Print
Coronavirus

Wave Transit Picks Up $6.8M In Federal Funding

By Cece Nunn, posted Apr 20, 2020
Albert Eby, executive director of the Cape Fear Public Transportation Authority, said federal funding from the CARES Act will help offset increased costs. (File photo)
The Cape Fear Public Transportation Authority has been awarded more than $6.8 million from the Coronavirus Aid, Relief and Economic Security (CARES) Act of 2020, according to an announcement Monday.

Federal Transit Administration funding will be provided at a 100% federal share, with no local match required, and will be available to support capital, operating and other expenses related to COVID-19, a news release stated.

“Funding from the CARES Act will allow Wave Transit access to valuable financial resources as the authority responds to the novel coronavirus pandemic,” stated ​Albert Eby, executive director of the transportation authority, in the release.

Wave Transit has maintained transit service throughout the declared state of emergency, the release stated, to ensure access to essential businesses and medical facilities.

“CARES Act funding will help offset increased costs to ensure that Wave buses and vans are sanitized and cleaned in accordance with CDC recommendations,” Eby stated in the release.

Additionally, Eby said, “lost revenue from providing fare-free service to promote social distancing and reductions in revenue contracts will be reduced by the CARES Act.”

The allocation allows Wave Transit to finish its current fiscal year without additional local taxpayer subsidies, the release stated.

Wave had previously been dealing with a budget shortfall.

"The FTA Emergency relief docket released March 13, 2020, and CARES Act funding, both retroactive to January 20, 2020, will eliminate any budget deficits in FY 2020," Eby said in an email Monday. "In addition to increased funding, the two changes will allow allocation of federal funding at either a higher percentage or 100%. Both are expected to assist with the COVID-19 response in FY 2021 and possibly beyond."

According to the release, "It will also offset expenses incurred by the Authority in future fiscal years as the region recovers from the COVID-19 pandemic."
Ico insights

INSIGHTS

SPONSORS' CONTENT
Jasonpathfinder3

Smart Moves In A Volatile Market

Jason Wheeler - Pathfinder Wealth Consulting
Aarp suzanneheadshot 300x300

Beware Of Tech Support Scams

Danielhughes liveoakprivatewealth october 2

Wills And Trusts: The Key Differences

Daniel Hughes - Live Oak Private Wealth

Trending News

New Restaurant Now Open In Landfall Shopping Center

Jessica Maurer - Oct 21, 2020

Bitty & Beau's Owners Announce First Franchise Location

Jessica Maurer - Oct 20, 2020

At Mayfaire Town Center, School Of Rock Gets Ready To Roll

Cece Nunn - Oct 20, 2020

Developer Planning Another Building In Pender Commerce Park

Christina Haley O'Neal - Oct 21, 2020

Wilmington-based Innovative Financial Group Announces Partnership

Christina Haley O'Neal - Oct 20, 2020

In The Current Issue

Health Care Heroes: Innovation In Health Care

The Innovation in Health Care category honors an individual or team behind a new scientific discovery, procedure, treatment or device that c...


An Election Like No Other

Like everything about 2020, this year’s elections are a little more com­plicated than they used to be, and there’s a lot at stake in the out...


Health Care Heroes: First Responder

The First Responder category honors a first responder whose performance is considered exemplary by patients, peers and other health care pro...

Book On Business

The 2020 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2020 Leadership Accelerator: Virtual Workshops for Real Leaders
2019 Health Care Heroes
August 26, 2019 Power Breakfast: A Healthy Sale?
2019 WilmingtonBiz Expo Keynote Lunch - CEO, nCino, Pierre Naude`