The CARES Act Agreement Department of Education: What You Need to Know
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020, to provide economic relief to individuals, businesses, and government entities impacted by the COVID-19 pandemic. Among the provisions of the CARES Act is funding for the Department of Education to distribute to schools and universities across the United States.
To receive these funds, schools and universities were required to sign a CARES Act Agreement with the Department of Education. These agreements outline how the funds will be used to support students and ensure continued education during the pandemic.
Here are some key points to know about the CARES Act Agreement Department of Education:
1. Eligibility: Most public and private institutions of higher education are eligible to receive funds under the CARES Act, including community colleges, vocational schools, and for-profit institutions.
2. Funding Allocation: The Department of Education has allocated funding based on the number of full-time equivalent (FTE) students at each institution. Half of the funds are earmarked for emergency financial aid grants to students, while the other half is to be used by the institution to fund expenses related to the pandemic, such as technology upgrades and distance learning.
3. Reporting Requirements: Institutions receiving CARES Act funds must report regularly to the Department of Education on how the funds are being used. This includes detailed information on the number of students receiving emergency financial aid grants and how the institution is using its half of the funds.
4. Eligible Expenses: Institutions must use the funds for expenses directly related to the pandemic, including technology expenses for distance education, faculty and staff training, and payroll expenses for employees who are unable to work due to campus closures.
Overall, the CARES Act Agreement Department of Education provides vital support to students and institutions during an unprecedented time of disruption and uncertainty. By working together to ensure the funds are used appropriately and effectively, we can help mitigate the impact of the pandemic on education and our economy as a whole.