CERTS By the Numbers: How Treasury Divided Up $2B

October 19, 2021

The U.S. Department of the Treasury dispersed CERTS grants to more than 1,400 motorcoach, school bus, passenger vessel, and pilotage companies representing all 50 states. Nearly all – 93 percent – are small businesses, and more than 33 percent are minority-owned businesses.

“Transportation providers were among the hardest hit during the pandemic, with fewer people relying on their services to travel to work, school or to visit with friends and family,” Chief Recovery Officer Jacob Leibenluft said. “Treasury worked expeditiously to deliver funds to these providers, the vast majority of which are small businesses and many of which are minority-owned, so that they can continue to serve their communities and pay and hire back employees who may have been laid off.”

Established by the Consolidated Appropriations Act of 2021, Coronavirus Economic Economic Relief for Transportation Services, or CERTS, appropriated $2 billion for grants to transportation service providers that had a revenue loss of 25 percent or more, on an annual basis, as a direct or indirect result of COVID-19.

The grant funds primarily cover payroll costs but also may be used to cover the acquisition of services, equipment (including PPE and protection measures from COVID-19 for workers). And customers continued operations and maintenance of existing equipment and facilities, rent, leases, insurance, and interest on regular debt service.

By the Numbers

Number of approved grantees: 1,461

Percentage of grantees that are small businesses: 93.0%.

Percentage of grantees that are women-owned: 22.8%.

Percentage of grantees that are minority-owned: 33.4%. Percentage of grantees that are veteran-owned: 6.9%

Average grant amount: $1.4 million. Aggregate revenue loss of approved grantees: $8.4 billion. Total pre-pandemic employees of approved grantees: 257,126.

This article is reprinted with the permission of Bus & Motorcoach News. Read the original post.