Transportation revenue has been hit hard during the pandemic—though goods and services must continue to flow. Federally has been apportioned to each state to help.
Funding for Critical Work
The $900 billion COVID-19 relief measure passed in late December 2020 includes $9.8 billion for state departments of transportation. The pandemic has resulted in less commuters and vehicles on the roads, causing deep declines in state transportation revenues. The relief funding is aimed at helping states maintain systems—and ensuring the goods and services we all need continue to be transported.
Construction Dive reports that the federal funds have been apportioned to state DOTS, explaining:
Each state’s portion will be based on the state’s share of obligation limitations within the Fixing America’s Surface Transportation or FAST Act,
State DOTs can use the relief money to fund Surface Transportation Block Grant-eligible projects, preventive and routine maintenance, operations, employee and contractor salaries, debt service and availability payments and coverage for other revenue losses….Additionally, the relief funds — which will be available until Sept. 30, 2024 — could be transferred to public tolling and ferry agencies for all of the same costs as state DOTs.
California ($918 million) and Texas ($914 million) are receiving the most money, and Florida ($473 million) is next. The complete list is here.
Available In Every State: Partnerships
Contractors across the country are getting ready for critical upcoming projects with Colonial Surety Company’s special Partnership Account®. Apply and pre-qualify for a surety-line of credit that will help you grow your business.
Applying is easy with Colonial’s efficient new online system. All companies that apply receive, for free, Dun & Bradstreet scores.
Contractors who pre-qualify for a surety line of credit, go on to upload a few more documents that help Colonial better understand their operation and underwrite the Partnership Account®.
Take Us Home!
One place we all need our roads and rails to connect us back to is: home!
Home construction has been strong across the country. For example, the market in North Texas has been extra hot. BizJournals reports that there is a frenzy of new home construction in the Frisco and Celina suburbs north of Dallas-Fort-Worth. We all know what this means: where there are new homes, come new schools, new roads, new…everything!
What Are You Hoping To Build Next
Get ready for the opportunities in your future: partner with Colonial Surety Company.
With a Colonial Partnership Account® contractors across the country:
- Gain control of bidding and bonding, online and in real time.
- Utilize powers of attorney to seal and issue their own bid bonds—in minutes.
- Compete with fast, confidential bid bonds—no middleman.
- Order performance and payment bonds easily from a customized digital dashboard.
- Track bids and work on hand in real time with free management reports.
- Speak directly with Colonial’s lead underwriter as new opportunities emerge.
- Leverage data on a private Owner’s Dashboard to view surety lines, adjust work on hand, analyze bids—and grow.
Founded in 1930, Colonial Surety Company is a leading direct seller and writer of surety bonds and insurance products across the USA. Colonial is rated “A Excellent” by A.M. Best Company and U.S. Treasury listed.