The CARES Act was designed to provide funds to struggling small businesses forced closed during the pandemic. But would you believe that some very wealthy institutions gobbled up much of the cash? One major university took a big piece of the pie. Now, Trump is demanding they give it back.
In an attempt to stem the bleeding caused by their mandated lockdowns, the government created the Paycheck Protection Program through the CARES Act. The very purpose of this program was to provide forgivable loans to small businesses, so they can keep paying employees during the shutdown. That cash can mean the difference between companies opening up after this is over or closing their doors for good.
But many were shocked when big businesses, like Shake Shack, took millions, depriving smaller companies of funds. Shake Shack had over 100 million in the bank, yet they still took cash from this program. To their credit, the burger joint gave the money back.
Another institution took millions from this program, despite having a ton of cash. How much cash? Oh, just a couple billion!
That’s right. Harvard University is flush with cash, more than any other school. Yet they still greedily took $9 million from a program designed to keep restaurants and retail stores afloat.
Now, President Trump is weighing in.
President Trump accused Harvard University of “taking” money from the federal government as part of the Paycheck Protection Program under the CARES Act, intended to benefit small businesses and said he will be asking that they pay it back.
“Harvard is going to pay back the money. They shouldn’t be taking it,” Trump said Tuesday, taking aim at the university as the White House came under scrutiny after a number of large businesses received money from the $350 billion relief fund, leaving small businesses out as the coffers ran dry last week.
“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. They’re going to pay back the money,” he added. [Source: Fox News]
President Trump was pretty direct when he said, “They’re going to pay back the money.” You don’t want to get on Trump’s bad side, especially during this crisis. He is not a man to be trifled with. Trump and the GOP battled with crooked Democrats to provide relief to millions of struggling businesses and workers.
For Harvard to swoop in and take $9 million—money that could keep many businesses afloat—from that fund is outrageous.
When asked how Trump would force them to give the money back, he said plainly, “If they won’t do that, then we won’t do something else.”
Pretty strong words. If Harvard stubbornly refuses to pay back the cash they took from the PPP, the president can deny them federal funding. Or he can find other ways to hit the obviously rich school.
Numerous celebrities and politicians have claimed during this crisis, “We’re all in this together.” Not exactly. As regular Americans worry about getting basic necessities or if they’ll still have their jobs next week, elites sit back and indulge. Nancy Pelosi showed off her stockpile of gourmet ice cream, just after she denied helping workers.
Celebrities complain about quarantining in their huge mansions. They demand to make this crisis about themselves, as millions suffer.
On top of all that, the most arrogant, self-involved school in the country grabbed cash from hard-working businesses.
If this crisis showed us one thing, it’s that we’re not all in this together. As usual, the liberal elite of this country turned their backs on everyday Americans, as they pamper themselves.
It’s despicable and disgusting.
Hopefully, Harvard will wake up and return the money. If not, I won’t weep over what Trump does to them.