'Harvard did not apply for this support, nor has it requested, received or accessed the funds,' the Ivy League school emphasized.
The Ivy League university released a statement late Wednesday afternoon that while it has “decided not to seek or accept the funds allocated to it” by the CARES Act Higher Education Emergency Relief Fund.
Harvard became the lightning rod in this debate, as its $40 billion endowment is the largest of any academic institution in the world. Yet the Harvard Crimson reported last week that the elite university in Cambridge, Mass. was receiving almost $9 million in funding from CARES Act, which critics including President Trump say should be earmarked for smaller businesses and schools.
Harvard initially responded in a Twitter TWTR, +10.44% thread that has since gone viral, explaining that it did not receive any money through the U.S. Small Business Administration’s Paycheck Protection Program, but it was allocated funds as part of the CARES Act, the $14 billion Higher Education Emergency Relief Fund.
Harvard is not the only Ivy set to receive financial assistance from the CARES Act. Columbia and Cornell universities are receiving the largest rewards among the Ivies, at $12.8 million each. Yale will get $7 million, and Princeton will get around $2.5 million. The biggest allocation of all actually went to Arizona State University, which got $63.5 million.
Harvard has noted that there is a misconception that schools can withdraw from endowments like taking cash out of a bank account, when “in reality, Harvard’s flexibility in spending from the endowment is limited by the fact that it must be maintained in perpetuity and that it is largely restricted.” iframe.twitter-tweet { width: 100% !important; } iframe.twitter-tweet { width: 100% !important; } iframe.twitter-tweet { width: 100% !important; } Republican senators Ted Cruz and Rick Scott, and former White House press secretary Sean Spicer chimed in against Harvard online.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Trump Says Harvard Will Have To Return $9 Million In Stimulus MoneyTrump says Harvard will have to return the $9 million it is slated to receive in federal stimulus money
Read more »
Trump Hotel Asks President Trump for a Rent ReductionAcross the country, and no doubt around the world, many are asking their landlords for a bit of leniency in these unprecedented and perilous times. But very few of those begging mercy of property owners have the luxury of owning the very property they need a rent break on, which sure does sound like an ideal situation.\n
Read more »
Donald Trump says he'll personally ask Harvard University to return Paycheck Protection Program loan money'Harvard's going to pay back the money,' Trump said. 'They shouldn't be taking it.'
Read more »
Trump Administration Boosts Pressure on Harvard Over Stimulus FundsThe Trump administration is continuing to pressure Harvard University to return nearly $9 million it would receive under the coronavirus stimulus package, a day after President Trump suggested those funds were intended to go to small businesses.
Read more »
N.Y. Gov. Andrew Cuomo Says President Trump Promised Help With Coronavirus TestingCuomo said at their White House meeting Trump committed to procure more testing supplies from China and other overseas manufacturers. He said they agreed the Navy ship Comfort could leave New York.
Read more »