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Published on Thursday, March 26, 2020

Trump Hotels won't receive federal financial aid






Donald Trump's hotels and golf resorts won't receive a dime from the $2 trillion federal aid package aimed at helping businesses through the economic slump caused by the coronavirus pandemic.


The package was agreed in principal by Senate Democrats but only with various caveats.


One includes that the President's businesses will receive no federal bailout, according to Senate Minority Leader Chuck Schumer.


Schumer wrote to colleagues that Democrats won 'significant improvements' to the bill.


One provision stops businesses 'controlled by the President, Vice President, Members of Congress, and heads of Executive Departments from receiving loans or investments from Treasury programs.'


Trump's Mar-a-Lago club in Palm Beach, Florida has closed and other Trump hotel properties have been hit hard by the downturn, with most laying off workers.


Schumer said the bill also gives better worker protections, and puts restrictions on stock buybacks and limits on executive bonuses for bailed-out airlines.


 

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