President Trump and his family have been banned from receiving funds for his businesses under the new $2 trillion coronavirus stimulus bill, according to Senate Minority Leader Chuck Schumer. Under the new bill’s provision, it prohibits any businesses controlled or owned by the President, Vice President, Members of Congress and heads of Executive Departments from receiving bailout loans from Treasury programs.
The Trump Organization has a large business portfolio that includes real estate both commercial and residential, hotels, golf courses, construction companies, casinos, financial services, book and magazine publishing, broadcast media, online travel, commercial and private aviation, model management and retail businesses. Retail businesses have also included jewelry, accessories, fashion, home furnishings, bath textiles, home fragrance products, vodka, wine, bottled spring water, and chocolate.
Senate Minority Leader Chuck Schumer stated, “in effect, this is a wartime level of investment into our nation.” Schumer continued that it is “the largest rescue package in American history” and and “this is not a moment of celebration, but of necessity.” Schumer also stated that the package “may not be enough” in the wake of the pandemic and that they will go back “if we need it.”
At last, we have a deal.
After days of intense discussions, the Senate has reached a bipartisan agreement on a historic relief package for this pandemic.
We’re going to pass this legislation later today.
— Leader McConnell (@senatemajldr) March 25, 2020
House of Representatives Speaker Nancy Pelosi stated that the stimulus that was agreed on “goes a long way for the American people.”
Under the $2 trillion coronavirus stimulus bill that was signed, American citizens who earn less than $75,000 per year will receive a direct payment of $1,200 to taxpayers. People who have a child will receive an extra additional $500 per child.
Small businesses can receive federally guaranteed emergency loans from their local community banks as long as they have not laid people off from work. If an employer continues to keep employees during the COVID-19 crisis the loans would be forgiven by June 30.
Distressed companies would receive loans from the Federal Reserve who controls $425 billion of the fund. Industry-specific loans including airlines and hotels fall under this category.
Unemployment benefits under the coronavirus stimulus bill have been extended for 13 weeks. Unemployment benefits have also been expanded to Uber drivers, freelancers, gig workers, and furloughed employees.
Coronavirus COVID-19 is a respiratory illness that is highly contiguous and is primarily spread through contact or exposure with an infected person when they cough or sneeze. COVID-19 also can stay alive on hard surfaces for days and on cardboard for 24 hours after an infected person has touched them. It has been recommended by the Centers for Disease Control and Prevention (CDC) to use social distancing and stand at least 6 feet away from others, and no large gatherings of more than five people to help reduce the risk and spread of the virus. If you suspect that you have COVID-19 or have been exposed to someone who is infected it is also recommenced to self quartine for at least 14 days and call your doctor for further instructions.
Everyone has a role to play to reduce & slow transmission of #COVID19. Physical or social distancing is one way to prevent the spread of COVID-19. This means avoiding crowded places and maintaining distance from others. More prevention tips: https://t.co/bUyobRpOe4. #StayAtHome pic.twitter.com/UMbF3UG7vU
— CDC (@CDCgov) March 21, 2020
Symptoms of COVID-19 include cough, fever, sleepiness and in more severe cases, difficulty breathing. Since the COVID-19 pandemic began in Wuhan, China in December 2019, there have been 413, 467 confirmed cases and 18, 433 confirmed deaths globally.
New York has become the epicenter of COVID-19 in the United States. On March 24, there have been 15,597 confirmed cases to date and 210 confirmed deaths. The White House advised that anyone traveling from the New York area self quarantines for 14 days and if symptoms appear to contact your doctor or health care professional.
