Past Quarterly Budget and Expenditure Reporting Under the CARES Act
Coronavirus Aid, Relief, and Economic Security Act
The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, is federal legislation which provides a variety of ways to provide 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 institution, and a portion of that allocation can be awarded to students who are experiencing expenses due to COVID-19.
Hunter Business School’s institutional portion of this grant is $584,483. The student portion of this grant is also $584,483. In order to receive this grant, Hunter Business School signed and returned a Certification and Agreement form stating that the institution intends to use these funds to provide the mandated amount of at least 50 percent of emergency aid to students, or $584,483.
Who is eligible for a federal CARES Act emergency grant?
Students who were attending classes before March 13, 2020, are still attending school, and meet basic eligibility criteria for federal financial aid are eligible. Hunter Business School has decided to equally distribute these funds to all of our students who meet the eligibility criteria.
UPDATE: The estimated number of Hunter Business School students who are eligible to participate is approximately 550. As of March 31, 2021, approximately 584 students have received a grant totaling $584,000 in Higher Education Emergency Relief Fund (HEERF) grant monies disbursed.
Unfortunately, the CARES Act does not allow these funds to be used for international students or DACA (Deferred Action for Childhood Arrivals) students.
What are the criteria for students to apply?
- Enrolled in a degree or certificate program
- Making satisfactory academic progress
- Not owing an overpayment on a Title IV grant or loan
- Not be in default of a Title IV loan
- Be a U.S. citizen or eligible noncitizen
- Have Selective Service registration verified
- Have a verified Social Security number
- Not have a federal or state conviction for drug possession or sale, with certain time limitations
How do I apply?
Eligible students will receive an online application by email from a document service called PandaDoc® which you must e-sign and return. This is not spam. Please open it.
What constitutes eligible expenses to qualify for emergency funding?
This can be a variety of financial aid costs directly tied to the effects of an emergency situation that could be straining Hunter Business School students. It can include expenses related to the disruption of campus operations due to COVID-19, including eligible expenses under a student’s cost of education such as food, housing, course materials, technology, etc.
Do I have to repay a federal emergency aid grant?
No. The federal emergency grant funds are designed to be a grant, not a loan.
Where are the funds coming from?
Hunter Business School has been awarded funds from the federal Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, which provides emergency grants for eligible students impacted by the COVID-19 outbreak. You can get more information here.
How will Hunter Business School disburse these funds?
Students will receive this grant by check. The check will be mailed to your address on file. Each eligible student will receive either two separate disbursements of $500 each or one disbursement of $1,000.
Do I need to report the emergency grant on my federal tax return?
The CARES Act aid is considered a “qualified disaster relief payment” and is not treated as taxable income.