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The Trump administration on Tuesday announced that U.S. commercial and general aviation airports will receive $10 billion in relief amid the coronavirus crisis.
Transportation Secretary Elaine Chao on Tuesday said the funds would come from the administration’s newly created Coronavirus Aid, Relief, and Economic Security (CARES) Act Airport Grant Program, which is expected to provide “unprecedented and immediate relief to American families, workers and businesses.”
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“This $10 billion in emergency resources will help fund the continued operations of our nation’s airports during this crisis and save workers’ jobs,” Chao said in a statement.
The funding, according to the Transportation Department, will support continuing operations and replace lost revenue resulting in the sharp decline in passenger traffic and other airport business due to the COVID-19 pandemic.
The funds are expected to be used for airport capital expenditures and airport operating expenses, including payroll and utilities, and airport debt payments.
Federal Aviation Administration Administrator Steve Dickson touted the program, which he said was created “in record time to assist airport sponsors in desperate need of these funds.”
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The FAA, in a statement, encouraged airport sponsors to spend the grants funds “immediately” to help minimize “any adverse impact from the current public health emergency.”
“The FAA will use streamlined application and grant-agreement process to make this funding immediately available for critical airport needs,” the statement read. “The funds will be available as soon as the airport sponsor executes a grant agreement.”
The CARES Act, passed last month and totaling more than $2.2 trillion, also provides new funds for all airports that are part of the national airport system, including commercial service airports, reliever airports and some public-owned general aviation airports.