H.R.6651 - Use Your Endowment Act116th Congress (2019-2020) |
|Sponsor:||Rep. Cline, Ben [R-VA-6] (Introduced 05/01/2020)|
|Committees:||House - Education and Labor|
|Latest Action:||House - 05/01/2020 Referred to the House Committee on Education and Labor. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.6651 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in House (05/01/2020)
Use Your Endowment Act
This bill deems certain institutions of higher education (IHEs) ineligible to receive certain emergency relief funds to address the coronavirus (i.e., the virus that causes COVID-19).
Specifically, an IHE with an endowment greater than $10 billion in 2019 is generally ineligible to receive such funds and must return any funds it received to the Department of Education (ED). However, such an IHE may receive and keep these funds if it provides documentation to ED that it expended 1,000% of the amount of the funds on emergency relief (e.g., financial-aid grants to students).