Colleges Turn to Federal Reserve For More Coronavirus Aid

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After receiving $14 billion in Coronavirus Aid, Relief, and Economic Security (CARES) Act funding, colleges and universities are now turning to the Federal Reserve for more aid.

The American Council on Education (ACE) recently sent a letter to Federal Reserve Chairman Jerome Powell asking for clarification and exemptions for the newly announced Main Street Lending Program.

The organization, which represents more than 1,700 colleges and universities, asked the Fed whether “nonprofit private and public institutions” are eligible for the program, and if student employees can be exempt from the employee cap.

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