Harvard University has the largest endowment of any school in the world, last estimated at $40.9 billion. Yet it took a presidential scolding and nationwide criticism for the school to promise that the funds it receives from the federal government’s coronavirus relief package will be used directly for the benefit of Harvard’s current and future students.
President Trump criticized the university during Tuesday’s press briefing for accepting funds through the U.S. Small Business Administration’s Paycheck Protection Program. Trump’s allegation wasn’t quite accurate — Harvard had not applied for, nor would it have been accepted into the PPP — but the crux of Trump’s complaint was still true. Harvard did receive nearly $9 million in federal funds through Congress’s $2.2 trillion relief package. It wasn’t until the school began facing social media backlash that Harvard announced it would allocate its relief check to students who receive financial aid.
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