Harvard University stated on Wednesday it is not going to take the $8.6 million stimulus allocation supplied to them as a part of the huge $2.2 trillion CARES Act, accepted by U.S congress to ease the monetary burden of a lot of America’s companies within the wave of the coronavirus pandemic.
In an announcement, the college stated;
“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,” the assertion stated.
The controversy unfolded after President Trump cited Harvard’s ample endowment – price practically $41 billion – as the explanation why it shouldn’t have the cash.
Harvard was valued at $40.9 billion as of June 2019, in keeping with Forbes.
Following President Trump’s remarks, Harvard, based mostly in Cambridge, Massachusetts, stated it meant to make use of the cash for direct help to needy college students.
Education Secretary Betsy DeVos piled on strain in an announcement on Wednesday.
“Schools with large endowments should not apply for funds so more can be given to students who need support the most. It’s also important for Congress to change the law to make sure no more taxpayer funds go to elite, wealthy institutions,” she stated.
At a press briefing shortly after Harvard issued the assertion, President Trump hailed the choice by Harvard and Stanford University, which rescinded its utility for aid funds on Monday, in keeping with a college assertion. Princeton University has additionally stated it will not take the funding.
“They’re not accepting the money and that is great, so I want to thank Harvard, I want to thank Stanford,” Trump stated.
But not all universities are turning down the provide. The University of Notre Dame put out an announcement on Wednesday pledging that each one federal funding for the college tied to coronavirus aid could be used solely for monetary assist to college students whose households have been harm by the pandemic.