CARES ACT 30-day Fund Report
Section 18004(e) of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act” or the “Act”), Pub. L. No. 116-136, 134 Stat. 281 (March 27, 2020), directs institutions receiving funds under Section 18004 of the Act to submit (in a time and manner required by the Secretary) a report to the Secretary describing the use of funds distributed from the Higher Education Emergency Relief Fund (“HEERF”).
On May 6, 2020, the U.S. Department of Education, Office of Postsecondary Education posted their reporting requirements for HEERF participating institutions.
Each HEERF participating institution is responsible for providing this information in report format (the “30-day Fund Report”). In addition, these participating institutions are required to post the information listed below on the institution’s primary website. Accordingly, the following information will be easily accessible to the public and made available 30 days after the date when the institution received its allocation under 18004(a)(1) and updated every 45 days thereafter. Here are the requirements in a numbered list:
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.
Studio Beauty School Response: Studio Beauty School completed and submitted the Recipient Funding and Certification Agreement on Monday, April 24, 2020 assuring that 50% of the funds would be used as intended to provide Emergency Financial Aid Grants to students. The college received a total allocation of $54,016. The Emergency Relief Grant Oversight Committee was established in order to deliver 100% of the funding to students impacted by the COVID - 19 pandemic.
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.
Studio Beauty School Response: Studio Beauty School received $54,016 in funding to be distributed among all students active March 23, 2020 which was the first business day of the school's closure date and the first day students were not able to clock hours.
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).
Studio Beauty School Response: As of May 21, 2020, the college has awarded $54,000 to students. Checks began processing May 21, 2020, and all were mailed on/or about May 27, 2020 to current address on file of student.
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.
Studio Beauty School Response: The college estimates the number of students eligible to participate in the emergency grant program is 72 students.
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.
Studio Beauty School Response: As of May 21, 2020, 72 students were awarded an emergency Financial Aid Grant from the CARES Act. Checks prepared starting May 21, 2020 and mailed on/or about May 27, 2020.
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.
Studio Beauty School Response: All students active during closure due to COVID-19 were deemed financially impacted. Studio Beauty School divided the total funds by the number of students (72) and awarded a check for $750.00 to each student on roster as of March 23, 2020 which was the first day closed due to COVID-19. Students received an email notice of the COVID-19 Relief Fund disbursement on May 21,2020. In addition, the information was available on the college’s webpage. The Emergency Relief Grant Oversight Committee evaluated each student based on student expenses related to the disruption of campus operations due to COVID-19, including emergency travel, housing, food, course materials, technology, healthcare, and childcare. All students qualified for need of relief so the committee awarded it evenly to active students.
7. Any instructions, directions, or guidance provided by the institution to students concerning the Emergency Financial Aid Grants.
Studio Beauty School Response: As of May 13th The college maintains https://www.studiobeautyschool.com/cares-act-faqs which includes Frequently Asked Questions and provides access to information regarding the Emergency Relief Grants. The website directs users to submit questions to email@example.com . The email address is monitored daily and questions and/or concerns are promptly responded to. An “all student” email was distributed on May 21, 2020 providing details of the CARES Act disbursement and offered time to update student address changes that may have taken place during closure. Information regarding the grants along with a link to the information about distribution to students, faculty, and staff on May 21, 2020, via the COVID-19 Update email. All applicants received an email notice of their application and award status on May 21, 2020. The award notifications directed applicants with questions to directly contact the Business Office at 509-242-9921 or at firstname.lastname@example.org.