(CNN) Harvard University said on Wednesday that it would not accept the federal funds allocated to it under the CARES Act Higher Education Emergency Relief Fund, one day after declining to do so following President Donald Trump's call for the university to return the funds.

Even though the university did not apply for, request, receive or access the nearly $9 million in funding allocated to it, Harvard said that the attention it was getting around the money was becoming counterproductive to the relief it was designed to provide.

"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," the university said in a statement.

"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" the statement added, making it clear that the university would be asking the Department of Education to accept the return of their funds.

When asked what "evolving guidance" led the university to this decision, a Harvard spokesperson pointed to the updated guidance released by the Department of Education and specifically the section that outlined only Title IV eligible students could receive emergency financial aid grants.

Read More