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Wed Mar 25, 2020, 11:06 AM

Trump-Owned Companies Banned From Virus Aid in Stimulus Bill [View all]

Source: Bloomberg

The $2 trillion stimulus plan agreed to by White House and Senate leaders would ban any company controlled by President Donald Trump or his children from receiving loans or investments from Treasury programs.

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

rump broke with the practice of previous presidents who either divested assets that could cause conflicts of interest or put those assets in blind trusts. Instead, Trump transferred his assets to a revocable trust administered by his elder son, Donald Trump Jr., and Allen Weisselberg, the chief financial officer of the Trump Organization. Several Trump-branded properties have been affected by the virus-induced demand crash, as well as state and local restrictions on going out in public.

The package, agreed to early Wednesday morning, would roll out billions in assistance for companies and states and cities, checks to most Americans and loans to small businesses to maintain payroll. The Senate is expected to vote later Wednesday on the measure.

Read more: https://www.bloomberg.com/news/articles/2020-03-25/trump-owned-companies-banned-from-virus-aid-in-stimulus-bill?srnd=premium

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