The Daily Dash: No More Money For PPP

The Daily Dash is a quick look at what's happening in the freight ecosystem. In today's edition, we highlight the latest news regarding the Paycheck Protection Program, interesting comments regarding the U.S.-Mexico border and more.

The High Five

1. The Paycheck Protection Program has run out of money. With a May 31 deadline still a few weeks away — a date that is now mostly meaningless — the Small Business Administration confirmed reports that lenders who went online to submit new PPP applications were being rejected. John Kingston's report

2. "I think we're going to see in the post-COVID-19 world a consolidation of supply chains that emphasize ‘hemispheric globalization' here in North America," said Jon Barela, CEO of the Borderplex Alliance, in an interview with FreightWaves. Noi Mahoney with the Q&A

3. Results of a quarterly industrial real estate survey showed a surge in activity in response to "strong retail sales and inventory restocking." The 68 reading in late April was the highest level reached on Prologis' Industrial Business Indicator since late 2018. Todd Maiden with the story

4. XPO Logistics Inc. will build a 1 million-square-foot distribution center for Apple Inc. in the small Indiana town of Clayton. XPO's first-ever contract with the technology titan was part of $4 billion in done deals negotiated by the company's logistics unit since the start of the year. Mark Solomon with the story

5. A year after the pandemic nearly zeroed out Class 8 truck orders, the reopening of the economy is stressing supply chains, making it unlikely that any of April's 33,500 orders will be produced this year. The situation is practically a repeat of 2018, when manufacturers produced 325,000 trucks for the year. Alan Adler with more

Five more to check out

Bill Gates gives 14.1 million CN shares to soon-to-be ex-wife

Deutsche Post DHL reports best first-quarter results in its history

ArcBest's capital spending plan signals confidence in prolonged freight cycle

Lyft had visions of building an autonomous car. What happened?

Idelic provides A&R Logistics with ‘one-stop shop' for driver management

Image Sourced from Pixabay