January 13, 2021

NO BAILOUTS FOR THE RICH: Thirty Wealthy Colleges And Universities Are Targeted In Covid Relief Act. “After President Trump and Education Secretary Betsy DeVos criticized giving private colleges and universities with large endowments help in the CARES Act, wealthier institutions like Harvard, Yale and Stanford Universities had their share of the money in the latest coronavirus relief package cut in half. Under a little-noticed provision in the bill passed two weeks ago [The Coronavirus Response and Relief Supplemental Appropriations Act of 2021], private higher education institutions that were required by a 2017 law to pay a 1.4 percent excise tax on net investment income not only had their aid slashed, they were barred from using the money they will get to defray their financial losses from the pandemic. The relief bill allows them only to use the aid on emergency grants to students or to pay for personal protective equipment and other health and safety costs associated with the coronavirus. Higher education received about $23 billion in the legislation.”

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