Washington Watch: What the CARES Act holds for higher ed – Community College Daily
The Senate late Wednesday passed a massive compromise stimulus bill, which includes nearly $14 billion for higher education.
After its 96-to-zero vote, the Senate now sends the Coronavirus Aid, Relief and Economic Security (CARES) Act (H.R. 748) to the House, which is expected to pass it on Friday morning. President Trump has said he would immediately sign the largest economic rescue package in U.S. history.
For community colleges, the core of the bill is $30.75 billion provided for education, with $13.95 billion allocated to higher education. About $12.5 billion (90 percent) of those funds will be provided through formula grants to institutions.
Under the legislation:
- Funding will be allocated based on an institution’s share of the following: each Pell Grant recipient will be weighted at .75 (measured by FTE), and all other students will be weighted at .25 (measured by FTE). In other words, Pell Grant recipients are weighted at three times the amount of non-Pell Grant recipients.