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Harvard finally agrees it should not receive millions in coronavirus aid from taxpayers

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The university was set to receive $8.6 million despite its $40 billion endowment

(Maddie Meyer/Getty Images)

Harvard University has finally agreed not to accept the millions of dollars allocated to it through a federal coronavirus relief package, following an enormous wave of backlash after the wealthy institution insisted it was entitled to the funds.

What are the details?

In a Twitter thread on Wednesday, the Ivy League university wrote, "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."

The day before, President Donald Trump said during a press conference that Harvard "shouldn't be taking" money from the federal relief package, and insisted the university would pay it back.

Harvard initially said that it would keep the $8.6 million, arguing that it would "allocate 100% of the funds to financial assistance for students." But that explanation did not end the outrage over "relief" dollars going to a university that sits on a $40 billion endowment—the largest in the United States.

President Trump celebrated Harvard's decision during his coronavirus briefing on Wednesday, saying, "I'm pleased to announce that Harvard has announced today that they will not accept the funds nor will Stanford University."

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