Stimulus deal bars Trump’s businesses from Treasury Department loans

Stimulus deal bars Trump’s businesses from Treasury Department loans

News Staff

(CNN) — The stimulus deal the Senate agreed to on Wednesday will prohibit loans or investments from Treasury programs to be used to benefit businesses controlled by the President, the vice president, the heads of executive departments and members of Congress, Senate Minority Leader Chuck Schumer said in a letter to Democrats.

The prohibition extends to the children, spouses and in-laws of any of these government officials.

Schumer touted the prohibition as one of the “significant improvements” made to the stimulus package in negotiations.

The provision was part of the largest, most sweeping emergency aid package in the history of the United States, which is expected to be passed by the Senate on Wednesday. The House is expected to — at some point in the next day or two — follow suit.

The hospitality and travel industries have been warning that the impact of the novel coronavirus on their business has been worse than 9/11.

Trump’s businesses appear to have been suffering as a result of coronavirus slowdowns and shutdowns, too. Ahead of his inauguration in 2017, Trump passed control of the Trump Organization to his sons. However, he did not divest his assets in the company.

The Washington Post reported that Trump’s Mar-a-Lago and Las Vegas properties have been temporarily shuttered. And at Trump’s Washington, DC, hotel, 160 workers were let go.

The Trump Organization did not immediately respond to a CNN request for comment.

The-CNN-Wire