Trump Owned Businesses Banned From Coronavirus Stimulus Package

Trump Owned Businesses Banned From Coronavirus Stimulus Package

Donald Trump HBCU
President Donald Trump (Image: Wikimedia)

The $2 trillion stimulus package agreed to by the White House and Senate will inject significant capital into small and large businesses across the country, just not President Trump’s.

According to Bloomberg, a summary of the bill released by Democratic leader Chuck Schumer’s office stated businesses “owned by the president, vice president, members of Congress or heads of executive departments would be excluded from receiving that aid. The block would also extend to companies controlled by their children, spouses or in-laws.”

Trump refused to follow other presidents after being elected in 2016 and did not divest assets that could cause conflicts of interest. He also refused to put those assets in blind trusts. Instead, he transferred his assets to a revocable trust administered by his elder son, Donald Trump Jr.

Trump, who owns golf courses, luxury hotels, and apartments across the world, saw six of his most profitable hotels close due to the coronavirus outbreak and quarantine restrictions. Many believe the closures were among the reasons Trump wants to open the economy by Easter. He also predicted thousands of suicides if the country isn’t allowed to go back to work.

However, medical experts across the country, including those in his own administration, have said that reopening the economy at this point would make things significantly worse.

The New York Times reported Thursday that Trump can still use the relief bill to his advantage. The provision in the bill may not preclude funds from going to companies owned by the family of Mr. Trump’s son-in-law and White House adviser, Jared Kushner.

Additionally, large hotel owners like Trump, even those employing thousands of people, will be eligible for small-business loans, a provision that could potentially benefit Trump’s company to help to continue to pay wages for his employees. The Trump Organization could also benefit from the $15 billion change to the tax code won by restaurants and retailers.