CARES ACT: Signed by US President Donald Trump on 27th March 2020, CARES is a relief aid amidst the surging pandemic. These are funds that provide direct assistance to American workers and businesses. As the economy is crashing, over 2 trillion dollars have been distributed to assist Americans.
Meanwhile, Trump claims that the ivy league school, Harvard has received PPP ( Pay-check Protection Program) funds, under CARES ACT. Trump continued his insinuation, stating that Harvard has been taking funds despite their endowment of $40 billion. Harvard University denied this accusation stating that they received funds under the CARES Act for academic institutions. “Like most colleges and universities, Harvard has been allocated funds as part of the CARES Act Higher Education Emergency Relief Fund,” the university said in a statement. These funds would be directly supplied to the students who are in need of money due to COVID-19.
“Harvard is going to pay back the money. They shouldn’t be taking it,” Trump said Tuesday
“I’m not going to mention any other names, but when I saw Harvard — they have one of the largest endowments anywhere in the country, maybe in the world. They’re going to pay back the money,” Trump added. One day after Trump’s insinuation, Harvard announced that it will “neither seek nor accept” funds under CARES ACT. The university had previously received $9 million as relief funds. Harvard announced that all the workers will be given paid leave until the end of May.
“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 spokesman Jason Newton 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. As a result of this, and the evolving guidance being issued around the use of the Higher Education Emergency Relief Fund, Harvard has decided not to seek or accept the funds allocated to it,” he added.
Out of $2 trillion, $18 billion has been allocated for higher education institutes. Following Harvard’s announcement, Sanford and Princeton also took to announce that they wouldn’t be taking funds as well.
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Source: Fox News