Ivy League Schools to Return Stimulus Relief Funding

Harvard will become one of several institutions to reject any bailout funding during the pandemic. Initially, the major ivy league school was one of several who were given millions of dollars under the CARES Act Higher Education Emergency Relief Fund. However, they have tens of billions of dollars in endowments stashed away already. This caused much outrage by many who believe the relief money was wasted on the schools and at the expense of small businesses who are struggling right now. Harvard went so far as to officially state “We did not apply for, nor receive any funds through the U.S. Small Business Administration’s Paycheck Protection Program. Reports saying otherwise are inaccurate.” After the backlash, President Trump later said private schools would be forced to return any money they accepted. Most, if not all of them were more than willing to do so.