The 2020 General Assembly adjourned its regular session by providing over $390 million in additional general fund support for Virginia higher education institutions in the 2020-22 biennium. However, in March, the nation experienced the COVID-19 pandemic. In order to address the repercussions of the COVID-19 pandemic on state revenues, Governor Northam and the General Assembly unallocated (the budget language uses the term "unallotted") nearly all new spending in the state budget for the 2020-22 biennium. The vast majority of funding for higher education remains unallotted for FY 2022. In addition to the pandemic and the economic impact on state revenues, recent events related to racial justice also raised short- and long-term questions regarding how higher education's budgets, policies and practices support equity at a state and institution level. These changes impact Virginia's objective to be the best-educated state by 2030 and raise concerns that gaps in attainment by race and income could widen and that costs could increase. As a result, higher education at a state and institution level will need to assess its current structure to avoid impacts on equity and affordability. This report provides State Council of Higher Education in Virginia's (SCHEV's) overview and assessment of the impact of events that have occurred over the last nine months, additional funding provided to higher education in 2020, and budget and policy recommendations for the Governor and General Assembly consideration in the upcoming 2021 session. [For "FY 2020 Budget and Policy Recommendations for Higher Education in Virginia," see ED610207.]