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On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was passed which authorized funding under the Higher Education Emergency Relief Fund (“HEERF”) to Institutions of Higher Learning. These funds are required to be provided as Emergency Financial Aid Grants to eligible students for expenses related to the disruption of campus operations due to coronavirus.

Palladium Technical Academy Inc.(PTA) signed and returned to the Department of Education its Certification and Agreement on April 28, 2020, with our assurance that PTA intends to use 100% of the Emergency Financial Aid Grants to eligible students. As of May 14, 2020, we have received $50,213 in student grant funding for this purpose. As of June 1, 2020, there are an estimated 25 students eligible to participate
in programs under Section 484 in Title IV of the Higher Education Act of 1965 (the “HEA”) and potentially eligible to receive the Emergency Financial Aid Grants to students. To date 17 students have received an emergency grant. Total amount of grant funds disbursed to students at this time is $34,000.

To be considered for the HEERF funding, PTA is using a request form where potentially eligible students confirm any unexpected expenses that may have been incurred as a result of the disruption of campus operations caused by the COVID-19 pandemic such as expenses for food, housing, course materials and technology, health and childcare. In addition to completing the request form, students must have been enrolled as a regular student in an eligible program of study that was not offered in a 100% online modality in their March 2020 session, and must meet all Title IV general eligibility requirements set forth in HEA Section 484. Students who completed their program of study at the conclusion of the March 2020 session are not eligible.

PTA determined that the most equitable way to disburse these grant funds to our impacted students, was to divide our total allocation among the eligible students who complete the request form. PTA will review all request forms the week of June 1 st and evenly disburse the total allocation to all eligible students.

Information on the use of these grant funds and how to complete a request form was communicated to students via email and text the week of May 25th.