Trump says Harvard will have to return the $9 million it is slated to receive in federal stimulus money
But the President was clearly confused this afternoon. Harvard is not drawing from the provision of the $2.2 trillion stimulus bill intended to help small businesses. Instead its money is coming from the $12.5 billion earmarked for institutions of higher education.
That money is being distributed according to a formula that has nothing to do with a school’s financial health or endowment. It is based on enrollment and it favors schools with large numbers of students who receive Pell grants that help students from low- and moderate-income families. Sixteen percent of Harvard’s 24,000 students receive the grants. Harvard is slated to receive $9 million.
Harvard has been under fire for taking federal funds when it has the largest endowment of any school in the U.S. Last year the endowment was worth $41 billion. Yesterday Harvard announced that it would give the entire $9 million to students who have experienced financial hardship because of the pandemic.
In a statement following the Trump briefing, Harvard spokesman Jason Newton said, “Harvard did not apply for, nor has it received any funds through the U.S. Small Business Administration’s Paycheck Protection Program for small businesses. . . . President Trump is right that it would not have been appropriate for our institution to receive funds that were designated for struggling small businesses.
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