Transaction Description:
PURPOSE: THE PURPOSE OF THE CORONAVIRUS ECONOMIC RELIEF FOR TRANSPORTATION SERVICES (CERTS) PROGRAM IS TO PROVIDE FINANCIAL ASSISTANCE TO ELIGIBLE TRANSPORTATION COMPANIES THAT HAVE EXPERIENCED ANNUAL REVENUE LOSSES OF 25 PERCENT OR MORE AS A DIRECT OR INDIRECT RESULT OF COVID-19. ACTIVITIES TO BE PERFORMED: TREASURY WILL PROVIDE GRANTS TOTALING UP TO $2 BILLION TO ELIGIBLE MOTORCOACH COMPANIES, SCHOOL BUS COMPANIES, PASSENGER VESSEL COMPANIES, AND PILOTAGE COMPANIES. END GOAL/EXPECTED OUTCOMES: THE CERTS PROGRAM FUNDING WILL ASSIST ELIGIBLE TRANSPORTATION COMPANIES WITH PAYROLL COSTS, OPERATING EXPENSES, AND THE REPAYMENT OF DEBT ACCRUED TO MAINTAIN PAYROLL. INTENDED BENEFICIARIES: ELIGIBLE AMERICAN COMPANIES WITHIN ONE OF THE FOUR FOLLOWING TYPES OF TRANSPORTATION SERVICE PROVIDERS: MOTORCOACH TRANSPORTATION SERVICE PROVIDERS, SCHOOL BUS TRANSPORTATION SERVICE PROVIDERS, PASSENGER VESSEL TRANSPORTATION SERVICE PROVIDERS, AND PILOTAGE SERVICE PROVIDERS. SUBRECIPIENT ACTIVITIES: THERE ARE NO SUBRECIPIENTS FOR THIS PROGRAM.
