An institution with a June 30 year-end should ensure a check of their financial responsibility is performed before the month of June is over. Once an institution is past its year-end, very limited options are available. At this point in time, the Department of Education (ED) has not waived any financial...
On June 16, 2020, the U.S. Department of Education (ED) issued updated information related to their May 15, 2020 Guidance for interruptions of study related to Coronavirus (COVID-19). The revised guidance can be found here: The updated information was solely related to the Return to Title IV (R2T4) Relief and made...
On the heels of legislation that makes the Small Business Administration loans provided through the Paycheck Protection Program easier to be fully forgiven, updated, borrower-friendly forgiveness applications are now available. Along with the new, shorter form to be submitted through participating businesses’ lenders, the SBA released an EZ version primarily...
The U.S. Senate on Wednesday passed a House bill to revamp the Paycheck Protection Program (PPP), giving a boost to small businesses and organizations trying to stay afloat during the coronavirus pandemic and resulting economic turmoil. The PPP allows businesses to apply for forgivable emergency loans, but its rollout wasn’t smooth,...
Small businesses that were among the first to receive loans through the Paycheck Protection Program (PPP) may be preparing to file the application to have all or part of the loan forgiven. But new legislative changes could shift those plans as the program evolves. The U.S. House on Thursday overwhelmingly passed...
The U.S. Department of Education (ED) released updated guidance regarding interruptions of study related to the coronavirus (COVID-19) late in the day on May 15. The update covers a wide range of topics, which are summarized here. While the announcement provided some new answers, we have included follow up questions...
The U.S. Department of Education (ED) decided April 9th was a good time to issue guidance on multiple items. ED released an electronic announcement responding to questions submitted in regard to the composite score ratio which becomes effective July 1, 2020 as part of the Borrower Defense to Repayment regulations...
The U.S. Small Business Administration (SBA) has extended the safe harbor period for returning Paycheck Protection Program (PPP) funds until May 14, 2020. The new guidance stated that the extension will be promptly implemented through a revision to the SBA’s interim final rule providing the safe harbor. When applying for PPP...