Overview
On March 27, 2020, Congress passed the Coronavirus Aid, Relief,
and Economic Security Act ("CARES Act"), the third and by far the
largest stimulus package passed by Congress to respond to the
COVID-19 outbreak. As discussed in our
main alert, the $2 trillion CARES Act amounts to what will be
the biggest economic stimulus package in American history.
For educational institutions, the Act offers a combination of
financial assistance and legislative changes designed to blunt the
devastating effects of COVID-19 on the education system. In
specific, the Act creates a $30.9 billion Education Stabilization
Fund to be distributed directly to states, local school districts,
and institutions of higher education. The Act allows private
educational institutions (including private elementary and
secondary schools) to receive some funding.
