CARES Act Provides Educational Relief to For-Profit Institutions

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The Department of Education released on April 9, 2020 the provisions and funds authorized for schools under the economic relief approved by the CARES Act signed into law only 13 days ago. This $30 billion relief package provides funds for schools and their students that have suffered financial losses due to the COVID-19 pandemic. Through this relief, schools will receive allocations that include funds intended to provide students with additional grants, as well as funds for the institution to enact changes related to educational delivery as a result of the COVID-19 pandemic.

Next Steps for Title IV Institutions

Library. Bookshelves with books and textbooks. Learning and education concept.To take advantage of the educational relief, click here and perform the steps described below:

The aforementioned link provides three relevant points of interest:

  • A letter to the institution describing the program
  • A certification letter required to be submitted by each institution to obtain this funding (as of April 10, 2020, the certification link is not yet available)
  • A list of institutions with each school’s allocation of total funding and the amounts that must be disbursed to students as additional financial grants

Once you submit the required certification letter to the department, they will process the release of money, and your funds will be loaded into your G5 system to be drawn down. 

Talk to the Experts

We are still seeking clarification on the necessary support for audit purposes but encourage you to request funds, as this will be sorted out shortly. Changes are occurring at a rapid rate, and we are available to discuss any concerns as this continues to evolve and encourage you to contact our team.

This publication contains general information only and Sikich is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or any other professional advice or services. This publication is not a substitute for such professional advice or services, nor should you use it as a basis for any decision, action or omission that may affect you or your business. Before making any decision, taking any action or omitting an action that may affect you or your business, you should consult a qualified professional advisor. You acknowledge that Sikich shall not be responsible for any loss sustained by you or any person who relies on this publication.

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