fb-pixel

WASHINGTON — Businesses controlled by President Trump and his children would be prohibited from receiving loans or investments from Treasury Department programs included in a $2 trillion stimulus plan agreed to early Wednesday by White House and Senate leaders in response to the coronavirus crisis.

The provision, which was touted by Senate minority leader Chuck Schumer, Democrat of New York, in an early-morning letter to colleagues, would also apply to Vice President Pence, members of Congress, and heads of federal departments, as well as their children, spouses, and in-laws.

During a television interview Wednesday morning, Schumer stressed that the provision applies not only to Trump but to ‘‘any major figure in government.’’

Advertisement



‘‘That makes sense. Those of us who write the law shouldn’t benefit from the law,’’ Schumer said on CNN.

The massive package, which aims to flood the economy with capital by sending $1,200 checks to many Americans, would create a $367 billion loan program for small businesses and set up a $500 billion fund for industries, cities, and states.

Trump’s dual roles as both chief executive of the nation and owner of a sprawling business empire has been frequently criticized by Democrats, who accuse him of trying to profit from the presidency.

Representatives of the Trump Organization did not immediately respond to a request for comment.

Trump’s private business has now shuttered nine of its hotels and clubs, including six of its top seven revenue-producers. These closures — including shutdowns at Trump Doral in Miami, Trump Turnberry in Scotland, the Mar-a-Lago Club in Palm Beach, Fla., and the Trump hotel in Las Vegas — could cost the Trump Organization millions in lost revenue.

The closed properties accounted for $209 million in revenue in 2018, according to Trump’s financial disclosures, which works out to about $573,000 per day. The filings do not say if these clubs turned a profit before the virus hit. Much of their revenue is likely to be lost, as long as the clubs and hotels remain closed.

Advertisement



Before the virus, the Trump Organization had received more than $628,000 in payments from the federal government, by charging the Secret Service to house the agents who accompany Trump on his many visits to his own properties.

The Trump Organization had not indicated as of earlier this week whether it would seek bailout funds from the stimulus bill.

On Sunday, Trump was asked whether his business would abstain from any federal bailout.

“Everything’s changing, just so you understand; it’s all changing,” he said. “But I have no idea.”