Cares Act
Background on the CARES Act and the Higher Education Emergency Relief Fund (HEERF)
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law on March 27th, 2020. This bill allotted $2.2 trillion to provide fast and direct economic aid to the American people negatively impacted by the COVID-19 pandemic. Of that money, approximately $14 billion was given to the Office of Postsecondary Education as the Higher Education Emergency Relief Fund (HEERF). In turn, HEERF provides funding to institutions to provide emergency financial aid grants to students whose lives have been disrupted, many of whom are facing financial challenges and struggling to make ends meet. HEERF also provides funding to institutions to help mitigate certain costs or lost revenues that were due to the coronavirus.
The Coronavirus Response and Relief Supplemental Appropriations Act (CRRSA Act) was signed into law on December 27th, 2020. Within this bill, approximately $23 billion was given to HEERF which was in effect a supplement to the CARES Act that in turn provided additional funding to institutions for both students and the institution.
The American Rescue Plan Act (ARP Act) was signed into law on March 11th, 2021. Within this bill, approximately $40 billion was given to HEERF which was in effect yet another supplement to the CARES Act which again provided additional funding to institutions for both students and the institution.
Sections (a)(1) Institutional Portion, (a)(2), and (a)(3) Reports—January 7, 2022
- HEERF Quarterly Budget and Expenditure Report – September 30, 2020
- HEERF Quarterly Budget and Expenditure Report – March 31, 2021
- HEERF Quarterly Budget and Expenditure Report – June 30, 2021
- HEERF Quarterly Budget and Expenditure Report – September 30, 2021
- HEERF Quarterly Budget and Expenditure Report – December 31, 2021
No report was required for the quarter ended December 31, 2020. The initially posted HEERF Quarterly Budget and Expenditure Reports for the first three calendar quarters of 2021 have been updated so that the “Total Amount of Funds Awarded” line inside the reports now contains cumulative award amounts. Expenditure amounts have also now been added to the September 30, 2021 quarterly report. As of December 31, 2021, Faith has expended and liquidated all (a)(1), (a)(2), and (a)(3) institutional funding from HEERF I, II, and III. Therefore, the final report box has been checked and no further quarterly reports need to be completed.
ARP Act 2003(a)(1) Student Portion Report—January 7, 2022
As of January 7, 2022, no emergency financial aid grants made under the ARP Act Section 2003(a)(1) Student Aid Portion have been declined or returned to the college. Thus, the entire $419,253 of emergency financial aid grants for students have been disbursed and there are no additional funds from this tranche to be released to students.
ARP Act 2003(a)(1) Student Portion Report—October 28, 2021
As previously communicated by Faith on July 8 and October 7, 2021, Section 2003(a)(1) of the American Rescue Plan Act (ARP Act) provided Faith, through the Higher Education Emergency Relief Fund (HEERF), with an additional $419,253 of funding for emergency financial aid grants to students. The entire amount was disbursed to students on October 27, 2021. Additional information regarding this funding can be found here.
ARP Act 2003(a)(1) Student Portion Report—October 7, 2021
Section 2003(a)(1) of the American Rescue Plan Act (ARP Act) provided Faith, through the Higher Education Emergency Relief Fund (HEERF), a $419,253 supplemental funding obligation for emergency financial aid grants to students. The grant award notification is dated May 17, 2021, and has an award budget period through May 16, 2022. This is the same funding that was previously communicated below on July 8, 2021. Faith is in the process of determining individual student grant amounts and now intends to draw down and disburse to students most, if not all, of these funds during the quarter ending December 31, 2021.
ARP Act 2003(a)(1) Institutional Portion and (a)(2) Reports—October 7, 2021
Section 2003(a)(2) of the American Rescue Plan Act (ARP Act) provided Faith, through the Higher Education Emergency Relief Fund (HEERF), with $35,736 of supplemental funding for the institution during the most recent quarter. Additional information can be found in the HEERF Quarterly Budget and Expenditure Report – September 30, 2021.
ARP Act 2003(a)(1) Student Portion Report—July 8, 2021
Section 2003(a)(1) of the American Rescue Plan Act (ARP Act) provided Faith, through the Higher Education Emergency Relief Fund (HEERF), a $419,253 supplemental funding obligation for emergency financial aid grants to students. The grant award notification is dated May 17, 2021, and has an award budget period through May 16, 2022. Faith intends to draw down and disburse to students most, if not all, of these funds during the quarter ending September 30, 2021.
ARP Act 2003(a)(1) Institutional Portion Report—July 8, 2021
Section 2003(a)(1) of the American Rescue Plan Act (ARP Act) provided Faith, through the Higher Education Emergency Relief Fund (HEERF), with $397,841 of supplemental funding for the institution. Additional information can be found in the HEERF Quarterly Budget and Expenditure Report – June 30, 2021.
CRRSA Act 314(a)(1) Institutional Portion and (a)(2) Reports—July 8, 2021
Sections 314(a)(1) and (a)(2) of the Coronavirus Response and Relief Supplemental Appropriations Act (CRRSA Act) provided Faith, through the Higher Education Emergency Relief Fund (HEERF), with $369,173 of supplemental funding for the institution. Additional information can be found in the HEERF Quarterly Budget and Expenditure Report – March 31, 2021.
CRRSA Act 314(a)(1) Student Portion Report—July 8, 2021
As of July 8, 2021, no emergency financial aid grants made under the CRRSA Act Section 314(a)(1) Student Aid Portion have been declined or returned to the college. Thus, the entire $148,517 of emergency financial aid grants for students have been disbursed and there are no additional funds from this tranche to be released to students.
CRRSA Act 314(a)(1) Student Portion Report—May 20, 2021
Section 314(a)(1) of the Coronavirus Response and Relief Supplemental Appropriations Act (CRRSA Act) provided Faith, through the Higher Education Emergency Relief Fund (HEERF), with an additional $148,517 of funding for emergency financial aid grants to students. The entire amount was disbursed to students on March 29, 2021. Additional information regarding this funding can be found here.
CARES Act 18004(a)(1) Institutional Portion, (a)(2), and (a)(3) Reports—October 22, 2020
Sections 18004(a)(1), (a)(2), and (a)(3) of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provided Faith, through the Higher Education Emergency Relief Fund (HEERF), with $351,483 of funding for the institution. Additional information regarding this funding can be found in the HEERF Quarterly Budget and Expenditure Report – September 30, 2020.
CARES Act 18004(a)(1) Student Portion Report—October 22, 2020
As of October 22, 2020, no emergency financial aid grants made under the CARES Act Section 18004(a)(1) Student Aid Portion have been declined or returned to the college. Thus, the entire $148,517 of emergency financial aid grants for students have been disbursed and there are no additional funds to be released to students.
CARES Act 18004(a)(1) Student Portion Report—June 1, 2020
Section 18004(a)(1) of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provided Faith, through the Higher Education Emergency Relief Fund (HEERF), with $148,517 of funding for emergency financial aid grants to students. The entire amount was disbursed to students on May 28, 2020. Additional information regarding this funding can be found here.
