At his news briefing this afternoon, President Trump said that Harvard would have to return the $9 million it is slated to receive in federal stimulus money. “Harvard’s going to pay back the money,” he said. “They shouldn’t be taking it. When I saw Harvard—they have one of the largest endowments anywhere in the country, maybe the world. They’re going to pay back the money.”
The President stepped up to the podium after Treasury Secretary Mnuchin was asked whether large companies that received so-called PPP money intended for small businesses should be required to return those funds to the federal government. As Forbes reported yesterday, at least 71 publicly traded companies collected cash under the paycheck protection act. The $349 billion intended for small companies was quickly drained when banks favored loan applicants with whom they had strong relationships. Millions of small companies were denied access to the loans.