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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

March 25, 2020
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Senate Minority Leader Chuck Schumer, Senate Majority Leader Mitch McConnell, and President Donald Trump.

Getty Images/Pool

  • Senate Minority Leader Chuck Schumer secured a condition in the government’s $2 trillion coronavirus stimulus package that would bar 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 would also be excluded from the bailout.
  • Trump owns a string of high-end hotels and golf resorts, several of which have been shuttered during the pandemic.
  • The aid package, agreed on by the White House and the Senate early Wednesday, would provide assistance to Americans and businesses struggling during a sharp economic downturn.
  • Visit Business Insider’s homepage for more stories.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Senate Minority Leader Chuck Schumer secured an agreement in the $2 trillion federal coronavirus stimulus package that would bar businesses owned by President Donald Trump, his family, top US officials, and members of Congress from receiving money from the fund.” data-reactid=”24″>Senate Minority Leader Chuck Schumer secured an agreement in the $2 trillion federal coronavirus stimulus package that would bar businesses owned by President Donald Trump, his family, top US officials, and members of Congress from receiving money from the fund.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="An aide to Schumer told Reuters that under the proviso, businesses owned by Vice President Mike Pence and heads of executive-branch departments&nbsp;would also be barred from receiving loans or investments under the Treasury Department programs.” data-reactid=”25″>An aide to Schumer told Reuters that under the proviso, businesses owned by Vice President Mike Pence and heads of executive-branch departments would also be barred from receiving loans or investments under the Treasury Department programs.

The Senate and the White House early on Wednesday agreed on the massive stimulus package to help American workers and businesses mitigate the devastating economic effects of the coronavirus outbreak.

Under the deal, millions of Americans whose livelihoods are imperiled by the pandemic would receive billions of dollars in direct payments and expanded unemployment aid, and states and businesses would receive loans and other financial help.

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Vice President Mike Pence, Trump, and Schumer in the Oval Office.

Evan Vucci/AP Images

There had been 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, several of which have been shuttered because of measures to contain the outbreak.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Six of the Trump Organization's seven most profitable clubs and hotels, including those in South Florida, New Jersey, and Las Vegas, have been closed, The Washington Post reported on Monday.” data-reactid=”41″>Six of the Trump Organization’s seven most profitable clubs and hotels, including those in South Florida, New Jersey, and Las Vegas, have been closed, The Washington Post reported on Monday.

Citing Trump’s latest financial statements, The Post said those businesses accounted for about $174 million in annual revenue.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="In recent days, Trump has advocated easing quarantining measures to ease the economic effects. Many experts have said that easing measures designed to slow the outbreak would imperil public health.” data-reactid=”43″>In recent days, Trump has advocated easing quarantining measures to ease the economic effects. Many experts have said that easing measures designed to slow the outbreak would imperil public health.

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A sparsely populated outdoor space in New York City on March 4.

Getty Images

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="One of the major sticking points of the $2 trillion aid bill was ensuring that the business fund would be distributed fairly and that Treasury Secretary Steve Mnuchin would not use it to help Trump and his allies.” data-reactid=”56″>One of the major sticking points of the $2 trillion aid bill was ensuring that the business fund would be distributed fairly and that Treasury Secretary Steve Mnuchin would not use it to help Trump and his allies.

Trump doesn’t have a direct role in the day-to-day operation of his businesses and has handed over control to his sons Eric Trump and Donald Trump Jr.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Schumer's proviso also includes businesses owned by the children or spouses of top officials and lawmakers, CNN’s Manu Raju tweeted.” data-reactid=”58″>Schumer’s proviso also includes businesses owned by the children or spouses of top officials and lawmakers, CNN’s Manu Raju tweeted.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="On Sunday, the president indicated that he had not ruled out congressional aid for the Trump Organization should the bailout funds become available.” data-reactid=”59″>On Sunday, the president indicated that he had not ruled out congressional aid for the Trump Organization should the bailout funds become available.

“Everything’s changing, just so you understand. It’s all changing,” Trump said. “But I have no idea.”

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Read the original article on Business Insider” data-reactid=”61″>Read the original article on Business Insider

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