Top 10 Resources to Navigate COVID-19 and CARES Act

There is an abundance of information out there to navigate with COVID-19. Here is a list of the top 10 websites or articles for your institution to get financial information quickly:

1. NACUBO summary on ED updates on COVID-19
   The CARES ACT (Coronavirus Aid, Relief, and Economic Security Act) provides guidance to the higher education industry on Return to Title IV, FSEOG and campus-based aid allocations. With this the Department of Education has updated their requirements with their Electronic Announcement.NACUBO drafted a great summary articleon accommodating students, distance education, and general provisions as it relates to course audits, cash management, academic terms, and Clery Act and emergency notifications. The Federal Student Aid program has also implemented forbearance policies to suspend student payments and initiated zero interest on loans held by the federal government along with other provisions to Perkins borrowers.

2. Guidance on timelines of CARES Act funds and how institutions can use it:

• Emergency grant aid funds will not be used for any purpose other than the direct payment of grants to students for their expenses related to the disruption of campus operations due to coronavirus.
• Schools will not use the emergency grant aid funds to reimburse themselves for any costs or expenses, including but not limited to costs associated with significant changes to the delivery of instruction due to the coronavirus and/or any refunds or other benefits that schools previously issued to students.
• Schools must report to ED 30 days from the date of the agreement, and every 45 days after, how grants were distributed to students, the amount awarded to each student, how the amount of each grant was calculated, and any instructions or directions given to students about the grants.
• In reports to ED, schools must also document that they have continued to pay all employees and contractors during the period of disruptions or closures to the greatest extent practicable.

3. What does the CARES Act mean for Student Aid?
   The CARES Act provides numerous provisions to support study with funding and tax relief benefits to with student provisions, campus-based aid, and debt relief federal for student aid borrowers.

4. NASFAA COVID-19 web Center.
   Resources from NASFAA include articles, statements, webinars, podcasts, and AskRegs Questions and Answers.

5. CARES Act: Higher Education Emergency Relief Fund.
   Information from the US Department of Education on how to navigate the grants.gov website and upload Certificates of Agreement. Additional resources such as the “Letter from the Secretary” and the allocations formula are also available.

6. American Council on Education summarizes the CARES Act provisions in H.R. 748.

7. Emergency Funds for International Students.
   The IIE Network is calling for member institutions to submit nominations of up to five international students impacted by COVID-19 who need assistance with living or medical related expenses.

8. Inside Higher Education has a page dedicated to live updates on Coronavirus and higher education. The site includes information on institutions such as Boston University possibly planning to delay their fall term or how Indiana University’s trustees have taken unanimous action to allow the institution to borrow up to $1 billion for next academic year and costs related to the COVID-19.

9. How much Coronavirus Stimulus Money Will Your College Get?
   The Chronicle of Higher Ed has a chart that reviews how much each institution gets of the $12.5 billion allotted.

10. Guide for Emergency Grant Aid Distribution.
    Great resource from The Hope Center on the key principles on how to distribute emergency grants, the challenges of implementing along with alternative options, and ideas around fundraising.

Bonus Resource: University Business created a site with 63 resources for intuitions to access from health and wellness to curriculum and instruction.