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April 15, 2020

Federal stimulus funds inbound for Tweed, Bradley airports

PHOTO | File image Tweed-New Haven Airport.
By Matt Pilon

The Federal Aviation Administration on Tuesday announced more than $30 million in stimulus funds for Connecticut airports, with Windsor Locks’ Bradley International claiming the lion’s share.

Bradley, which has seen its customer traffic plummet and its debt outlook dip amid the ongoing COVID-19 coronavirus crisis, will receive $28.5 million, according to the FAA.

Tweed-New Haven Airport will receive the second largest amount in Connecticut, at $1.2 million, while a dozen smaller airports and airfields will receive amounts in the five- and six-figure range.

The Connecticut Airport Authority (CAA) had been anticipating the funds, which are part of an overall $10 billion aid package for U.S. airports. CAA Executive Director Kevin Dillon said recently that the size of the grants would be based on airport employment levels, debt and reserves.

In a statement, Dillon said the money will "mitigate the unprecedented, historic impacts that COVID-19 has had on air travel and airport revenues."

"This funding will provide much-needed support to help us as we try to prevent our recent achievements from being reversed at Bradley International Airport and our general aviation airports," Dillon said. "While there is still a long way to go, and the impacts to our operations will likely persist for months to come, this assistance is an essential piece of the solution. We would like to thank all members of Connecticut’s federal delegation for their responsiveness through the crisis and for fighting to support Connecticut’s airports in the CARES Act.”

The funding can be used for payroll and other operating expenses, as well as capital expenditures, utilities and debt payments. 

It’s not yet clear how large a financial hit Bradley will ultimately take from the COVID-19 slowdown. The airport’s operating revenue last year totaled $73.4 million, and it booked an additional $18 million from nonoperating revenue like car rental and passenger facility charges, according to its financials. Dillon said recently that the airport has built up more than 18 months of cash reserves that can help cover operating expenses.

While Bradley is Connecticut’s largest airport, larger competitors received more FAA stimulus funds. Logan International Airport in Boston is on deck for $141.3 million. In New York, John F. Kennedy International and LaGuardia Airport will receive $193.4 million and $102.9 million, respectively.

In Rhode Island, T.F. Green Airport will receive $21.7 million. 

This story has been updated to include a statement from CAA's Kevin Dillon.

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