Companies with Trump ties got PPP loans
U.S. President Donald Trump hosts an celebration on reopening educational institutions amid the coronavirus ailment (COVID-19) pandemic in the East Home at the White Property in Washington, U.S., July 7, 2020.
Kevin Lamarque | Reuters
Many businesses with ties to President Donald Trump gained millions of bucks in smaller organization reduction loans backed by the administration.
Trump is linked to the corporations and their executives by means of enterprise offers done with his company, the Trump Corporation, as effectively as through fiscal guidance for his 2016 run for president, his inauguration and his 2020 reelection marketing campaign.
The names of extra than 660,000 organizations that ended up accepted for Paycheck Safety Method financial loans had been exposed on Monday by the Treasury Department and Small Enterprise Administration. Loans went to organizations equally tiny and significant as the coronavirus pandemic swept as a result of the region.
Other enterprises that are led by people with sturdy allegiances to the president obtained support, as perfectly. An evaluation by the Associated Push shows that as considerably as $273 million was loaned to more than 100 companies that are owned or operated by donors to Trump.
G.H. Palmer Associates, a real estate company run by longtime Trump backer Geoffrey Palmer, was authorised for a personal loan. The enterprise is shown as “G.H. Palmer Inc.” on the record of financial loans that have been distributed, but the deal with of the company matches that of Palmer’s real estate agency in Beverly Hills, California. The corporation was accredited for a personal loan well worth $350,000 to $1 million.
Palmer has been close to Trump for several years. He was a single of a lot of company leaders of Trump’s coronavirus company advisory council and has blended to give at the very least $4 million to professional-Trump super PAC America To start with Action, according to the nonpartisan Middle for Responsive Politics.
Dezer Progress, a true estate company started by Michael Dezer, says on its site that it has the same tackle as Trump Intercontinental Seashore Vacation resort in Miami, Florida. The Dezer website states that its “branded genuine estate portfolio contains 6-Trump branded towers.” Dezer bought concerning $350,000 and $1 million from PPP.
Then there is White Stallion Energy, a coal mining enterprise out of Indiana, which is owned by Steven Chancellor. The coal executive reportedly met with former EPA chief Scott Pruitt to explore the softening of a air pollution regulation. White Stallion gave $175,000 to Trump’s inaugural committee. Beneath, he is revealed shaking Trump’s hand, alongside with Indiana Sen. Mike Braun, when the president frequented the state in 2018. White Stallion observed in between $5 million and $10 million in PPP financial loans.
The organization executives talked about in this tale did not return a request for comment.
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