Harvard University

Trump Says He Will Ask Harvard to Repay Money From Coronavirus Relief Package

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President Donald Trump says he will ask Harvard University to repay money it received as part of a coronavirus relief package.

And Treasury Secretary Steven Mnuchin says that while some big businesses have obtained access to government loans, the intent of the program was not for big public companies to get loans through the Paycheck Protection Program.

The White House comments come amid media reports that some of the money intended for small business loans went to larger entities.

Trump said of Harvard "they shouldn't be taking it." He says the university, which received more than $8 million, has a large endowment to rely on.

For its part, Harvard says it did not apply for or receive funds from the Paycheck Protection Program, and that "reports saying otherwise are inaccurate."

"President Trump is right that it would not have been appropriate for our institution to receive funds that were designated for struggling small businesses," the school said on Twitter. "Like most colleges and universities, Harvard has been allocated funds as part of the CARES Act Higher Education Emergency Relief Fund."

The school said it had committed all of these funds to assist students with urgent financial needs during the pandemic.

Mnuchin says he wants to make sure money goes to small businesses and that more than 1 million companies with fewer than 10 workers have received loans.

Congress is trying to meet huge demand for the program with legislation that passed Tuesday in the Senate and is expected to pass the House later this week.

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