CARES Act Notice and Update
Friday, Oct. 30, 2020
In our recent notice we updated you on our current status related to the Coronavirus Aid, Relief and Economic Security Act (CARES Act), which includes relief for individual Americans, healthcare workers, small businesses and certain industries hit hard by the pandemic. This is an update to the September 23, 2020 notice. Noted below are details of HBU’s allocated funding related to the CARES Act and an update on the funds disbursed:
- The CARES Act was recently passed by the U.S. Congress and includes Higher Education Emergency Relief Funds (HEERF). HBU has signed, acknowledged, and returned to the Department of Education the required Certification and Agreement, which states that the institution plans to use no less than 50 percent of funding to provide Emergency Financial Aid Grants to students. A sample copy of this certification and more information regarding the HEERF funding can be found via the following links:
- The HEERF funds were awarded by the Department of Education to HBU, with a total allocation amount equal to $2,615,603. Of the $2,615,603, only $1,307,801 was allocated to costs incurred by the institution and $1,307,802 was allocated for direct student aid. The total amount was made available to HBU on April 27, 2020.
- As of September 30, 2020, HBU has expensed $1,146,632 related to HEERF institutional funding. (See Quarterly Budget and Expenditure Reporting PDF for details.)
- As of September 30, 2020, HBU has distributed all $1,307,802 of direct student aid.
- HBU has used $84,517 to pay approximately 217 students that were displaced from their campus job due to the closure of campus using HEERF funds. A calculation was made of the average number of hours worked per week during the month of February to determine a pay period average number of hours. This calculated number of hours was paid for each pay period through the end of the spring 2020 term to each student at the rate of pay on his/her payroll authorization for his/her position.
- The remaining amount of approximately $1,223,285 (allocated for direct student aid) was evenly distributed to approximately 1,188 students as a grant using a paper check or as a direct deposit into their bank account if HBU has direct deposit instructions on file for the student. The higher education relief fund provides funds for enrolled students to be used to cover expenses related to the disruption of campus operations due to coronavirus (including eligible expenses under a student’s cost of attendance, such as food, housing, course materials, technology, health care, and childcare). The criteria for distribution was based on the lowest Expected Family Contribution levels with the highest amount of unmet need at the time of the campus closure due to the COVID-19 pandemic.
- 99 of the 1,188 students have received both the continued pay stipend and the grant.
- There are approximately 2,850 eligible students, none of whom were enrolled in an exclusively online program.
As more information becomes available, this page will be updated accordingly.