Harvard University says it will not accept millions of dollars allocated to it from the Coronavirus Aide, Recovery, and Economic Security Act (CARES Act).
In a statement on Wednesday, Harvard said, “Like most colleges and universities, Harvard has been allocated funds as part of the CARES Act Higher Education Emergency Relief Fund. Harvard did not apply for this support, nor has it requested, received, or accessed these funds.”
The statement continued to say that Harvard will face “significant financial challenges due to the pandemic.”
“We are also concerned, however, that the intense focus by politicians and others on Harvard in connection with this program may undermine participation in a relief effort that Congress created and the President signed into law for the purpose of helping students and institutions whose financial challenges in the coming months 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.”
Finally, the statement said, “We will inform the Department of Education of our decision and encourage the department to act swiftly to reallocate resources previously allocated to Harvard.”
Under the CARES Act, Harvard was able to receive roughly $9 million in aid. The aid was designed to help colleges suffering financially because of the coronavirus, and it was available to Ivy League university such as Harvard.
During a press conference on Tuesday night, President Donald Trump called on Harvard to return the funds, apparently confusing the college fund with the Paycheck Protection Program. He cited Harvard’s $41 billion endowments to suggest that the college did not need CARES Act Funds.
“Harvard should pay that money back. I want Harvard to pay the money back,” Trump said. “Okay? And if they won’t do that, then we won’t do something else. They have to pay it back. I don’t like it.”