Yale University announced on Wednesday that it will reject $6.9 million in federal bailout funds that the institution was entitled to receive under the CARES Act. Yale releases a statement saying: “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.”
According to a local news report, Yale University will not accept the $6.9 million that they are entitled to under the CARES Act, the coronavirus relief bill that was passed by Congress on March 25. Ivy League institutions like Yale, most of which boast endowments worth billions of dollars, have been pressured by President Donald Trump and the public to reject federal funds.
Breitbart News reported this week that Harvard University fought to keep their allocation of federal bailout funds before caving to public pressure. On Wednesday, Harvard announced that they will reject the $8.6 million that they are entitled to under the CARES Act.
1/5 Harvard will not accept funds from the CARES Act Higher Education Emergency Relief Fund. Like most colleges & universities, Harvard has been allocated funds as part of the CARES Act. Harvard did not apply for this support, nor has it requested, received or accessed the funds
— Harvard University (@Harvard) April 22, 2020
In a statement released on Wednesday evening, Yale University said that the $6.9 million should be sent to universities in Connecticut that are facing financial hardship as a result of the Chinese virus pandemic.
Yale University is pleased that Congress is providing support for higher education in the face of COVID-19, including its establishment of the $14 billion Higher Education Emergency Relief Fund, which is being allocated largely on the basis of enrollment of students who qualify for Pell Grants.
Yale is eligible for an allocation of $6.9 million from this fund toward support for students and university operations. Though Yale is experiencing great budgetary pressure as a result of the pandemic, the university has decided not to seek these emergency funds. Instead, 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.
Secretary of Education Betsy DeVos has praised the Ivy League institutions that have rejected federal bailout funds in a series of tweets published this week.
Kudos to @Stanford for withdrawing its application for #CARESAct funds. As I’ve said since day 1, wealthy institutions like @Harvard don't need this money. They should follow Stanford's lead & embrace the @ShakeShack principle – leave the $$ for those with the greatest need!
— Secretary Betsy DeVos (@BetsyDeVosED) April 22, 2020
Stay tuned to Breitbart News for more updates on this story.