Posted on 04/21/2020 4:22:42 PM PDT by Bruiser 10
Donald Trump vowed that Harvard would be expected to pay back their $8.7 million in federal aid received from coronavirus rescue funds.
“Harvard’s going to pay back the money,” Trump said bluntly during the White House press briefing.
Harvard received a loan from the Paycheck Protection Program passed as part of the Coronavirus Aid, Relief and Economic Security Act, even though it already has a $41 billion endowment fund. The PPP loans are ultimately forgiven by the federal government, provided they keep their employees.
That prompted criticism of the program, which was rushed forward in Congress to help support small businesses.
But publicly traded companies received loans from the bill, which was not the intent of the law.
(Excerpt) Read more at breitbart.com ...
I’d make it with 10,000% interest.
Elizabeth Warren ought to give a refund as well. She overcharged for her services.
Coronavirus stimulus package: With endowment of $40.9 billion, Harvard University criticized for accepting nearly $9 million in relief from CARES Act
And fired the kitchen staff
Harvard thought they were a small business because they produce so little.
Or at least make a universal exception if they or any school fire the whole sociology and law school staff (including professors) to that keep all staff requirement....
Love it, and this President by far the best in my life time.
Yes! Use your endowment, Crimson
"Yeah, you're over-rated, now give the money back...."
My daughter in law is a Harvard grad and says going there was the biggest mistake of her life. Unfortunately, she’s still a lib.
No they didn't.
Part of the CARES Act was money for higher education to assist students' who were affected.
The PPP was a separate part of the act but it's Breitbart, so...
I don't think Harvard needs the money and they can take care of their students from their endowment, but I think they got it by formula, not because they went begging for it.
Why would they have taken anything to begin with? They have billions of dollars and still charged the kids for this semester.
Why wouldn’t a lib love Harvard?
I think that the banks who made these loans (Chase Bank made HALF of these loans....$115 MILLION of them) should be made to pay a VERY hefty fine...w/a HUGE interest/penalty for delayed pay back.
I don't think they should have but it looks like the fault really lies with Congress. Harvard says:
“By federal formula laid out in the CARES Act, Harvard was allocated $8.6 million, with 50% of those funds to be reserved for grants to students,” Newton wrote. “Harvard is actually allocating 100% of the funds to financial assistance for students to meet their urgent needs in the face of this pandemic.”
Supposedly,
"The Department of Education used a formula laid out in the legislation to allocate the funds among thousands of American institutions of higher education. The formula took two factors into account: the proportion of students who receive federal Pell Grants, which was weighted 75 percent, and total graduate and undergraduate enrollment, which was weighted 25 percent."
The government has harmed Harvard. The government should pay them damages.
Communism is strong here on FR. “They have money, attack!”
ICYMI: Despite Top Chemist Being Arrested for Helping China, Harvard Just Got a Bunch of New Taxpayer Money
And the other so called small businesses. Aren’t all mom & pops publicly traded and have 100m market caps?
Just remember that a lot of the geniuses in Congress who passed this are Harvard graduates. Shows what the degree is worth.
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