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



CFCC's Small Business Center Offers Free Support For Local Business Owners And Entrepreneurs

Jim Morton - Cape Fear Community College
Chris coudriet

New Hanover County Makes Plans & Partnerships To Invest $45 Million In The Community

Chris Coudriet - New Hanover County Government
Burrus rob headshot 300x300

Are Companies Really Learning From Failure?

Robert Burrus - Cameron School of Business - UNC-Wilmington

Trending News

Physicians, Businesses React To Changes On Masks Guidance

Neil Cotiaux - May 17, 2021

UNCW To Search For New Swain Center Director

Christina Haley O'Neal - May 17, 2021

In The Current Issue

Vaccination 'passports' Come Into Focus

CastleBranch, the Wilmington-based consumer reporting agency, touts its status as “one of the first companies in the world” to issue a COVID...

Adding AI To Sales Forecasts

Accurately forecasting sales is easier said than done, according to Phil Everhart, who founded SmartFox Technologies as a solution to this i...

Wilson Center Springs Back To Life

More than a year after closing its doors to the public due to a worldwide pandemic, Cape Fear Community College’s Wilson Center welcomed gue...

Book On Business

The 2021 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!



Trying to Grow a Business?
2020 Health Care Heroes
2020 WilmingtonBiz 100