Last month, a federal court in North Carolina held in Karanik et al. v. Cape Fear Academy, Inc., No. 7:21- CV-169D (E.D.N.C.June 17, 2022), that a private secondary school’s receipt of a Paycheck Protection Program (PPP) loan pursuant to the Coronavirus Aid, Relief, and Economic Security (CARES) Act was considered acceptance of federal financial assistance. As a result, the court held that the school was subject to the obligations set forth in Title IX for the life of the loan.