Justin Bieber was set to perform at the Bryce Jordan Center on August 6 for what would've been the first time in his career.
Earlier in March, President Eric Barron announced the prorated refunds will cost Penn State an estimated $40 million in auxiliary revenue.
"We believe that laughter will help us all get through this current situation and help us make sense of it."
Penn State encourages students to remain at home amid stay-at-home orders in more than 30 Pennsylvania counties.
Chris Godwin conceded his No. 12 Tampa Bay Buccaneers jersey to the team's new quarterback, who you may or may not have heard of.
The postponement follows the Olympics' decision to move its Tokyo games to 2021.