CARES Act- Higher Education Emergency Relief Fund Announcement

By David B. McClintock, CPA | April 9, 2020

More than $6 billion in emergency cash grants is being distributed to colleges and universities, the Department of Education announced Thursday afternoon, with the funds meant for students who have had their education disrupted by the COVID-19 outbreak.

Part of the Coronavirus Aid, Relief and Economic Security (CARES) Act, schools are required to distribute the grants to students who incurred expenses related to the outbreak’s disruption of their schooling, including course materials and technology, food, housing, health care and child care.

According to a release, the school allocations are being determined by a formula heavily weighted by the number of full-time students who are Pell-eligible. It also takes into account the total school population and those who were not enrolled full-time online before the outbreak. Institutions should expect allocations and further guidance in the coming weeks. More information on institution-level funding can be found here. Secretary of Education Betsy DeVos also wrote a letter to college and university presidents.

For more on how the pandemic has affected postsecondary institutions, Title IV aid, and the relief available, visit McClintock & Associates’ COVID-19 updates page here. Feel free to reach out to our staff, as well.

Best wishes and stay healthy.

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