On May 15, 2020 the Department of Education (ED) officially extended the audit deadline by 6 months, giving schools added flexibility for audit submissions. Schools with fiscal years ending on December 31, 2019, will now be able to submit their audits as late as December 31, 2020. This comes as…
This article was original published in the May 2020 Career Education Review and reproduced here with permission. Article originally posted at careereducationreview.net. Co-authored by Dave McClintock, CPA. The American political satirist P.J. O’Rourke once opined, “giving government power and money is like giving a 16-year old keys to the car…
On June 23, 2020, the U.S. Department of Education’s Office of Postsecondary Education provided a technical assistance webinar related to the Higher Education Emergency Relief Funding (HEERF) provided by the Coronavirus Aid, Relief and Economic Security (CARES) Act. This webinar provided guidance to institutions which mainly focused on the institutional…
An institution with a June 30 year-end should ensure a check of their financial responsibility is performed before the month of June is over. Once an institution is past its year-end, very limited options are available. At this point in time, the Department of Education (ED) has not waived any financial…
On June 16, 2020, the U.S. Department of Education (ED) issued updated information related to their May 15, 2020 Guidance for interruptions of study related to Coronavirus (COVID-19). The revised guidance can be found here: The updated information was solely related to the Return to Title IV (R2T4) Relief and…
On the heels of legislation that makes the Small Business Administration loans provided through the Paycheck Protection Program easier to be fully forgiven, updated, borrower-friendly forgiveness applications are now available. Along with the new, shorter form to be submitted through participating businesses’ lenders, the SBA released an EZ version primarily…
The U.S. Senate on Wednesday passed a House bill to revamp the Paycheck Protection Program (PPP), giving a boost to small businesses and organizations trying to stay afloat during the coronavirus pandemic and resulting economic turmoil. The PPP allows businesses to apply for forgivable emergency loans, but its rollout wasn’t…
Small businesses that were among the first to receive loans through the Paycheck Protection Program (PPP) may be preparing to file the application to have all or part of the loan forgiven. But new legislative changes could shift those plans as the program evolves. The U.S. House on Thursday overwhelmingly…
