BREAKING NEWS: Harvard University says it won’t take $8.6 million in coronavirus relief funding, a day after coming under fire from Pres. Trump.
During a Tuesday White House briefing, a reporter asked Pres. Trump if he was going to request that big companies return monies they received through the government’s small-business loan program. Along with saying yes, Trump also included Harvard taking funds even though they are one of the world’s wealthiest universities with an endowment of $40.9 billion last year.
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Pres. Trump said, “Harvard’s going to pay back the money. They shouldn’t be taking it. I’m not going to mention any other names, but when I saw Harvard — they have one of the largest endowments anywhere in the country, maybe in the world, I guess. They’re going to pay back that money.”
Harvard will not accept funds from the CARES Act Higher Education Emergency Relief Fund. Like most colleges & universities, Harvard has been allocated funds as part of the CARES Act. Harvard did not apply for this support, nor has it requested, received or accessed the funds
We are concerned that intense focus by politicians & others on Harvard in connection with the program may undermine participation in a relief effort Congress created & the president signed into law for the purpose of helping those whose financial challenges may be most severe
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.
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We will inform the DOE of our decision and encourage the department to act swiftly to reallocate those resources. We hope that special consideration will be given to MA institutions that are struggling to serve their communities and meet the needs of their students.
5/5 We remain fully committed to providing the financial support that we have promised our students. Read our full statement: https://t.co/2DDXJgb3ln
— Harvard University (@Harvard) April 22, 2020
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How did Harvard and large corporations receive the money meant for small businesses? Was there a loophole. Is that why the funds ran out for small businesses.
All I want is a financial report on how much each company has equity and cash on hand before they apply. If they are lying, fine them the amount they got and have them return the money to us taxpayers.
This piece was written by Wayne Dupree on April 22, 2020. It originally appeared in WayneDupree.com and is used by permission.
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