Harvard must return $9 million in coronavirus aid, Trump says

Harvard must return $9 million in coronavirus aid, Trump says

Harvard must return $9 million in coronavirus aid, Trump says

After being publicly scolded by President Trump and facing a growing backlash over its access to federal stimulus funds, Harvard University on Wednesday announced that it would not apply for the emergency relief.

Co-founder of Morgan Creek Digital, Anthony Pompliano, supports Trump, alleging that Harvard is not a school but just an asset management company pretending to look like a school to receive tax deductions. Harvard said it has chosen to spend 100 percent of the funds on students.

University officials released a statement in response to the accusations, reiterating that they received the money through the Higher Education Emergency Relief Fund. "Harvard should pay that money back", Trump said.

President Trump said Tuesday he's going to make sure that Harvard University gives back almost $9 million it received in coronavirus disaster aid from the federal government. "They got to pay it back", Trump said, per the BBC. However, many have been questioning that move, pointing out that the university already has a $40-mln endowment overseen by the Harvard Management Company.

At the time, the president appeared to be referring to money allocated to helping small businesses.

The White House has faced mounting scrutiny in recent days as the Small Business Administration's Paycheck Protection Program (PPP)-which was passed last month as part of the third stimulus package-ran out of money, meaning no new loans could be issued until it was replenished.

The institution said in a statement that the $8.6 million it received would be used exclusively to help students facing "urgent financial needs" because of the CCP (Chinese Communist Party) virus pandemic. Other top-tier and highly-endowed universities also received funding under the program. Dartmouth College has been allocated $3.4 million, Brown University will receive $4.8 million, and Yale University $6.8 million, according to the data.

But the university said the funds would help students facing "urgent financial needs" because of the pandemic.

In a statement, the university said it would face significant financial challenges due to the pandemic and resulting economic crisis. Stanford has an endowment of $28 billion.

It benefited from $14 billion in relief for higher education, distributed to institutions based on the number and income of students. He also praised the USA higher education system for being "one of the foundations to our success".

Institutions that serve low-income, first-generation students and are reliant on tuition revenue are at risk. "They're going to pay back the money", he added. Bridgewater State University has been allocated $8.8 million, almost as much as Harvard.

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