How about setting the late submission policy by week in addition to by day and by hour? I teach a virtual class and would like to give students a 1 week grace period for late work before deducting credit.
I can also see that this would be beneficial for my traditional (live) course - sometimes students are absent on a particular day so will complete an assignment when they return. The assignment is not "late" as the student was not present in the first place.
Our school policy requires that students be given 2 days for each day missed to make up work before we can count it as late and deduct points. Allowing a grace period before docking points would be most helpful. This could be done by making the late submission point/percent grade reduction by week rather than by day.