As Twitchy recently reported, Harvard University, which is sitting on a $40 billion endowment, was the recipient of $9 million in coronavirus relief money courtesy of the CARES Act, which was intended to help keep small businesses from going under. At Tuesday’s coronavirus press briefing, President Trump stepped in to interrupt Treasury Secretary Steven Mnuchin to announce that “Harvard’s gonna pay it back.”
As Senate passes more funding for Paycheck Protection Program, @stevenmnuchin1 stresses the intent of the program is for small business, not big national chains. Welcomes decision by @shakeshack to return loan money it received. Pres says @HarvardUniv will also return funds. pic.twitter.com/2XxZ26ZEBG
— Mark Knoller (@markknoller) April 21, 2020
Hands on and very good @realDonaldTrump
'I’m going to request it."
'Harvard’s going to pay back the money. They shouldn’t be taking it…they have one of the largest endowments anywhere in the country, maybe the world, and they’re going to pay back that money.'#COVID19 pic.twitter.com/ZSmSCZ0uQt
— Heather Champion (@winningatmylife) April 21, 2020
Mnuchin says the intent of previously allocated money is not for big public companies that have access to capital. Says he was glad Shake Shack gave $10M back. Trump jumps in says he's going to make Harvard give back $$.
— Katie Simpson (@CBCKatie) April 21, 2020
"We want to make sure this money is available to small businesses that need it," Mnuchin says of the PPP. He says the "intent" was nor for big companies to take it.
He says he was surprised to see Harvard get it, and that they're going to pay it back.
— Josh Wingrove (@josh_wingrove) April 21, 2020
We were all surprised to see Harvard get $9 million. Harvard probably was too.
Mnuchin: "I'm asking people to remember the intent of this (SBA) money was for businesses that needed the money … not big public companies that have access to capital."
Trump says he's going to request that Harvard pay back the money it got under the CARES Act.
— Geoff Bennett (@GeoffRBennett) April 21, 2020
Mnuchin says he was pleased to see Shake Shack return SBA loan $. Trump adds Harvard, with very large endowment, must give theirs back.
Mnuchin says there’s a grace period for ineligible businesses to return PPP without future harsh penalties.
— Guy Benson (@guypbenson) April 21, 2020
Harvard got $9 million from the federal government even though they gave no break on tuition for current students and fired their dining hall workers/custodians all while sitting on a $40 billion endowment
— Greg Price (@greg_price11) April 21, 2020
All colleges and universities should return the PPP funds! Not designed or meant for them. A disgrace.
— ChuckGregory (@TheChuckGregory) April 21, 2020
I don’t think they were ineligible. The problem was with the way the law was written.
— Jaimee (@jaimes1205) April 21, 2020
Whatever lender approved these loans needs to do some explaining.
— Things Will Be Better In The New Building (@thelastnamehere) April 21, 2020
Related:
Harvard, with $40 billion endowment, to receive $9 million as part of the federal government’s coronavirus relief package https://t.co/Z66QKAMYCi
— Twitchy Team (@TwitchyTeam) April 18, 2020
Join the conversation as a VIP Member