Schumer: Trump’s businesses barred from bailout money in Senate coronavirus bill

Coronavirus

WASHINGTON, DC – OCTOBER 26: Republican presidential nominee Donald Trump and his son Eric Trump attend the grand opening ceremony at the new Trump International Hotel October 26, 2016 in Washington, DC. The hotel, built inside the historic Old Post Office, has 263 luxry rooms, including the 6,300-square-foot ‘Trump Townhouse’ at $100,000 a night, with a five-night minimum. The Trump Organization was granted a 60-year lease to the historic building by the federal government before the billionaire New York real estate mogul announced his intent to run for president. (Photo by Chip Somodevilla/Getty Images)

(NBC)—President Donald Trump will not be eligible for any federal assistance for his businesses as part of the coronavirus stimulus package that the Senate agreed upon early Wednesday morning, Senate Minority Leader Chuck Schumer, D-N.Y., said in a letter to Democratic senators summarizing the bill.

In his summary, Schumer said that the bill will include a provision to “prohibit businesses controlled by the president, vice president, members of Congress, and heads of executive departments from receiving loans or investments from Treasury programs.”

That measure came out of negotiations on a portion of the bill providing $500 billion in loans to distressed industries. That fund would be under the Treasury Department’s control and could include bailout payments to hard-hit businesses like hotels and cruise lines.

It was not immediately clear whether that prohibition also applied to those individuals’ immediate family members, like children, spouses and in-laws.

Read the full story on NBCNews.com.

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