CAMBRIDGE, Mass. (WBZ NewsRadio) — Harvard University has announced they will not be accepting federal stimulus money after push back from President Donald Trump.
When asked about companies taking money meant for small businesses at a press briefing Tuesday, President Trump specifically mentioned Harvard and the $8.6 million allocated to the school under the CARES Act.
In an initial statement, Harvard said the school “did not apply for, nor has it received any funds through the U.S. Small Business Administration’s Paycheck Protection Program for small businesses.” Rather, the money was from the CARES Act Higher Education Emergency Relief Fund.
However on Wednesday, Harvard that while they “will face significant financial challenges due to the pandemic and economic crisis it has caused,” they will not be accepting the $8.6 million in federal aid.
“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,” Harvard said in the statement on why they were not accepting the funds.
The school said they hope the money will be reallocated to Massachusetts Institutions that are struggling during the coronavirus pandemic.
Also, Harvard said the school “remains fully committed to providing the financial support that it has promised its students.”
WBZ NewsRadio's Karyn Regal (@Karynregal) reports