Princeton University announced on Wednesday that it will reject a $2.4 million federal bailout that it was set to receive under the CARES Act. Ivy League institutions, many of which boast multi-billion-dollar endowments, have been criticized by both President Donald Trump and the public for accepting millions in federal bailout funds.
According to a local news report, Princeton University has announced that they will reject a federal bailout allocation that it was set to receive under the CARES Act, a Wuhan coronavirus relief bill passed by Congress in March. Princeton currently boasts an endowment of $25.9 billion.
#PrincetonU has determined it will not accept funding allocated under the CARES Act. Princeton has not yet received any of these funds, and never requested any of these funds. pic.twitter.com/En4nhqyqkc
— Princeton University (@Princeton) April 22, 2020
In a statement, Princeton argued that the controversy surrounding CARES ACT grants to Ivy League institutions should not distract politicians from addressing the Chinese virus pandemic for those that are truly suffering.
“We are concerned that intense focus by politicians and others on Harvard in connection with the program may undermine participation in a relief effort Congress created and the president signed into law for the purpose of helping those whose financial challenges may be most severe,” Princeton wrote in a statement.
Breitbart News reported this week that Harvard fought to keep the $8.6 million stimulus grant they were entitled to under the CARES Act before caving to public pressure. During a press conference this week, President Trump told Harvard that they would be required to return the funds.
“Harvard is going to pay back the money,” Trump said on Tuesday. “And they shouldn’t be taking it. So, Harvard is going to. You have a number of them. I’m not going to mention any other names. But when I saw Harvard, they have one of the largest endowments anywhere in the country, maybe in the world, I guess. And they’re going to pay back that money.”
Breitbart News reported today that Yale has also rejected the millions it was set to receive under the CARES act, saying in a statement: “We hope that the Department of Education will use Yale’s portion of the funding to support colleges and universities in Connecticut whose continued existence is threatened by the current crisis.”
Stay tuned to Breitbart News for more updates on this story.