Institutions of Higher Education were allocated approximately $14 billion as part of the Higher Education Emergency Relief Fund that was included in the Coronavirus Aid, Relief and Economic Security Act signed into law by President Trump on March 27. The funds, intended to assist in preventing, preparing for and responding to the coronavirus, are to be disbursed directly to institutions using the existing Title IV distribution system.
On April 9, Secretary of Education Betsy Devos posted a letter to college and university presidents providing guidance on the required use of the funds. Included in her letter is a link to a Certificate of Funding and Agreement that all institutions are required to sign and return via the Department of Education’s G5 system in order to access their emergency assistance funding. The agreement can be found at https://www.grants.gov/web/grants/applicants/registration.html.
Institutions must use at least 50% of the funds to provide students with emergency financial aid grants to help cover expenses related to the disruption of campus operations as a result of the coronavirus. Additional guidance on these requirements is expected to be forthcoming.
You’ve heard our thoughts… We’d like to hear yours
The Schneider Downs Our Thoughts On blog exists to create a dialogue on issues that are important to organizations and individuals. While we enjoy sharing our ideas and insights, we’re especially interested in what you may have to say. If you have a question or a comment about this article – or any article from the Our Thoughts On blog – we hope you’ll share it with us. After all, a dialogue is an exchange of ideas, and we’d like to hear from you. Email us at [email protected].
Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.