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COVID-19 Resources: Higher Education


Please be patient with the links from the latest omnibus legislation (Consolidated Appropriations Act, 2021). They load slowly but will take you directly to the reference. The complete text of the law is available in PDF format here. You can search using the section numbers provided in the references.

Federal Loans

  1. New Small Business Administration published PPP Guidance for Minority, Underserved, Veteran, and Women-Owned Businesses.
  2. New Small Business Administration published PPP Interim Final Rule incorporating applicable sections of the Consolidated Appropriations Act, 2021.
  3. New Small Business Administration published an interim final rule regarding second draw loans as mandated by the Consolidated Appropriations Act, 2021.
  4. Updated Small Business Administration updated the PPP loan forgiveness form (3508S) to reflect a December 31, 2023, expiration date.
  5. Updated Small Business Administration published an update to the PPP loan forgiveness form (3508S) instructions.
  6. New Sec. 311 of the Consolidated Appropriations Act, 2021: Availability of second draw PPP loans.
  7. Sec. 304 of the Consolidated Appropriations Act, 2021: Additional eligible expenses for PPP loans.
  8. New Sec. 276 of the Consolidated Appropriations Act, 2021: Clarification of tax treatment of forgiveness of covered PPP loans.
  9. New Sec. 288 of the Consolidated Appropriations Act, 2021: Retroactive updates to the Families First Coronavirus Response Act treatment of credits for paid sick and family leave.
  10. Updated Sec. 207 of the Consolidated Appropriations Act, 2021: Extension and Modification of the Employee Retention and Rehiring Tax Credit.
  11. PPP FAQ for Lenders and Borrowers.
  12. Loan Forgiveness Application.
  13. Other PPP Information.
  14. How to use a PPP loan to refinance an Economic Injury Disaster Loan (EIDL).
  15. SBA updated requirements regarding borrower's self-certification (loan necessity). FAQ #31 and #46
  16. Borrowers must adhere to federal nondiscrimination regulations.
  17. Safe harbor extended to give borrowers time to return Paycheck Protection Programs (PPP) loans secured with faulty self-certifications without penalty. FAQ #43

Compliance

  • New The Office of Management and Budget published the Addendum to the Compliance Supplement it issued in August, 2020.
  • New Sec. 701 of the Consolidated Appropriations Act, 2021: Shortens the FAFSA application.
  • Updated Waivers regarding compliance set to expire December 31, 2020 are extended by the Secretary of Education.
  • Institutions are required by OSHA to report employee hospitalization occurring within twenty-four hours of exposure to COVID-19 in the workplace.
  • The COD system update includes a coronavirus indicator and a Return to title IV calculator.
  • The Return to Title IV (R2T4) requirements for student withdrawals related to COVID-19 are waived.
  • Quarterly reporting mandated by the Cares Act is satisfied through the monthly reporting already required by the Federal Funding Accountability and Transparency Act (FFATA).
  • Institutions may accept a signed and dated statement from applicants in which they truthfully attests to secondary school completion or the equivalent.
  • If an estimated or actual amount of PPP loan forgiveness is identified on an institution's audited financial statements for the year in which the loan was received, and attested to by the institution's auditor, the Department will exclude that portion of the PPP loan from total liabilities and increase the institution's equity or net assets by that amount in calculating the institution's composite score.
  • Institutions must exclude work-study students when counting employees for PPP loan eligibility.
  • Institutions must exclude payroll costs for FWS students from the calculation of payroll costs used to determine their PPP loan amount. See here for details.

Grants

Topics to Watch

  • Insurance: Several states are considering laws that would permit businesses to collect on business interruption claims despite lack of physical damage and specific virus or pandemic exclusions. If passed, the constitutionality of those laws may come under fire.