Coronavirus relief package could help Donald Trump, Jared Kushner businesses

$2 trillion legislative packs moving through Congress to shore up U.S. ecomy devastated by coronavirus was carefully written to prevent  US President Donald Trump and his family from profiting from federal fund. But fine print reveals that businesses owned by Trump and his family still may be eligible for some assistance. massive relief fund, rushed through Senate and expected to soon be passed by House, includes langu inserted by Democrats that explicitly prevent Trump, who did t divest from his company before taking office, from using federal money as a windfall for his struggling hotel and country club business.

Ethics groups warn, though, that 880-p bill contains loopholes in ethics ban and wording elsewhere could oretically allow banned parties to still benefit from federal giveaways. After analyzing massive bill, DC-based ethics group Citizens for Responsibility and Ethics in Washington said Trump and his family might still benefit from provisions in pack that are aimed more broly at various parts of U.S. ecomy.

“While y still may benefit from parts of this bill, on first re it appears only in ways that would benefit many ors,” said CREW spokesman Jordan Libowitz. Certain hotel owners, including those employing thousands of people, will be eligible for small-business loans, a provision that could potentially help Trump’s company continue to pay ws for his employees. Trump Organization could also benefit from a $15 billion change to tax code won by retailers and restaurants.

Six of Trump Organization’s seven most profitable clubs and hotels are shut down because of restrictions imposed to slow spre of coronavirus, including lush Mar-a-Lago resort in Palm Beach, Florida, and hotels in Las Vegas, Ireland, and Scotland. Several ors, including hotel in Washington, just a few blocks from White House, have remained open but with curtailed operations.

Trump turned over control of his business to his ult sons, Donald Jr. and Eric, when he took office. He did t rule out accepting federal funds for businesses when pressed about it earlier this week. “I don’t kw,” Trump said. “I just don’t kw what government assistance would be for what I have. I have hotels. Everybody knew I h hotels when I got elected. y knew I was a successful person when I got elected, so it’s one of those things.”

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pandemic comes at a fraught time for Trump real estate empire. Several properties are losing money while some residential buildings and hotels paying to brand mselves with Trump name have removed name because of his politics. Trump Organization did t respond to a request for comment.

hotel industry has been devastated by slowdown in travel. Many hotels are closed. For week ending March 21, occupancy rates plummeted 56% to an aver of 30%. Last year, occupancy rates averd near 70%. industry was mainly looking for help for small businesses in stimulus bill. Most U.S. hotels are operated by franchisees, and 33,000 of 56,000 hotels in U.S. are classified as small businesses. Those hotels will be eligible for loans from Small Business ministration. pack also contains $454 billion in loans for larger businesses that have been hurt by virus.

Moreover, family real estate firm of Trump’s son-in-law, Jared Kushner, could also benefit from ecomic pack. Kushner stepped down from his prior role as CEO but, like Trump, he did t sell off his multi-million dollar investment portfolio, which included investments in family firm and or holdings partnered with his parents and siblings. Inste, Kushner has retained passive ownership stakes in his family firm’s interests, which potentially might allow him to sidestep ethics ban — depending on wher one of those interests seeks federal aid. Under wording of legislation’s ethics rules, ban only kicks in when affected party retains more than 20% ownership in a stake requesting federal aid from stimulus.

Some of Kushner’s stakes in his family firm’s interests, according to his most recent 2019 financial disclosure and to a New York Times analysis, appear to be mirity holdings below that 20% threshold. Kushner could potentially also benefit from a separate $300 billion stimulus provision aimed at aiding small businesses with fewer than 500 employees. Under stipulations of stimulus, eligible companies under that size limit could obtain up to $10 million in forgivable federal loans as long as y retained ir workers for duration of coronavirus crisis. AP emailed representatives for Jared Kushner and Kushner Companies, asking about ir intentions regarding stimulus, but did t immediately receive replies.

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$2.2 Trillion Virus Rescue Bill

With rare bipartisanship and speed, Washington is about to deliver massive, unprecedented legislation to speed help to individuals and businesses as coronavirus pandemic takes a devastating toll on U.S. ecomy and health care system. House is set to pass sprawling, $2.2 trillion measure Friday morning after an extraordinary 96-0 Senate vote late Wednesday. President Donald Trump marveled at unanimity Thursday and is er to sign pack into law.

relief can hardly come soon eugh. Federal Reserve Chairman Jerome Powell said Thursday ecomy “may well be in recession” alrey and government reported a shocking 3.3 million burst of weekly jobless claims, more than four times previous record. U.S. death toll has surpassed 1,000 from virus.

(With AP inputs)