Yesterday President Trump was questioned about Harvard receiving funds from the legislative CARES Act relief program:

Q I wanted to follow up on — you said about the small business program, Harvard is going to pay the money back. How confident are you that you can claw back money from places like Harvard?

THE PRESIDENT: Well, I’m going to have to look. I don’t like when Harvard — that has, I think, a $40 billion endowment or some incredible amount of money — that Harvard gets this money. Harvard should pay that money back. I want Harvard to pay the money back. Okay? And if they won’t do that, then we won’t do something else. They have to pay it back. I don’t like it. I don’t like it.

This is meant for workers. This isn’t meant for one of the richest institutions, not only — far beyond schools — in the world. They got to pay it back. I want them to pay it back.

Originally Harvard said they were not going to give back the funds.  Today, they reversed their position:

HARVARD – […] We have previously said that Harvard, like other institutions, will face significant financial challenges due to the pandemic and economic crisis it has caused. We are also concerned however, that the intense focus by politicians and others on Harvard in connection with this program may undermine participation in a relief effort that Congress created and the President signed into law for the purpose of helping students and institutions whose financial challenges in the coming months may be most severe.

As a result of this, and the evolving guidance being issued around use of the Higher Education Emergency Relief Fund, Harvard has decided not to seek or accept the funds allocated to it by statute. (read more)