The Consolidated Appropriations Act 2021 will provide $22 billion of aid to institutions. This builds on the funds distributed under the CARES Act to aid institutions of higher education in providing direct, emergency aid grants to students impacted by the COVID-19 pandemic. This brief provides recommendations for how institutions of higher education can think about distributing this new round of aid to students. This guidance has significantly updated since the brief we released in April. It includes lessons learned from our research on emergency aid distributed through CARES, as well as the wisdom and insight provided by college leaders, including those who participated in our webinar on Scaling Emergency Aid.