Covid money is only involved with the state park septic system at the summit which needed rebuilding anyhow. The cogs increase in passengers means its needs an upgrade also. The state of NH runs the concessions at the summit so they want to encourage more people heading to the top. NH has not sales or income tax by they do have room and meals tax which impacts tourists so that is another reason to encourage tourists to take rides to the summit. Hikers tend to be regarded as less desirable tourists as many come from out of state for day hikes so less potential room and meals revenue.
The cog is privately owned and the owner is well off from past ventures, he at one time was part of a group who bought the Mt Washington Hotel Complex for bottom dollar at auction during the savings and loan crisis ( a few real estate bubbles ago). They held if for short period and bought the Bretton Woods ski area at foreclosure auction then bundled them up, ran them for a few years and sold them for big bucks to Omni a large hotel group. He bought out his long term partner several years ago and has been upgrading to the new diesel locomotives to increase ridership.