This Ivy isn't wilting under pressure.
Harvard University is pushing back hard against President Donald Trump's "inaccurate" claim that it scored coronavirus stimulus cash intended for struggling small businesses.
"Harvard did not apply for, nor has it received any funds through the U.S. Small Business Administration's Paycheck Protection Program (PPP) for small businesses. Reports saying otherwise are inaccurate," the university wrote on its official Twitter feed.
Trump lashed out at Harvard, which has a $40 billion endowment, after reports surfaced that it scored stimulus cash.
During a news briefing Tuesday, President Donald Trump and Treasury Secretary Steven Mnuchin spoke about the need for the $310 billion that will support the Paycheck Protection Program (PPP). Reporters attending the meeting asked about how the new package would be ensured to support small businesses versus large, public companies, which devoured the first round of funding before some mom-and-pop businesses could get access.
Trump sternly responded that those who received the funding in error would give the funds back to the federal government.
“Harvard’s going to take back the money,” Trump said. “They have one of the largest endowments. ... They’re gonna pay back the money.”
"Their whole 'endowment' system should be looked at!" Trump wrote on twitter.
It's not clear what he meant by "looked at." Like other private universities, Harvard has accumulated a massive nest egg mostly through the generous support of alumni and others.
The elite Ivy League college says it only received money under a separate plan designed to help universities support disadvantaged students left stranded by the closure of the campus.
"It would not have been appropriate for our institution to receive funds that were designated for struggling small businesses," it said on Twitter.
The university’s Twitter statements on the matter further explain that the funds intended for students will also be returned to clear up any confusion and, hopefully, help other Massachusetts students and institutions in need.
“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.”
Atlanta Journal-Constitution’s Stephanie Toone contributed to this report.
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