Harvard refuses to give back millions in coronavirus aid despite $41 billion endowment

“Harvard is going to pay back the money,” Trump said in a news briefing, “They shouldn’t be taking it.” This was said after the White House came under heavy criticism after big businesses received aid from the $350 billion relief fund, leaving small businesses without the possibility of aid as coffers dried up.

“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,” he added.

“Harvard should pay that money back... I don’t like it. This is meant for workers, this isn’t meant for one of the richest institutions..”

But it appears that Trump was mistaken in believing that Harvard was collecting money from the small business provision of the $2 trillion stimulus package. The institution is receiving money from the $12.5 billion reserved for institutions of higher education.

In a statement issued after the Trump briefing, Harvard spokesman Jason Newton said, “Harvard did not apply for, nor has it received any funds through the US Small Business Administration’s Paycheck Protection Program for small businesses. . . President Trump is right that it would not have been appropriate for our institution to receive funds that were designated for struggling small businesses.”

“Harvard is actually allocating 100% of the funds to financial assistance for students to meet their urgent needs in the face of this pandemic.”

However, for an institution that has a $40 billion endowment, it raises eyebrows as to why they did not access their current endowment to provide aid for their students. This would have opened up the $9 million they received to be allocated to another, less wealthy institution.

Trump has not yet responded to Harvard’s refusal to return the aid money.