Despite having billions of dollars as endowment, many Ivy League institutions are taking a part of the money allocated as per the CARES Act. Trump mentioned that he would ask Harvard University to return the 9 million dollars allocated as the Coronavirus Aid Relief and Economic Security Act by Congress.

Currently, Harvard University sits on around 40 billion dollars and yet, while it has been allocated emergency funds, it has taken a share of it. A spokesperson from Harvard has mentioned that they have not received any such funding. He has also mentioned that if the money has been allocated for small businesses, Harvard would not take any part of it. 

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