CARES Act Emergency Relief Funds Distribution

CARES Act Emergency Relief Funds Distribution

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CARES Act Emergency Relief Funds Distribution

June 12th, 2020

San Ignacio University received a total of $139,442 in Emergency Relief Funds. The money was received in two disbursements. The first disbursement of $69,721.00 was designated for emergency grants for student aid. The second disbursement of $69,721.00 was designated for emergency relief for the institution. 

The institution signed and returned to the Department of Education (DOE) the Certification Agreement and the assurance that the institution intends to use 50 percent of the funds received under Section 18004(a)(1) of the CARES Act to provide Emergency Financial Aid Grants to students, and the other 50% to the institution.

The university has approximately 30 Title IV eligible students and an additional 15 students who could be eligible for Title IV. These students have been emailed on June 12, 2020, to apply for the $69,721.00 in emergency relief aid designated for student aid. The university referred to guidance provided by the Department of Education in the development of its Higher Education Emergency Relief certification. Those students who could be eligible, are asked to provide proof of their eligibility. All applicants will be screened for an eligibility check. Once eligibility is confirmed, funds will be disbursed to those students via direct deposit.

Students eligible to receive the relief aid will be notified by email on a daily basis. Additional emails will be sent thereafter to reach those students who didn’t respond to the initial email. The email communication details both the eligibility requirements and instructions for the application process.

The primary method used to determine the student portion of CARES Act funding gives priority to all eligible students and those who could be. The award amounts will depend on the total number of eligible applicants and total amount of funding to award.

As the application window is still open, a total of $0 in Emergency Financial Aid Grants has been distributed to students under Section 18004(a)(1) of the CARES Act as of the date of submission (i.e., as of the 30-day Report and every 45 days thereafter). The majority of funds are expected to be distributed in the next few weeks.

Federal CARES Act FAQs

What is the CARES Act?

The https://www.ed.gov/news/press-releases/secretary-devos-rapidly-delivers-more-6-billion-emergency-cash-grants-college-students-impacted-coronavirus-outbreakhttps://www.ed.gov/news/press-releases/secretary-devos-rapidly-delivers-more-6-billion-emergency-cash-grants-college-students-impacted-coronavirus-outbreak

CARES Act is federal legislation that provides a variety of financial support to individuals and businesses affected by the COVID-19 pandemic. The CARES Act established and funded the Higher Education Emergency Relief Fund (HEERF) to provide emergency financial aid grants. One part of this federal program allocates money to the University of Florida, and a portion of that allocation can be awarded to students who are experiencing expenses due to the coronavirus.

Who is eligible for a Federal CARES Act Emergency Grant?

Students who meet basic eligibility criteria for federal financial aid and who have the greatest financial need can be considered for these funds.

Unfortunately, the CARES Act does not allow these funds to be used for international students or DACA students.

How do I apply for the Federal Emergency Aid Grant?

Information about applying for these funds will be emailed to eligible students when funding becomes available.

International and DACA students are not eligible to receive funds from the CARES Act.

Does emergency funding apply to graduate students?

Graduate students may be eligible

What constitutes eligible expenses to qualify for emergency funding?

This could apply to a variety of financial costs directly tied to the effects of an emergency situation that is straining students. This could include money spent for unanticipated travel, replacement of medications, emergency child care due to extended school closures, additional technology requirements, etc.

What kinds of expenses are allowable?

Funds can be used for food, housing, course materials, technology, health care, tuition, fees, or child care.

Do I have to repay a Federal Emergency Aid Grant?

Typically, you would not have to repay the amount awarded to you. The Federal Emergency Aid Grant funds are designed to be a grant, not a loan.

Where are the funds coming from? Is there some sort of disaster relief fund?

The University has been awarded https://www.ed.gov/news/press-releases/secretary-devos-rapidly-delivers-more-6-billion-emergency-cash-grants-college-students-impacted-coronavirus-outbreakhttps://www.ed.gov/news/press-releases/secretary-devos-rapidly-delivers-more-6-billion-emergency-cash-grants-college-students-impacted-coronavirus-outbreak CARES Act, which provides emergency grants for eligible college students impacted by the coronavirus outbreak.

How will SIU disburse the money?

For students who have signed up for direct deposit sent to the students via Electronic Funds Transfer (EFT). 

Would this funding reduce my financial aid?

No, this fund does not negate nor replace financial aid, and it is a one-time grant.

How much money is available for each applicant?

Amounts vary, but students must provide a signed certificate acknowledging receipt and that they meet the requirement to receive the funds. The amount will be distributed equally.

What documentation is required to be submitted with the certification?

This will depend on the individual claim. However, a student who could be the eligible need to provide proof of eligibility (i.e., permanent resident, asylum approved, Citizenship, etc.)

How can students obtain more information about the Federal Emergency Aid Grant?

https://www.ed.gov/news/press-releases/secretary-devos-rapidly-delivers-more-6-billion-emergency-cash-grants-college-students-impacted-coronavirus-outbreakhttps://www.ed.gov/news/press-releases/secretary-devos-rapidly-delivers-more-6-billion-emergency-cash-grants-college-students-impacted-coronavirus-outbreak

Do I need to report financial aid or grants on my federal tax return?

The IRS issued FAQs on the Higher Education Emergency Relief Fund and Emergency Financial Aid Grants under the CARES Act that clarifies that the CARES Act aid should be treated as a “qualified disaster relief payment” and not be treated as taxable income. Each financial award you receive from the federal government and other sources will have separate and unique tax consequences for your federal tax return. Visit the https://www.irs.gov/IRS website for assistance.

 

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