Harvard’s response to Pres. Trump was that they got their money they got came from CARES Act Higher Education Emergency Relief Fund and not the U.S. Small Business Administration’s Paycheck Protection Program. My question is why did they get money from the CARES Act?

During Tuesday’s coronavirus task briefing, Trump said that Harvard, with an endowment fund of $40 billion, will be paying back $8.6 million it received through the $2.2 trillion aid package signed on March 27, reports the New York Times. He also claimed that Harvard was the world’s wealthiest university.

“This is meant for workers, this isn’t meant for one of the richest institutions … They got to pay it back,” Pres. Trump said, per the BBC.

President Trump rips Harvard:

"I want Harvard to pay that money back. If they won't do that, we won't do something else…" pic.twitter.com/Xl4vghvpmM

— Daily Caller (@DailyCaller) April 21, 2020

You just can’t make this stuff up:below from Harvard’s own magazine…$298m surplus plus 9.62 billion in fundraising which they describe as “happy result” and yet take 9 million from struggling taxpayers…⁦@Harvard⁩ pic.twitter.com/Qmsd2IbHD7

— Greta Van Susteren (@greta) April 20, 2020

Harvard contends it didn’t receive any money from a fund granting loans to small businesses. It benefited from $14 billion in relief for higher education, distributed to institutions based on the number and income of students.

Here is Harvard’s response via Twitter:

Harvard did not apply for, nor has it received any funds through the U.S. Small Business Administration’s Paycheck Protection Program (PPP) for small businesses. Reports saying otherwise are inaccurate.

President Trump is right that it would not have been appropriate for our institution to receive funds that were designated for struggling small businesses.

Like most colleges and universities, Harvard has been allocated funds as part of the CARES Act Higher Education Emergency Relief Fund.

Harvard has committed that 100% of these emergency higher education funds will be used to provide direct assistance to students facing urgent financial needs due to the COVID-19 pandemic.

This financial assistance will be on top of the support the University has already provided to students – including assistance with travel, providing direct aid for living expenses to those with need, and supporting students’ transition to online education.

Half of the relief money was intended to go to students, with the remainder assisting in revenue losses as a result of shuttered campuses, canceled athletic events, and more. Though Harvard president Lawrence Bacow tells the Times that resources are “already stretched,” the university says it has “committed that 100% of these emergency higher education funds will be used to provide direct assistance to students facing urgent financial needs due to the COVID-19 pandemic.”

 

 

This piece was written by Wayne Dupree on April 22, 2020. It originally appeared in WayneDupree.com and is used by permission.

Read more at WayneDupree.com:
[VIDEO] Without Lights, Cameras and Hollywood Audience Bill Maher Cracks and Crumbles in Debate With Dan Crenshaw
[VIDEO] Disheveled Millionaire Pelosi Asks For Campaign Contributions While Americans Are Out of Work
[VIDEO] Nazi Flag Supposedly At Michigan Protest Was Actually From Bernie Sanders Rally in Idaho

The opinions expressed by contributors and/or content partners are their own and do not necessarily reflect the views of Steve Gruber.