Written by The Business Journal Staff
Fresno Yosemite International Airport (FAT) received $12.9 million from the CARES Act—the country’s economic stimulus package passed in response to the novel Coronavirus pandemic.
The grant will ensure FAT can continue operations and assist in recovering lost airport revenue from the unexpected drop in air travel, according to a press release from the airport.
The federal government designated $10 billion of the more than $2 trillion stimulus package to airports to prevent, prepare for and respond to impacts from the ongoing health crisis and to continue operations.
“We are extremely appreciative for the passage of the CARES Act to help FAT continue serving the Central Valley during this pandemic and in the future,” said Kevin Meikle, director of aviation. “As an essential service provider for the region, the dedicated airport grant funding through the CARES Act provides immediate relief to ensure FAT will be able to continue operating during the crisis and ready to serve our passengers when travel resumes.”
According to the Department of Transportation, airports will use the funds for operating expenses including payroll, utilities, and airport debt payments.
With $844 million of annual economic activity, and 9,800 various jobs, FAT is the largest driver of economic activity in the Central San Joaquin Valley, according to the release.
FAT plans to use the grant funds until June 30, the end of the current fiscal year, and in fiscal year 2021, which begins on July 1, 2020—these funds will ensure the airport remains financially stable and able to meet required bond agreements.