By Lauren Schapker, vice president of legislative affairs, ARTBA
Two key features of the Coronavirus Aid, Relief and Economic Security (CARES) Act are being implemented by federal agencies:
- The Federal Transit Administration (FTA) April 2 announced $25 billion for urban and rural transit systems to address challenges posed by the COVID-19 outbreak. Funding was distributed by formula, with $22.7 billion allocated to large and small urban areas, and $2.2 billion allocated to rural areas.
- The Small Business Administration is making loans available through the Paycheck Protection Program. It supports businesses employing fewer than 500 people with loans that may be used for payroll, mortgages, rent, or utilities. Up to 25 percent may be used for other operating expenses. If employers maintain payroll, some or all of the loan may be forgiven. Interested businesses should contact their existing lenders about participation. Loans are available through June 30, or until funds are expended.
- See ARTBA’s analysis of the CARES Act.
Congress is on recess, but House Democrats are drafting a “Phase 4” coronavirus-response package. Contents of the package are in flux. ARTBA continues to advocate inclusion of transportation infrastructure investment in the next bill.