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Trump businesses barred from getting coronavirus stimulus money, Schumer says

CNBC logo CNBC 3/25/2020 Mike Calia
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President Donald Trump's businesses are barred from getting loans or investments under the new $2 trillion coronavirus stimulus deal, according to Senate Minority Leader Chuck Schumer.

The Trump Organization, which the president has not divested, is run by his two elder sons, Donald Jr. and Eric. The company controls several hotels, resorts and golf clubs, including Mar-a-Lago in Palm Beach, Florida. The resort closed last week, during its peak season.

Lawmakers and the White House reached an agreement early Wednesday after days of tense, roller-coaster negotiations that added to uncertainty in markets.

Democrats and other critics of the president were concerned that Trump's businesses would receive bailout money because the tourism industry is one of the hardest-hit by the coronavirus, which has spurred leaders to restrict travel and companies to cut capacity and close up shop.

The measure will also ban businesses controlled by Vice President Mike Pence, Cabinet members and lawmakers from receiving the funds, according to details circulated by Schumer, D-N.Y.

Senate Majority Leader Mitch McConnell, R-Ky., said early Wednesday the chamber would vote on the bill later in the day. If approved by the Senate, the bill faces action in the Democratic-led House.

The White House didn't immediately respond to a request for comment.

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