On December 27, 2020, the Consolidated Appropriation Act, 2021 (Act) was signed into law which includes relief funds for the COVID-19 pandemic. This Act is hopefully going to provide continued relief to individuals and our economy. The Act’s relief provisions included $81.88 billion for the Education Stabilization Fund and $23...
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Recent Title IV Compliance Articles
New COVID-19 Relief Includes PPP ‘Second Draw’: What to Know
Just in time for the holidays, Congress passed a new $900 billion stimulus bill in response to the ongoing COVID-19 pandemic. Of particular note is the $284 billion set aside for a second round of funding for the popular Paycheck Protection Program (PPP), which provided forgivable Small Business Administration (SBA)...
Takeaways from ED’s Updated Waivers & Modifications to Federal Student Aid Provisions
On December 11, the U.S. Department of Education (ED) issued a Federal Register notice updating waivers and modifications of statutory and regulatory provisions governing the Federal student financial aid programs. We have reviewed these provisions and identified the items that will have the greatest impact on our audit procedures. Read on...
Stay on Top of Potential PPP Tax Concerns & Solutions
This year’s Paycheck Protection Program (PPP) was a life preserver for many companies and for-profit organizations, as well as their employees, as the COVID-19 pandemic ramped up and businesses were forced to close. But there are some potential tax considerations for business owners and pass-through entities regarding the loan program...
Newly Online Schools May Be Caught in a Nexus Web
Now that we are months since the beginning of the COVID-19 pandemic, postsecondary education institutions have had ample time to adjust and adapt to a new reality. The work has not been easy and will remain a challenge, but to paraphrase a cliché we’re hearing a lot this year, there...
A Primer on Institutional HEERF Grant Reporting
No tricks, a major deadline looms for postsecondary educational institutions just before Halloween. The first round of quarterly reporting for the institutional portion of the Higher Education Emergency Relief (HEERF) Grant is due October 30, meaning institutions cannot delay in preparing and posting their reports. Check out this rundown concerning the...
PPP Loans and HEERF Grants: A Guide to Accounting, Reporting and Composite Score Considerations
This article was original published in the September 2020 issue of Career Education Review and reproduced here with permission. Article originally posted at careereducationreview.net. As the COVID-19 pandemic and a difficult 2020 continues, postsecondary institutions have to make significant decisions concerning the emergency aid that helped them through the spring and...
Breaking Down the HEERF FAQ — Round 3
On October 2, 2020, the U.S. Department of Education (ED) published “Round 3” for Frequently Asked Questions related to the Higher Education Emergency Relief Fund (HEERF) grants. This document addressed questions related to the usage of the HEERF grants for institutional and student purposes. McClintock & Associates (M&A) has reviewed and...