President Donald Trump said Harvard should return the funds it received as coronavirus relief aid Tuesday, pointing out the institution has one of the largest endowments in the world.
Trump and Treasury Secretary Steve Mnuchin thanked big companies like Shakeshack who voluntarily gave back relief funds that were intended to go toward small businesses. They also said they will be asking the remaining wealthy companies and institutions to do the same, with the president singling out Harvard in particular. (RELATED: Senate Finally Passes $2 Trillion Coronavirus Emergency Relief Package)
“Harvard is gonna pay back some money,” Trump said. “They shouldn’t be taking it. Harvard is going to, and I’m not gonna name any other names, but when I saw Harvard — They have one of the largest endowments anywhere maybe in the world, and they’re gonna pay back that money.”
President Trump:
“Harvard’s going to pay back the money.” pic.twitter.com/YXGQuK17sP
— Daily Caller (@DailyCaller) April 21, 2020
Trump went on to say that any large companies who don’t return the small business relief funds will face “severe consequences.”
The statements came hours after the Senate passed $484 billion in additional coronavirus relief. Mnuchin said he expects the House to pass the bill Wednesday. It includes $310 billion for the Paycheck Protection Program, $75 billion in relief for hospitals, and $25 billion for additional testing.
“I urge the Senate and House to pass the Paycheck Protection Program and Health Care Enhancement Act with additional funding for PPP, Hospitals, and Testing,” Trump tweeted Tuesday. “After I sign this Bill, we will begin discussions on the next Legislative Initiative with fiscal relief to State/Local Governments for lost revenues from COVID 19, much needed Infrastructure Investments for Bridges, Tunnels, Broadband, Tax Incentives for Restaurants, Entertainment, Sports, and Payroll Tax Cuts to increase Economic Growth.”