The Metropolitan Transit Authority (MTA), which runs the New York City subway system, used 9 2.9 billion in March Funding from the Federal Cares Act This represents 73% of the money, but expects to empty the remaining funds by early July.
“The MTA is experiencing the most serious financial crisis in its history,” MTA Chief Financial Officer Bob Foreman said in a press release.
He continued: “More than 70% of the CARES funding provided in the first relief package, and all CARES funding is expected to be exhausted by the beginning of next month, is our financial aid in life support.”
He called on Congress to act to protect the MTA
“We need the Senate to take action now and follow the leadership of the House of Representatives on sustained pandemic funding. Since the MTA is the lifeblood of New York and the nation’s economy – our economic health is key to the nation’s economic recovery.”
“New York is at the forefront of a nation that provides $ 29 billion more funding than we get back from the federal government.”
“We want the Senate to come back to Washington, do its job and provide the MTA with another 9 3.9 billion dollars to cover the rest of the 2020.”
Latest ridership numbers: The MTA said more than 2 million people traveled on New York City subways and buses on Friday, the first time ridership has reached that level since the Kovid-19 pandemic in March.
While this is a significant increase in ridership, the MTA said it was a 7.6 million 74% decline from normal weekly ridership levels.