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Federal Register / Vol. 86, No. 92 / Friday, May 14, 2021 / Rules and Regulations
Costs, Benefits, and Transfers section related to institutions, allocations were determined in April 2020 for the CARES
Act funds with $50 million held in reserve to account for data limitations in allocating the initial amounts to eligible institutions. When issuing the interim final rule, we anticipated that $12.5
billion would ultimately be disbursed in 2020, and therefore estimated $12.5
billion in transfers in 2020 relative to a pre-statutory baseline. Reserve allocations of $1.86 million went out
but the full $50 million was not needed, and all unobligated CARES a1
funding was transferred to CRRSAA
a1 funding. The definition of student also applies to $22.7 billion in CRRSAA
funds allocated in January 2021 and $39.6 billion in ARP funds which will be allocated to institutions in April 2021.
Accounting Statement As required by OMB Circular A4, in the following table we have prepared an
accounting statement showing the classification of the impacts associated with the provisions of these final regulations in 20202021, using 3
percent and 7 percent discount rates.
This table provides our best estimate of the changes in monetized transfers in 20202021 as a result of this final rule.
We note that transfers below flow from the Federal Government to eligible students and are processed through institutions.

TABLE 3ACCOUNTING STATEMENT: CLASSIFICATION OF ESTIMATED IMPACTS IN 20202021
In millions Category
Benefits
Assistance may support students continuing in their programs

Not quantified Costs
Paperwork burden on institutions to administer funds and on students to apply

7%
$23.6

Category
Transfers
Minimum relief for eligible students to help with additional expenses due to covid19 pandemic HEERF from CARES Act, CRRSAA, and ARP
Maximum assistance to institutions for COVID19 pandemic related expenses from CARES Act, CRRSAA, and ARP
Funding available to HBCUs, TTCUs, MSIs, and SIPs under CARES, CRRSAA and ARP a2
Competitively awarded supplemental assistance to private, non-profit and public institutions under CARES, CRRSAA and ARP a3

Regulatory Flexibility Act Certification The Secretary certifies that these regulations will not have a significant negative economic impact on a substantial number of small entities.
The U.S. Small Business Administration Size Standards define small entities as for-profit or nonprofit institutions with total annual revenue below $7,000,000 or, if they are institutions controlled by small governmental jurisdictions that are comprised of cities, counties, towns, townships,
3%
$23.6

villages, school districts, or special districts, with a population of less than 50,000.
However, as noted in several of the Departments recent regulations, we believe that an enrollment-based standard for small entity status is more applicable to institutions of higher education. The Department recently proposed a size classification based on enrollment using IPEDS data that established the percentage of institutions in various sectors considered to be small entities, as
7%
$31,486

3%
$31,486

$38,639
$5,718

$38,639
$5,718

$660.2

$660.2

shown in Table 4. We described this size classification in the NPRM
published in the Federal Register on July 31, 2018 for the proposed borrower defense rule 83 FR 37242, 37302. The Department discussed the proposed standard with the Chief Counsel for Advocacy of the Small Business Administration, and while no change has been finalized, the Department continues to believe this approach better reflects a common basis for determining size categories that is linked to the provision of educational services.

TABLE 4SMALL ENTITIES UNDER ENROLLMENT BASED DEFINITION
Sector
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2-year 2-year 2-year 4-year 4-year 4-year
Small
Total
Percent
Public
Private, Non-Profit
Proprietary
Public
Private, Non-Profit
Proprietary

342
219
2,147
64
799
425

1,240
259
2,463
759
1,672
558

28
85
87
8 48
76

Total

3,996

6,951

57

As described in the Regulatory Impact Analysis, institutions may benefit from applying no more than 50 percent of their allocation of CARES Act HEERF

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funds to institutional costs, so some small entities will benefit from those revenues. Public and private, non-profit institutions can use allocated funds
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from CRRSAA and ARP above the amount they received under the CARES
Act for institutional expenses. They will also have to establish a process for
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