Now Harvard says it WON'T take bailout cash after Donald Trump voiced anger that Ivy League college with $41 billion endowment was due coronavirus help
- Harvard announced Wednesday that university would not take any money allocated to the institution from the CARES Act
- On Tuesday, President Trump called out the Ivy League school by name, as Harvard was set to get $8.6 million from the bill's higher education fund
- The president lumped Harvard in with other big businesses who had taken advantage of the Paycheck Protection Program
- The fund set up for colleges was a different pot of money, but part of the $2 trillion bailout package passed by Congress to deal with the coronavirus
- On Wednesday, Stanford and Princeton also announced that they informed the Department of Education to reallocate their funds
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Harvard will not take any of the money allocated to universities in the coronavirus bailout package, a spokesman for the school said Wednesday.
President Trump applauded the news at the afternoon press briefing.
'They're not accepting the money so that's great, so I want to thank Harvard,' Trump said.
At Tuesday's press briefing, Trump lumped Harvard in with large companies that had taken taxpayer funds that were to be used to help prop up small businesses shut down due to the pandemic.
'Harvard is going to pay back the money and they shouldn't be taking it,' Trump told reporters in the briefing toom.
Harvard, which easily out-guns other schools with its eye-watering $40.9 billion endowment, was planning to take $8.6 million allocated to the school as part of the Higher Education Emergency Relief Fund
Donald Trump late on Tuesday demanded Harvard University give back an $8.6 million grant it received as part of a stimulus package amid coronavirus
Sen. Ted Cruz also hammered Harvard for getting taxpayer money, like Trump pointing to the school's giant endowment
The president pointed to the school's $40.9 billion endowment.
They shouldn't be taking it. They have one of the largest endowments anywhere in the history of the country, maybe the world I guess. They're going to pay back that money,' the president said at the press briefing.
He still had the issue on his mind later Tuesday night.
'Harvard should give back the money now,' Trump tweeted then. 'Their whole "endowment" system should be looked at,' he wrote.
Sen. Ted Cruz, a Texas Republican, also used Twitter to hammer Harvard for getting taxpayer relief.
Harvard, like other colleges and universities, was supposed to receive $8.6 million as part of the Higher Education Emergency Relief Fund, which was also part of the CARES Act.
Chain restaurants like Ruth Chris Steak House and Shake Shack had received loans from a different pot of money, called the Paycheck Protection Program.
In those cases, Treasury Secretary Steve Mnuchin asked that the money be returned.
Shake Shack already plans to give back the cash.
A spokesman for Harvard continued to maintain that Harvard, like other institutions 'will face significant financial challenges due to the pandemic and economic crisis it has caused.'
'We are also concerned however, that the intense focus by politicians and others on Harvard in connection with this program may undermine participation in a relief effort that Congress created and the president signed into law for the purpose of helping students and institutions whose financial challenges in the coming months may be the most severe,' the statement read.
'As a result of this, and the evolving guidance being issued around use of the Higher Education Emergency Relief Fund, Harvard has decided not to seek or accept the funds allocated to it by statute,' it continued.
The school said it would contact the Department of Education to have the funds allocated to Harvard redistributed elsewhere.
The spokesman asked that 'special consideration will be given to Massachusetts institutions that are struggling to serve their communities and meet the needs of their students through these difficult and challenging times.'
Harvard had initially responded to the president by saying it planned to 'direct 100 per cent of the funds to financial assistance to students, and will not be using any of the funds to cover institutional costs.'
Beyond New York City, the epicenter of the coronavirus outbreak in the United States, the area around Boston, where Harvard is located, is also a hot spot.
Colleges and universities are bracing for financial problems due to the crisis because while remote classes continue, students may end up not paying for full tuition.
Earlier Tuesday, Stanford and Princeton also announced that they would not take the money that was allocated to their institutions in the CARES Act.
Trump mentioned Stanford at Wednesday's press briefing as well, thanking the university for deciding against taking the funds.
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April 23, 2020 at 05:59AM
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