Trump Hotels won’t receive federal financial aid

Tuesday, 26 Mar, 2020 0

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.

TravelMole Editorial Team

Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.

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