The COVID-19 pandemic has thrust students, their support networks, and institutions of higher education toward a financial crisis. In response, the U.S. Senate signed the CARES Act into law, which provides institutions of higher education with $14 billion to support various campus functions. Within the CARES Act, the Senate allocated funding for institutions of higher education to create emergency aid programs. Although emergency aid programs have existed on college campuses for decades, they are under-researched within academia. Given the immediacy of challenges presented by COVID-19 and the availability of CARES Act funding, many institutions are moving quickly to develop emergency aid programs on their campuses. Yet, institutions of higher education may lack clear guidance given the ambiguity surrounding funding and timing. To support the higher education community, this report synthesizes existing reports and provides a framework for creating, administering, and assessing emergency aid programs.