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Chuck Schumer made sure businesses controlled by Trump, his family, and top US officials couldn’t get money from the government’s $2 trillion coronavirus bailout fund


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Senate minority leader Chuck Schumer secured a condition in the government’s $2 trillion coronavirus stimulus package that barred President Donald Trump’s businesses from receiving money.
Under the proviso, businesses owned by members of Congress, Vice President Mike Pence, and top members of the executive branch are also excluded from the bailout.
Trump owns a string of high-end hotels and golf resorts — and several of his businesses have been shuttered during the pandemic.
The aid package, agreed on by the White House and Senate on Tuesday, provides assistance to Americans laid off in the crisis and businesses struggling amid a sharp economic downturn.
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Democratic Senate minority leader Chuck Schumer secured an agreement in the $2 trillion federal coronavirus stimulus package that barred businesses owned by President Donald Trump, his family, top US officials, and members of Congress from receiving any money from the fund.

A spokesman for Schumer’s office told Reuters that under the proviso, businesses owned by Vice President Mike Pence and heads of the executive branch would also be barred from receiving Treasury department loans and investments in the aid program.

The Senate and White House on Tuesday night agreed on a massive $2 trillion stimulus package to help American workers and businesses mitigate the devastating economic impact of the coronavirus.

Under the deal, direct payment and an unemployment benefits will be sent to millions of Americans whose livelihood are imperiled by the pandemic, and states and businesses will receive aid to help them offset the economic impact of the crisis.

Before the agreement was reached, there was speculation about how an aid package would affect businesses owned by Trump, a real-estate developer who owns a string of high-end hotels and golf courses across the US — several of which have been shuttered as part of measures to contain the outbreak.

The businesses closed include six of Trump’s seven most profitable businesses, including resorts and hotels in south Florida, New Jersey, and Las Vegas, The Washington post reported.

According to Trump’s most recent financial statements, in 2018, the businesses account for $174 million a year of Trump’s annual revenue.

In recent days, Trump has advocated easing strict quarantining measures introduced to stop the outbreak in order to ease the impact on the economy. Many critics have said that easing the measures could imperil public health.

One of the major sticking points of the $2 trillion aid bill had been the provision of oversights to ensure the business fund was distributed fairly, and that Treasury Secretary Steve Mnuchin did not allow Trump and his allies to profit.

Trump no longer has a direct role in the day-to-day operation of his businesses, and has handed over control to his two sons, Eric and Donald Jr.

Under Schumer’s proviso, businesses owned by the children or spouses of top officials and lawmakers are also barred from the aid package, CNN’s Manu Raju tweeted.

But earlier in the week neither Trump not …read more

Source:: Business Insider

      

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