The Coronavirus Aid, Relief, and Economic Security (CARES) Act is aimed at providing relief for individuals, public institutions and businesses that have been or will be negatively impacted by the COVID-19 outbreak.
As higher education institutions await regulatory guidance from the Department of Education that may address many of the administrative and procedural matters currently undefined, the key provisions of the CARES Act are summarized in this brief.
KPMG is actively monitoring developments related to the CARES Act and recommends, among other efforts, that institutions consider setting up an internal process for managing and allocating funds to not only ensure compliance with the CARES Act, but also to manage for the potential that allocated funds may not fully offset costs related to COVID-19.
