Major Trump sponsors received nearly $273 million under the federal COVID-19 aid program, AP reports

WHAT YOU NEED TO KNOW:

• Many of Trump’s campaign donors received millions from the economic aid package under the PPP.
• While more than 100 companies supporting Trump campaign received the loan, the report said it doesn’t have evidence that says the administration favored the said businesses.
• It was also reported that some of these businesses received the grant as early as April.

On Tuesday, The Associated Press reported that dollars by the millions from the federal coronavirus package under the Paycheck Protection Program (PPP) were disbursed to firms owned by President Donald Trump’s sponsors.

Nearly $273 million in federal economic assistance went to over 100 businesses either owned or run by Trump’s campaign donors.  The analysis made by Associated Press was based on the data published by the Treasury Department last Monday.

The majority of the said companies were said to be approved for PPP advances as early as April, while eight of them were eligible by the first week of May as the analysis observed.

Reports also said the owners of the firms had contributed no less than $11.1 million since May of 2015 to the campaign teams of Trump and the America First Action and Republican National Committee, a super Political Action Committee (PAC) promoted by the president.

Each of the business owners sponsored nearly $20,000 to campaign drives, says the report.

The AP noted that there is no proof these corporations received exclusive deals because of their contributions to the president. The report also clarified that what they received was only a portion of the loan program totaling  $659 billion.

The Trump administration was questioned about the allocation of funds in the PPP following its earlier refusal to disclose which companies got the approval until legislators demanded transparency.

The analysis showed that the conservative online page,  NewsMax, was granted a loan of up to $5 million on April 13. The company’s CEO, Christopher Ruddy, has contributed $525,000 to Trump-supporting political groups.

A company in San Antonio, Muy Brands that operates Taco Bell, Wendy’s, and Pizza Hut franchises, received a loan between $5 million and $10 million. The company owner, James Bodenstedt, has donated $672,570 to Trump from 2016, says AP.

A company from Texas, M Crowd Restaurant Group, which operates 27 Texan restaurants, was awarded between $5 million and $10 million. Ray Washburne, the company’s co-founder and sponsored $100,000 to the PAC the previous year.

He also served as the vice-chairman of the Trump Victory Committee in 2016.

Samantha Zager, a spokesperson for Trump campaign, told The Hill that the PPP was a massive success and saved American jobs of more than  51 million. This includes the law firm of Joe Biden and many companies linked with Obama Administration alumni.

On Monday, the Treasury Department released the information to the recipients of credits of at least $150,000. Over 80 percent of the nearly 5 million beneficiaries of PPP loans were not part of them because they got $150,000 and less.

Source: The Hill