CARES Act Reporting Information
The recently passed CARES Act directs institutions receiving funds under Section 18004 of the Act to submit a report to the Secretary describing the use of funds distributed from the Higher Education Emergency Relief Fund (“HEERF”). Section 18004(c) of the CARES Act requires institutions to use no less than 50 percent of the funds received from of the CARES Act to provide Emergency Financial Aid Grants to students for 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 child care).
The Certification and Agreement directs each institution applying for HEERF funds to comply with Section 18004(e) of the CARES Act and submit an initial report (the “30-day Fund Report”) to the Secretary thirty (30) days from the date of the institution’s Certification and Agreement to the Department. The Department will provide instructions for providing the required information to the Secretary in the near future. In the meantime, each HEERF participating institution must post the information listed below on the institution’s primary website.
1. An acknowledgement that the institution signed and returned to the Department the Certification and Agreement and the assurance that the institution has used, or intends to use, no less than 50 percent of the funds received under Section 18004(a)(1) of the CARES Act to provide Emergency Financial Aid Grants to students.
a. Velvatex College submitted the Certification and Agreement to the US Department of Education on 4-14-2020.
2. The total amount of funds that the institution will receive or has received from the Department pursuant to the institution’s Certification and Agreement [for] Emergency Financial Aid Grants to Students.
a. Velvatex College received $18,416.00 to distribute to students via the CARES Act to use toward emergency financial aid for students.
3. The total amount of Emergency Financial Aid Grants 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).
a. As of May 4, 2020, Velvatex College has disbursed $18,416.00 to cosmetology students in direct aid awards to students under CARES Act.
4. The estimated total number of students at the institution eligible to participate in programs under Section 484 in Title IV of the Higher Education Act of 1965 and thus eligible to receive Emergency Financial Aid Grants to students under Section 18004(a)(1) of the CARES Act.
a. Velvatex College has an estimated 10 students eligible under Section 484 in Title IV of the Higher Education Act of 1965
5. The total number of students who have received an Emergency Financial Aid Grant to students under Section 18004(a)(1) of the CARES Act.
a. As of May 4, 2020, 10 Velvatex College students have been awarded CARES Act funding.
6. The method(s) used by the institution to determine which students receive Emergency Financial Aid Grants and how much they would receive under Section 18004(a)(1) of the CARES Act.
a. Velvatex College disbursed the funds evenly among the students eligible for Cares Act Funding.
b. Velvatex College administered those funds to students that filled out the COVID19 Survey/ Questionnaire form and are eligible. It is the intent of Velvatex College to allow each student to answer the question of a changing family financial situation due to coronavirus which will make that student eligible to receive funds. Once all surveys were returned, we calculated how many students indicate need and divide that number by the total amount of funds that are to be distributed to students. This emergency student funding is only available to students that are enrolled and attending classes as of 4-15-2020. Students on an Approved Leave of Absence are also allowed to participate in the survey and receive funds. Velvatex College feels this is the best way to distribute these funds and the most effective way to make sure that those that need the help get it. We will not discriminate in the disbursement of funds.
7. Any instructions, directions, or guidance provided by the institution to students concerning the Emergency Financial Aid Grants.
a. When the school issues checks to students, they must sign that they will use the funds for one or more of the expenses listed on the CARES ACT Certification and Agreement document, for "food, housing, course materials, technology, health care, and child-care expenses.” We will also give students the opportunity to forego the payment if they have not been financially affected and wish to donate their portion back to the school fund so we can reallocate funds to other Velvatex College students who may have a financial hardship