HyreCar Reports Delivery Service Increase

By Staff Writer April 16, 2020

HyreCar Inc., the carsharing marketplace for ridesharing and food/package delivery services, updated its reported financial results and provided a corporate update for the fourth quarter and year ended Dec. 31, 2019 and announced receipt of $2.0 Million in funds from the SBA Paycheck Protection Program.

“We are pleased that our rental days have begun to increase in the second quarter post COVID-19 effects as our efforts to increase delivery services are beginning to show signs of traction. Helping our drivers transition into the fast-growing delivery businesses is having immediate effects during these changing times,” said Joe Furnari, CEO of HyreCar.

The Paycheck Protection Program Loan is from the 2020 Cares Act through the Small Business Administration and HyreCar’s financial services partner, JPMorgan Chase.

“JPMorgan Chase has been a great financial partner for us, guiding us through the intricacies of the Paycheck Protection Program and working with the SBA to expedite our application as an existing client. We went from application to funding of $2 Million in just four days, including a weekend,” said Scott Brogi, CFO of HyreCar. “This support, along with our flexible business model and measured cost reduction steps, will allow us to maintain our team as we look ahead to the second half of 2020 and we hopefully begin to rebound as a country.”

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Last modified on Thursday, 16 April 2020 16:10