Late last week, we learned the US Department of Education is preparing to release the first wave of Coronavirus Aid, Relief, and Economic Security (CARES) CARES Act funding to go directly to students in the form of emergency grants to be used for purposes relating to the disruption in their educations due to the COVID-19 outbreak.
This funding comes with very specific qualification standards and must align with statutory requirements. We expect significant Federal oversight as well as standardized criteria and disbursement instructions from the UNC System. App State is working closely with UNC System leadership to develop and implement guidelines to meet the federal requirements for the disbursement of student emergency grants.
The passage of the CARES Act and Appalachian’s allocation is welcome news, and we are appreciative of our congressional leaders and the advocates who ensured Appalachian’s allocation. This grant will go a long way toward offsetting COVID-19 expenses, yet we still expect a significant budget shortfall, given our incurred costs and lost revenue to date, and our estimated additional costs and lost revenue through the end of this fiscal year.
We will provide additional information and updates as we have them.