GRAND JUNCTION, Colo.
Less than two weeks after the bill was signed into law, the Coronavirus Aid Relief and Economic Security (CARES) Act will now provide $10 billion of economic relief to airports around the country.
Colorado will receive $366,981,543 in funding from the Federal Aviation Administration (FAA) supporting airport operations, lost revenue, payroll, utilities, and debt payments.
The Grand Junction Regional Airport will receive 1.5% of the sum at $5,679,740. “Any expense the airport has had since January 20th of 2020 is eligible to receive this money,” says Grand Junction Regional Airport Spokesman, Joe Burtard.
The CARES Act doesn’t just add funding, the bill also deducts interest. According to the U.S. Department of Transportation, the CARES Act also provides funds to the Airport Improvement Program (AIP), but before this bill, AIP grant recipients had to contribute a matching percentage of the project costs. Grand Junction Regional Airport’s matching percentage was 10%, or $1.3 million before the CARES Act. Burtard says, “That $1.3 million that we anticipated that we had to pay in 2020 has now been waived. Which is really great because that allows us to move forward with these airport improvement projects.”
The $5.6 million will go to the Grand Junction Regional Airport, but not the vendors that dwell within the same building. Joe says unlike other airports across the country, the Grand Junction Regional Airport is offering the car rental companies, concessions, and the gift shop deferred rent payments and airport fees until July. Joe says, “The thing that we are really focused on right now, and will continue to be focused on is supporting those tenants who live and operate within the airport campus.”