Saturday, 24 October, 2020

Coronavirus: Harvard says it won’t accept relief funds



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The elite university is dependent in Cambridge, Massachusetts

Harvard University says it has made a decision not to accept just about $9m (£7.3m) in coronavirus relief assist, a transfer that was criticised by President Donald Trump.

Mr Trump experienced mentioned he was sad that the prestigious US university had acquired stimulus dollars.

Harvard is rated the world’s wealthiest college with an endowment fund valued at $40bn.

But the elite Ivy League college or university explained it faced “significant monetary problems” due to the fact of the pandemic.

In a assertion, the college claimed it was anxious that “the rigorous concentrate by politicians and other people” on Harvard could undermine participation in the aid effort.

“As a final result of this, and the evolving direction being issued all over use of the Bigger Education and learning Unexpected emergency Relief Fund, Harvard has made the decision not to request or settle for the money allotted to it by statute,” it claimed.

  • Universities warn of heading bust with out further hard cash

The $2.2 trillion Coronavirus Aid, Relief and Financial Safety (Cares) Act was signed into legislation by Mr Trump past thirty day period. It reserved $12.5bn in federal help to about 5,000 faculties and universities.

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Media captionTrump on Harvard: ‘They have to give it back’

At a day-to-day briefing on Tuesday, Mr Trump instructed a journalist that he wished Harvard to fork out back the money that it had been allotted.

“They have to spend it back, I will not like it,” he claimed. “This is intended for workers, this isn’t really intended for 1 of the richest institutions. They obtained to pay back it back.”

Harvard then issued a assertion acknowledging it had been allotted $8.6m by means of the Cares Act, but did not say at that phase it would spend the dollars back.

The faculty tweeted at the time: “Harvard has fully commited that 100% of these unexpected emergency bigger schooling funds will be applied to provide immediate support to pupils experiencing urgent fiscal needs owing to the Covid-19 pandemic.”

It claimed it had previously furnished fiscal guidance to learners with travel, dwelling costs and on-line instruction amid the pandemic.

In its most current statement, it mentioned it “did not apply for this support, nor has it asked for, received or accessed these funds”.

Harvard has not been the only rich college to acquire a windfall below the stimulus offer. Princeton, which has a $26bn endowment, is finding $2.4m, whilst Yale – endowment $30bn – is acquiring $6.9m.



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