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| Harvard rejects Trump call to return stimulus grant | Harvard rejects Trump call to return stimulus grant |
| (about 1 hour later) | |
| US president said university should not take money, citing its $41bn endowment | US president said university should not take money, citing its $41bn endowment |
| Harvard University has said it plans to keep an $8.6m grant it received as part of a stimulus package to blunt the economic impact of the coronavirus lockdown, contradicting Donald Trump who said the university would return it. | |
| Speaking at a press briefing on Tuesday, Trump pointed to the institution’s ample endowment – worth nearly $41bn – as a reason why it should hand back the money. | Speaking at a press briefing on Tuesday, Trump pointed to the institution’s ample endowment – worth nearly $41bn – as a reason why it should hand back the money. |
| “Harvard is going to pay back the money and they shouldn’t be taking it,” Trump said, adding that Harvard had one of the largest endowments “in the country, maybe in the world.” | “Harvard is going to pay back the money and they shouldn’t be taking it,” Trump said, adding that Harvard had one of the largest endowments “in the country, maybe in the world.” |
| In a statement issued moments after the briefing ended, however, Harvard said it planned “to direct 100% of the funds to financial assistance to students, and will not be using any of the funds to cover institutional costs.” | In a statement issued moments after the briefing ended, however, Harvard said it planned “to direct 100% of the funds to financial assistance to students, and will not be using any of the funds to cover institutional costs.” |
| The university said it received the grant through the educational relief scheme that was part of the $2.2tn stimulus passed at the end of March, which also included a fund aimed at helping small businesses. | The university said it received the grant through the educational relief scheme that was part of the $2.2tn stimulus passed at the end of March, which also included a fund aimed at helping small businesses. |
| That fund has been riddled with controversy after disclosures that larger companies received bailout funds while many small businesses, among the hardest hit by the coronavirus crisis, still await aid. | That fund has been riddled with controversy after disclosures that larger companies received bailout funds while many small businesses, among the hardest hit by the coronavirus crisis, still await aid. |
| On Monday the hamburger chain Shake Shack Inc said it would return the small business loan it had received from the government, the first major firm to hand back money. | On Monday the hamburger chain Shake Shack Inc said it would return the small business loan it had received from the government, the first major firm to hand back money. |
| On Tuesday the treasury secretary, Steve Mnuchin said “very clear guidelines” would be released to clarify which companies were eligible for stimulus funds. | On Tuesday the treasury secretary, Steve Mnuchin said “very clear guidelines” would be released to clarify which companies were eligible for stimulus funds. |
| “The intent [of the scheme] was not for companies that have access to plenty of liquidity and other sources,” he said. “To the extent these companies didn’t understand this and they repay the loans, that will be OK. And if not, there will be potentially other consequence,” he said. | “The intent [of the scheme] was not for companies that have access to plenty of liquidity and other sources,” he said. “To the extent these companies didn’t understand this and they repay the loans, that will be OK. And if not, there will be potentially other consequence,” he said. |
| More aid may be coming soon. On Tuesday the Senate approved $484bn in fresh relief for US businesses and hospitals and sent the measure to the House of Representatives for final passage this week. | More aid may be coming soon. On Tuesday the Senate approved $484bn in fresh relief for US businesses and hospitals and sent the measure to the House of Representatives for final passage this week. |