Olympus, Inc has signed and returned to the Department of Education the Certification and Agreement and the assurance that Olympus, Inc has used and intends to use, no less that 50% of the funds received under section18004(a)(1) of the CARES Act to provide Emergency Financial Aid Grants to students.
Olympus, Inc has received from the Department pursuant to the institutions Certification and Agreement for the Emergency Financial Aid Grants to Students totals $1,430,238.00.
The total amount of Emergency Financial Aid Grants distributed to students under Section 18004(a)(1) of the CARES Act as of July 6, 2020 totals $417,500.
Olympus, Inc estimated 465 students at the institution eligible to participate in the programs under Section 484 in Title IV of the Higher Education Act of 1965 and thus eligible to receive Emergency Financial Aid Grants to students under Section 18004(a)(1) of the CARES Act.
The total number of students who have received an Emergency Financial Aid Grant to students under Section 18004(a)(1) of the CARES Act equals 465.
Olympus, Inc issued all enrolled students at the date of closure $500.00 as the initial distribution of the Emergency Financial Aid Grants under Section 18004(a)(1). Additional disbursements will be issued to students based on need as a result of disruption due to the COVID-19 pandemic.
Enrolled students were informed that the Emergency Financial Aid Grants were for expenses related to the disruption of campus operations due to the Coronavirus as stipulated by the CARES Act. Eligible expenses could include food, housing, transportation, course materials, technology, health care and child care. Awards will be distributed to eligible students based on need with an emphasis on providing additional support for the neediest populations.