fbpx
No Result
View All Result
The Liberty Loft
  • Home
  • Podcasts
    • The Closet Conservative Podcast
    • A Conservative View from New Hampshire
    • Politically Insane
    • The Right of Center Podcast
  • About Us
    • About Us
    • Our Team
    • Contact
    • Advertising
    • Find Us Online
  • Submit
  • Work with us!
Newsletter
No Result
View All Result
The Liberty Loft
Sign Up

Outrage at The Ivy Tower: Harvard and Others Turn Down PPP Funds

by S. Bennett McKinley
August 24, 2022
in Current Events
Harvard University

Cambridge, MA–The debate over the distribution of federal funds to small businesses has settled over some new battlefields this week:  the campuses of wealthy universities across the country.

Harvard University, a prestigious school with a vast alumni base, has an estimated endowment of $41 billion. It became the latest institution to announce it would turn down money from the recent federal relief package.  

Harvard spokesman Jason Newton said late Tuesday, “Harvard did not apply for, nor has it received any funds through the U.S. Small Business Administration’s Paycheck Protection Program.  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,” he continued.  

Harvard is not the only university that received his type of funding through the stimulus bill.  According to the New York TImes, the amount Harvard received was in line with other Ivy League schools, with Cornell and Columbia Universities receiving more. Approximately $12.8 million each; Stanford received $7.3 million and Yale $6.8 million.  

Other non-Ivy League private universities, such as Boston University, NYU, the University of Southern California, Liberty University, and Brigham Young University and more, also received funding under the stimulus.  

Of the 6,600 current undergraduate students at Harvard, 16% are Pell Grant recipients.  Harvard also noted that in the 2018-2019 academic year alone, the university provided more than $200 million in scholarships for its undergrads. 

The President tweeted:  “Harvard should give back the money now.  Their whole ‘endowment’ system should be looked at!”

https://twitter.com/realDonaldTrump/status/1252803444844494854?s=20

The CARES Act provides $14 billion in assistance to colleges and universities with the stipulation that half of the money must be used for emergency financial aid for undergraduate and graduate students in need to “help cover expenses related to the disruption of campus operations due to coronavirus,” according to a letter from Secretary of Education Betsy DeVos to college and university presidents. 

The PPP, which helps businesses with under 500 employees obtain loans that can convert eight weeks of their payroll, benefits, rent, and other expenses, was created as part of the $2.2 trillion CARES Act that passed last month.  

The new deal, which came after days of delays driven by Democrats’ demands, would provide more than $300 billion for the PPP, among other funding.

You can reach Bennett through The Liberty Loft website. Please consider donating to support The Liberty Loft so we can continue to deliver great content.

Loading
Share with others!
Next Post
AOC Americans Not Return to work

Representative Alexandria Ocasio-Cortez urges Americans not to go back to work

Devotionals from Another Well Ministries

I’ll go with you
I’ll go with you

Don't feel like you are alone in whatever life brings, God, our Shepherd, is with you.  [...]

Remember where your strength comes from
Remember where your strength comes from

In those moments when you feel like you simply cannot go on and that you want to give up, remember where your strength comes from. [...]

The search for still waters
The search for still waters

God is able to help you navigate through the challenges you face and guide you to still waters once again. [...]

The Liberty Loft

© 2022 The Liberty Loft

Navigate Site

  • Home
  • Podcasts
  • Privacy Policy

Follow Us

No Result
View All Result
  • Home
  • Podcasts
    • A Conservative View from New Hampshire
    • The Closet Conservative Podcast
    • Politically Insane
    • The Right of Center Podcast
  • About Us
    • Our Team
    • Contact
    • Advertising
    • Find Us Online
  • Newsletter
  • Submit
  • Work with us!

© 2022 The Liberty Loft