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Harvard University reluctantly agreed to return the $9 million in coronavirus relief funding it pocketed after President Trump warned that the school — which has a $41 billion endowment — must return the money.
The taxpayer-funded, federal relief aid was meant to help small businesses, which are struggling due to nationwide shutdowns. Small businesses comprise 99% of all businesses in the United States.
Left-wing Harvard is not a small business; it’s more like a multinational corporation. It charges $50,000 a year for tuition per student and is sitting on a monster $41 billion endowment. Harvard also receives millions of dollars in federal funding every year.
Harvard announced that it would return the $9 million in relief aid one day after initially refusing to return the money.
“Harvard is going to pay back the money,” President Trump said at Tuesday’s White House coronavirus briefing. “They shouldn’t be taking it.”
On Wednesday, Harvard University issued a statement explaining that it will no longer “seek or accept” aid from the CARES Act Higher Education Emergency Relief Fund.
Amazingly, Harvard insisted that it’s facing financial hardship even though it still charged its yearly $50,000 tuition despite suspending on-campus classes amid the coronavirus shutdowns.
“We have previously said that Harvard, like other institutions, will face significant financial challenges due to the pandemic and economic crisis it has caused,” Harvard said.
“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.”
Harvard added: “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.”
So basically, Harvard is giving back taxpayer-funded relief aid because the debacle has become a public-relations nightmare and not because it’s the right thing to do.
Podcaster Carol Roth, an expert on small businesses, summed it up best when she remarked that Harvard is “a hedge fund masquerading as a university.”
A reminder that Harvard, basically a hedge fund masquerading as a university with north of $40 BILLION in assets in their endowment, received $9 million under the "CARES Act" while small businesses are being told that funds to help them have run out.
— Carol Roth (@caroljsroth) April 17, 2020
Harvard was widely slammed for its shocking greed at a time when millions of unemployed Americans are struggling to feed their families and countless small businesses are cratering amid nationwide shutdowns.
Fox Business anchor Charles Payne said he “agrees 1,000%” with President Trump’s request that Harvard return coronavirus relief funds that were intended for small businesses.
“When the pandemic initially broke out, the first thing that Harvard did was fire their cafeteria staff that were subcontractors, almost 300 workers!” Payne pointed out.
Payne continued: “If Harvard would’ve paid them a normal salary, it would’ve cost them $700,000, which is less than one percent of one percent of the $40 BILLION dollars they’re sitting on. And now the taxpayers should fork over cash [to Harvard]? Absolutely not! They are out of touch!”
(Source: Making Money with Charles Payne)
Payne slammed Harvard for “taking taxpayer funds that you do not need. We’ve got millions of small businesses still waiting and praying for relief.”
Payne added: “They’ve got $40 billion! Break off a billion of what they’ve got! If they really want to help poor people, poor students, break off a billion [from their endowment]! They won’t miss it. Help if you want to help, but do not take money from taxpayers!”
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