Name: Harvard says to keep stimulus grant after Trump vows it will be returned
Brand: reuters.com
SKU: reuters-com-885
Availability: OnlineOnly

critic

Harvard says to keep stimulus grant after Trump vows it will be returned

preview

By , WASHINGTON (Reuters) - Harvard University said it plans to keep an $8.6 million grant it received as part of a stimulus package to blunt the economic impact of the coronavirus lockdown, contradicting U.S. President Donald Trump who pledged the university would return it.Speaking at a press briefing on Tuesday, Trump pointed to the institution’s ample endowment - worth nearly $41 billion - as the reason why it should hand over the money.“Harvard is going to pay back the money and they shouldn’t be taking it,” Trump said, adding that Harvard has one of the largest endowments “in the country, maybe in the world.”In a statement issued moments after the briefing ended, however, Harvard said it planned “to direct 100% of the funds to financial assistance to students, and will not be using any of the funds to cover institutional costs.”Trump said late on Tuesday that Harvard’s endowment system should be looked at.“Harvard should give back the money now. Their whole “endowment” system should be looked at”, the U.S. president said in a tweet, which did not give further detailsThe university said it received the grant through the educational relief program that was part of the $2.3 trillion stimulus passed at the end of March, which also included a much larger fund aimed at helping small businesses.That fund has been riddled with controversy, including an outcry over disclosures that larger companies received bailout funds while many small businesses, among the hardest hit by the coronavirus crisis, still await aid.As U.S. states issued sweeping stay-at-home orders to slow the spread of the highly infectious coronavirus, businesses have shuttered and 22 million Americans have filed for unemployment.On Tuesday, U.S. Treasury Secretary Steve Mnuchin said “very clear guidelines” would be released to clarify what companies are eligible for the stimulus funds.“The intent [of the program] was not for companies that have access to plenty of liquidity and other sources,” he said. “To the extent these companies didn’t understand this and they repay the loans, that will be OK. And, if not, there will be potentially other consequence,” he said.More aid may be coming soon. The U.S. Senate on Tuesday approved $484 billion in fresh relief for U.S. businesses and hospitals hammered by the coronavirus pandemic, sending the measure to the House of Representatives for final passage later this week.Reporting by Steve Holland; Writing by Alexandra Alper; additional reporting by Kanishka Singh, Editing by Chris Reese and Sonya HepinstallOur Standards:

By , WASHINGTON (Reuters) - Harvard University said it plans to keep an $8.6 million grant it received as part of a stimulus package to blunt the economic impact of the coronavirus lockdown, contradicting U.S. President Donald Trump who pledged the university would return it.Speaking at a press briefing on Tuesday, Trump pointed to the institution’s ample endowment - worth nearly $41 billion - as the reason why it should hand over the money.“Harvard is going to pay back the money and they shouldn’t be taking it,” Trump said, adding that Harvard has one of the largest endowments “in the...

public

Alexandra Alper

Steve Holland

Top and breaking news, pictures and videos from Reuters. For more breaking business news, follow @ReutersBiz.

reuters.com

Credible

Speculation

Anecdotal Evidence

Generalization

Stacking the Deck

Appeal to Authority

Straw Man

Slippery Slope

Emotional Appeal

Red Herring

False Dilemma

Illogical

Moral Equivalency

Ad Hominem

Correlation w/o Causation

Semantics

Begging the Question

Faulty Analogy

Non Sequitur

Bandwagon

Dogmatism

Failing Occam's Razor

Biased

Pure Opinion

Hit Piece

Racial Bias

National Bias

Religious Bias

Financial Incentive

Political Agenda

Gender Bias

Misused Image/Video

Study Misinterpreted

Mistake

Misused Term

Science Misrepresented

Factual Error

Satire

Surface Level

Lack of Reliable Sources

Sensational

Not Credible

Investigative

Balanced

Well Sourced

Great Context

sports

entertainment

U.S.

international

business

technology

science

culture

politics

media

health

Harvard says to keep stimulus grant after Trump vows it will be returned

No article scores yet.

CRITIC REVIEWS

PUBLIC REVIEWS