President’s Friends Receive $83.5 Million In Taxpayer-Backed Rescue Loans While His Senate Allies Demand Cuts in Aid for Truly Struggling Americans
WASHINGTON, D.C. – Tonight the Federal Reserve released the latest data on Main Street Lending Program (MSLP) loans, which revealed that at least two friends and supporters of the president are among the first recipients of the CARES Act program that issues low-interest, taxpayer-backed loans to mid-sized businesses.
Meanwhile, the president’s Senate allies rolled out their “skinny” coronavirus relief bill today that deprives unemployed workers, renters, and struggling small businesses in communities of color of needed assistance.
“The president’s friends gain more and more access to tax dollars during the health crisis while his administration and Senate allies insist struggling workers and small businesses deserve less and less help,” said Kyle Herrig, President of government watchdog Accountable.US that has been tracking CARES Act spending as part of its www.COVIDBailoutTracker.com project.
“As this pandemic drags on, Americans need relief to help their communities, not just the wealthy and well-connected.”
BACKGROUND: Among tonight’s newly revealed Main Street Lending Program loans are:
- $48.5 million to LRC Construction, LLC of White Plains, NY. LRC Construction is run by Louis R. Cappelli, “a frequent business partner and friend” of President Trump. LRC Construction has developed at least three separate Trump-branded properties.
- $35 million to ProFrac Holdings, LLC of Cisco, TX. ProFrac Holdings is a family company owned by oil billionaire Dan Wilks. Brothers Dan and Farris Wilks have supported the president’s campaigns to the tune of $300,000.