Harvard s going to pay back the money and they shouldn t be taking it, Trump said bluntly during the White House press briefing.
Harvard received a loan from the Coronavirus Aid, Relief and Economic Security (CARES) Act, even though it already has a $41 billion endowment fund.
The money was allocated to Harvard from the $12 billion in funds allotted in the CARES act as part of the Higher Education Emergency Relief Fund. (The Higher Education Relief Fund is separate from the Paycheck Protection Program, that ran out of money last week)
But Harvard s loan prompted criticism of the bill, which was rushed forward in Congress to help support small businesses and colleges who needed the funds, simply to stay afloat.
Harvard defended its acquisition of a loan from the CARES act.
