Harvard Took No CARES Act Money, Says President

The transcript discusses the CARES Act, which allocated funds to universities based on a formula considering Pell grant recipients and student enrollment. Harvard was eligible for $8.6 million but chose not to accept the funds due to unattractive conditions. There was a public misconception that Harvard was receiving funds meant for small businesses under the Paycheck Protection Program, which was incorrect as Harvard neither applied for nor received such funds.

What was the primary basis for the allocation of funds to colleges under the CARES Act?

• The number of international students

• The number of students receiving Pell grants and total enrollment

• The size of the university's endowment

• The university's location

Why did Harvard decide not to accept the allocated funds?

• They were not eligible for the funds

• They wanted to donate the funds to smaller colleges

• The conditions for receiving the funds were unattractive

• They did not need the money

What misconception existed about Harvard's receipt of funds?

• Harvard was receiving funds for research purposes

• Harvard was receiving funds for infrastructure development

• Harvard was receiving funds for international students

• Harvard was receiving funds meant for small businesses