The bipartisan pandemic relief package will ban loans and aid from going to hotels and other properties owned by President Trump.
Senate Minority Leader Chuck Schumer said Wednesday that he had secured a provision in the final $2 trillion economic relief agreement ensuring that Trump and others in the federal government don’t personally benefit from the provisions meant to rescue industries hammered by the pandemic. The children, spouses, and in-laws of such officials are also included in the prohibition.
The measure would provide $500 billion in aid to big industries such as airlines and hotels and $350 billion in aid to small businesses through forgivable loans.
The ban could have a dramatic effect on Trump’s business, including the 11 Trump hotels around the world and the commercial office buildings his business owns. It has been reported that Trump’s business has had to shut down six of its top seven revenue-producing clubs and hotels because of coronavirus shutdowns.
Trump says he has no personal involvement in his business anymore. It is run day-to-day by his sons Eric Trump and Donald Trump Jr. Yet the president has not divested his ownership of the business, meaning his personal fortunes rise and fall depending on the success of Trump hotels and properties.
