program’s application deadline.

The SBA informed lenders Tuesday afternoon that the PPP general fund was out of money and that the only remaining funds available for new applications are $8 billion set aside for community financial institutions (CFIs), which typically work with businesses in underserved communities. The agency also has set aside $6 billion for PPP applications still in review status or needing more information due to error codes.

Congress in late March extended the PPP application deadline two months to May 31, in part to give the SBA and lenders time to resolve error codes that were holding up nearly 200,000 applications in the SBA’s PPP platform. The unresolved error codes were related to validation checks instituted by the SBA to help prevent fraudulent applications from being funded.

While the SBA has stopped accepting new PPP customers, there are still many options available for small business. Premier Business Lending can help to secure funding for today’s business owner.

Why a Small Business Loan Can Be a Smart Option?

There’s more to a small business loan than meets the eye. More than a line on your credit report, it’s also a smart investment in your business’ future. The best business loans fuel growth for your business without any hassle, so you have financial flexibility for your daily operations. A loan helps you cover expenses that not only keep your business running but can help you grow and expand. Whether you need to hire more employees or a short-term cash infusion to cover taxes, Premier Business Lending can help you determine the right financing solution for your small business.





Premier Business Lending – A 2016 Leader in Business Loans

Premier Business Lending wraps up inaugural year as a leader in the small business lending space in El Dorado Hills California.

Premier Business Lending had a strong start to 2016 while moving operations from Southern California to the quite but flourishing community of El Dorado Hills California. Premier specializes in small business lending and cultivating long standing partnerships with today’s small business owner. Chris Wilcox, Managing Partner with Premier Business Lending said “Our goal is to become a true turn key financial company for medium to small business in the US. Today’s financial marketplace has many loan options available for business owners however it is not always a simple decision for these owners. They need guidance from a professional that will put their best interest first. This is one of the principles in which Premier was founded.”
Though Premier Business Lending is finishing its true first year in Business, the experience of professionals in which work within Premier is much to be appreciated. Eric Jenkins, Senior Managing Partner has been in the financial space for over 20 years. Eric and Chris have been working with one another for over a decade with many successful ventures created along the way. Together they decided to create a company within a market that is not only flourishing but needs capable leadership.

Premier Business Lending’s Core products are Equipment financing and leasing, Alternative Financing, SBA products, Franchise Financing and Term Loans. Premier also has established credible partnerships with several of the industry leading Vendors. These Vendors have confidence knowing that if they need Premiers help in securing financing for their customers, they are going to receive that help along with A rated service and competitive pricing.
Chris Wilcox says “The bank partnerships we have created with Premier has really helped set us apart, we are able to pre-underwrite, review in credit and then be sure we have the proper product for our customer all while getting done 2-8 days quicker than a traditional bank.”

What does 2017 have in store for the new company on the block, Premier Business Lending? Expansion into a larger facility for one. Also, while Premier had a strong 2016 with over $10 million in funding’s, Premier is looking to triple that number in 2017. Mr. Jenkins stated “that most broker entities steer away from providing actual retail locations in which customers can come in and meet face to face”. Premier encourages that and is looking to have locations in which we offer just that. Premier will offer all local business owners and vendors a bank like experience where you can sit down with a finance consultant in person to discuss their goals.
In a sometimes crowded and confusing financial industry, it looks as though Premier Business Lending is one of the good guys and are here to stay!