<ul class="summary-list"><li>The largest recipient of COVID-19 bailout loans, Trump campaign donor <keyword id="9131317" type="UNKNOWN" weightage="60" keywordseo="monty-bennett">Monty Bennett</keyword>, announced Saturday he would return all money received through the Paycheck Protection Program.</li><li>Business Insider <a href="https://www.businessinsider.com/trump-donor-paid-trump-fundraisers-to-lobby-for-trump-bailout-2020-4">recently reported</a> that Bennett won the money after contributing significantly to Trump's re-election, and spent $50,000 to hire two of Trump's fundraisers to lobby the administration for bailout money.</li><li>This is a developing story.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>The hotel conglomerate run by a major campaign donor to President Donald Trump, Monty Bennett, announced Saturday it would return all the money it received through the Paycheck Protection Program."The Ashford Group of Companies announced today that all of its companies, including Ashford Inc. (NYSE American: AINC), Ashford Hospitality Trust, Inc. (NYSE: <a href="http://studio-5.financialcontent.com/prnews?Page=Quote&amp;Ticker=AHT=AHT">AHT</a>) ("Ashford Trust"), and Braemar Hotels &amp; Resorts Inc. (NYSE: BHR) ("Braemar"), will return all funds provided by the Small Business Administration's ("SBA") Paycheck Protection Program ("<keyword id="6361580" type="ORGANIZATION" weightage="60" keywordseo="ppp">PPP</keyword>") due to the agency's recently changed rules and inconsistent federal guidance that put the companies at compliance risk," Bennett's companies said in a statement emailed to investors.Bennett's decision followed two hours after Democratic nominee <a href="https://twitter.com/JoeBiden/status/1256698438831476737">Joe Biden blasted Bennett, tweeting</a>, "Monty Bennett should return the tens of millions of dollars he received, and we should give it to the small businesses that need it."Bennett runs a conglomerate of 128 hotels, which received, collectively, more than $58 million through the PPP. <a href="https://www.businessinsider.com/trump-donor-paid-trump-fundraisers-to-lobby-for-trump-bailout-2020-4">Business Insider broke the news on April 23</a> that he won the money after contributing significantly to Trump's re-election and spent $50,000 to hire two of the president's fundraisers to lobby the administration for bailout money.This is a developing story. Check back for updates.Read the original article on <a href="https://www.businessinsider.com/monty-bennett-trump-donor-will-return-ppp-money-2020-5">Business Insider</a>

Monty Bennett, Trump donor and largest recipient of PPP funds, will return money

<ul class="summary-list"><li>Top Senate Democrat Chuck Schumer is demanding an investigation into how companies owned by Dallas hotel magnate and Trump megadonor <keyword id="9131317" type="UNKNOWN" weightage="60" keywordseo="monty-bennett">Monty Bennett</keyword> won the most money from the <keyword id="9074781" type="UNKNOWN" weightage="60" keywordseo="paycheck-protection-program">Paycheck Protection Program</keyword>.</li><li>Business Insider reported last week that Bennett paid $50,000 to a pair of Trump fundraisers to lobby the Trump Administration for relief. </li><li>A Bennett spokesman said the companies are still deciding whether they will return the money, originally meant to help small businesses survive the <keyword id="8763838" type="UNKNOWN" weightage="60" keywordseo="covid-19">COVID-19</keyword> pandemic.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>Senate Minority Leader Chuck Schumer on Friday demanded that the Small Business Administration launch an investigation into how one of President Donald Trump's top donors became the largest recipient of funds from the Paycheck Protection Program.Dallas billionaire Monty Bennett, whose companies <keyword id="4202437" type="PERSON" weightage="60" keywordseo="ashford-inc">Ashford Inc</keyword>. and <keyword id="4202436" type="PERSON" weightage="60" keywordseo="ashford-hospitality">Ashford Hospitality</keyword> Real Estate Investment Trust, controls a chain of 128 hotels that together collected $58 million in <keyword id="6361580" type="ORGANIZATION" weightage="60" keywordseo="ppp">PPP</keyword> loans and have applied for as much as $126 million."As you may be aware, last year Ashford and its subsidiaries had a combined revenue of over $2 billion through a portfolio that includes 130 hotels, primarily operated under premium brands like Intercontinental, Marriott, Hilton and Hyatt," Schumer wrote in the letter sent Friday. "As a result, I was alarmed to read public reports that Ashford and its subsidiaries applied for and received as much as $126 million in PPP loans funded by the CARES Act, making it collectively the single largest participant in the Program."<a href="https://www.businessinsider.com/trump-donor-paid-trump-fundraisers-to-lobby-for-trump-bailout-2020-4">Business Insider broke the news last week</a> that Bennett's companies had paid $50,000 to a pair of Trump's fundraisers to lobby the administration for relief from the PPP, originally slated to help small businesses. Bennett donated $50,000 to the Trump campaign's main fundraising committee, Trump Victory. The PPP became a flashpoint in the public debate over federal bailouts for businesses, as large chains and profitable ventures like Shake Shack and the Los Angeles Lakers drained the fund before small businesses could get relief.Shake Shack, the Lakers, and others have announced they were returning the money. A spokesman for Bennett told Business Insider Thursday that his companies were still reviewing whether they would return the money or not. The spokesman did not immediately respond to a request for comment on Schumer's call for an investigation.A spokeswoman for the SBA said that their agency does not comment on requests sent from federal lawmakers.Read the original article on <a href="https://www.businessinsider.com/schumer-seeks-investigation-of-trump-donor-bennett-after-ppp-payout-2020-5">Business Insider</a>

Chuck Schumer wants an investigation into how Trump donor Monty Bennett became the largest recipient of PPP funds

Here's everything we know about Monty Bennett, the Trump megadonor whose hotel conglomerate got the most in coronavirus bailout loans

<ul class="summary-list"><li>Three lodging companies chaired by <keyword id="18966" type="ORGANIZATION" weightage="60" keywordseo="Hotel">hotel</keyword> executive Monty Bennett have received $59 million in <a href="https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program">Paycheck Protection Program</a> (<keyword id="6361580" type="ORGANIZATION" weightage="60" keywordseo="ppp">PPP</keyword>) <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword> relief funds intended for small businesses, the Wall Street Journal <a href="https://www.wsj.com/articles/dallas-hotel-owner-is-biggest-beneficiary-of-coronavirus-loan-program-11587568827">reported</a>, effectively <a href="https://www.bloomberg.com/news/articles/2020-04-23/luxury-hotel-executive-biggest-winner-of-small-business-relief">making Bennett the biggest winner</a> in the small-business bailout.</li><li>On April 16, <a href="https://www.businessinsider.com/ppp-funds-just-ran-out-heres-what-entrepreneurs-should-do-2020-4">the PPP's $349 billion fund dried up</a> with thousands of loan requests still pending.</li><li>A provision in the <a href="https://www.businessinsider.com/chaotic-launch-cares-ppp-federal-loan-program-for-small-businesses-2020-4">PPP</a> allows hospitality and restaurant companies with multiple locations to apply for loans as long as each location has 500 employees or less. </li><li>While the <keyword id="6354692" type="UNKNOWN" weightage="60" keywordseo="Travel">travel</keyword> and hospitality industries have been <a href="https://www.businessinsider.com/half-of-travel-supported-us-jobs-eliminated-by-april-coronavirus-2020-4">most impacted</a> by the coronavirus pandemic, larger companies have received backlash for accepting millions of dollars in loans before smaller, independent businesses could receive relief.</li><li>The House is expected to vote on a bill today that will provide an additional $320 billion for the PPP.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>A real-estate investment firm that invests in luxury hotel properties — <a href="https://www.bloomberg.com/news/articles/2020-04-23/luxury-hotel-executive-biggest-winner-of-small-business-relief">including the Ritz-Carlton in St. Thomas</a> — is one of three companies chaired by Dallas hotel executive Monty Bennett that received a collective $59 million in federal aid intended for small businesses, the Wall Street Journal <a href="https://www.wsj.com/articles/dallas-hotel-owner-is-biggest-beneficiary-of-coronavirus-loan-program-11587568827">reported</a>.The companies — <a href="https://www.ashfordinc.com/">Ashford Inc</a>., a Dallas-based asset management firm, and the two real estate investment trusts it manages, <a href="https://www.bhrreit.com/">Braemar Hotels &amp; Resorts</a> and <a href="https://www.ahtreit.com/">Ashford Hospitality Trust </a>— represent over <a href="https://www.ashfordinc.com/advised-reits.htm">130 hotel properties</a>. In its review of public filings this week, the Wall Street Journal <a href="https://www.wsj.com/articles/dallas-hotel-owner-is-biggest-beneficiary-of-coronavirus-loan-program-11587568827">found</a> that Ashford Inc. has received $12.8 million in loans; Braemar has been granted $15.8 million; and Ashford Hospitality Trust has received $30 million for its subsidiaries. While other large corporations have received millions, this trio of companies has collectively benefited the most — the $30 million granted to Ashford Hospitality Trust's subsidiaries was about eight times the average amount other public companies received, <a href="https://www.wsj.com/articles/dallas-hotel-owner-is-biggest-beneficiary-of-coronavirus-loan-program-11587568827">the Journal's analysis shows</a>.Due to a <a href="https://www.businessinsider.com/coronavirus-stimulus-loan-restaurant-loophole-explained-2020-4">provision</a> in the $349 billion Paycheck Protection Program (PPP) — part of the $2 trillion federal <a href="https://home.treasury.gov/policy-issues/cares">CARES Act</a> — hospitality and restaurant companies with multiple locations are able to apply for loans <a href="https://www.bloomberg.com/news/articles/2020-04-23/luxury-hotel-executive-biggest-winner-of-small-business-relief">as long as each location has 500 employees or less</a>.Last month, as the small-business bailout package was being negotiated, <a href="https://www.businessinsider.com/trump-donor-paid-trump-fundraisers-to-lobby-for-trump-bailout-2020-4">Bennett's companies hired two Trump-connected lobbyists</a>, and Bennett made a $50,000 donation to Trump's joint fundraising committee, Business Insider's Tom LoBianco previously reported. (Representatives for Bennett did not return LoBianco's multiple requests for comment.)<h2>Companies have been facing backlash for keeping coronavirus relief funds meant for struggling small businesses</h2>Despite rightfully qualifying for aid within these parameters, large corporations such as Ruth's Chris Steakhouse have experienced <a href="https://www.businessinsider.com/petition-demands-ruths-chris-return-coronavirus-stimulus-loan-2020-4">backlash</a> for holding onto the funds while <a href="https://apnews.com/dded8ead64598a3893f4046bbe857d2e">thousands of small businesses</a> that applied for loans did not receive funding. Bennett's companies <a href="https://www.businessinsider.com/trump-donor-paid-trump-fundraisers-to-lobby-for-trump-bailout-2020-4">secured more than Shake Shack (which returned its $10 million coronavirus stimulus loan) and Ruth's Chris Steak House combined</a>.The PPP <a href="https://www.businessinsider.com/ppp-funds-just-ran-out-heres-what-entrepreneurs-should-do-2020-4">ran out of funds</a> on April 16, less than two weeks after launch. On Tuesday, the Senate passed a bill approving an <a href="https://www.washingtonpost.com/us-policy/2020/04/21/congress-coronavirus-small-business/">additional $320 billion</a> for the PPP. The House is expected to vote on the bill today. In a White House briefing on Tuesday, Treasury Secretary Steven Mnuchin warned these companies of "severe consequences" if they take advantage of the program going forward, Business Insider's Graham Rapier <a href="https://www.businessinsider.com/treasury-mnuchin-consequences-big-companies-taking-ppp-small-business-loans-2020-4">reported</a>."We want to make sure this money is available to small businesses that need it, people who have invested their entire <keyword id="6360041" type="UNKNOWN" weightage="100" keywordseo="life">life</keyword> savings," Mnuchin said.Read the original article on <a href="https://www.businessinsider.com/three-affiliated-hotel-companies-received-59-million-in-ppp-loans-2020-4">Business Insider</a>

A luxury hotel company that owns multiple Ritz-Carltons received millions in small-business aid thanks to a loophole in the coronavirus bailout program

<ul class="summary-list"><li>MiMedx Group, a biopharmaceutical company, received $10 million from the government's <keyword id="9074781" type="UNKNOWN" weightage="60" keywordseo="paycheck-protection-program">Paycheck Protection Program</keyword> two weeks after paying the government $6.5 million to resolve allegations it had been knowingly overcharging for medical supplies. </li><li>Last year the company was also sued for exaggerating its revenue to investors. That case was settled and no fault was admitted. Two of its executives were also indicted on accounting fraud charges.</li><li>Hilary Dixon, a MiMedx spokesperson, told The New York Times: "We don't have the option of raising capital in the public markets owing to our financial restatement process."</li><li>The government's Paycheck Protection Program is a core part of the <keyword id="6354862" type="UNKNOWN" weightage="60" keywordseo="trump">Trump</keyword> administration's attempts to protect the economy from the impact of restrictions and social distancing. </li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a></li></ul>A biopharmaceutical company received $10 million from the government's Paycheck Protection Program two weeks after paying the government $6.5 million to resolve Justice Department allegations that it had been knowingly overcharging for medical supplies. On April 6, MiMedx Group, which makes and sells human tissue grafts and is based in Georgia, agreed to pay $6.5 million to resolve a Justice Department investigation that alleged it had violated federal law by knowingly overcharging the Department of Veterans Affairs for medical supplies, according to <a href="https://www.nytimes.com/2020/04/26/business/coronavirus-small-business-loans-large-companies.html">The New York Times</a>.On April 21, two weeks later, it received a $10 million <keyword id="6360217" type="UNKNOWN" weightage="60" keywordseo="loan">loan</keyword> from the Paycheck Protection Program.According to The New York Times report, MiMedx Group has paid the $6.5 million, meaning the government has effectively paid it back, and then some. The government's Paycheck Protection Program is a core part of the Trump administration's attempts to protect the economy from the impact of coronavirus-related restrictions and social distancing. The program provides low-interest loans that will be forgiven if they're used to hire back laid-off workers. It was designed to save small businesses from going under.Hilary Dixon, a MiMedx spokesperson, told <a href="https://www.nytimes.com/2020/04/26/business/coronavirus-small-business-loans-large-companies.html">The New York Times</a>: "We don't have the option of raising capital in the public markets owing to our financial restatement process."The company was sued last year by the Securities and Exchange Commission for exaggerating its revenue to investors over several years. The case was settled for $1.5 million, and no fault was admitted. Last year, two former top executives were also indicted on charges of accounting fraud. This isn't the only loan under scrutiny. Last week, the national burger and fry chain <a href="https://www.businessinsider.com/shake-shack-gives-hourly-employees-temporary-raise-managers-bonus-2020-4">Shake Shack</a> was pressured into returning a $10 million loan it received from the program.Business Insider's Tom LoBianco also <a href="https://www.businessinsider.com/trump-donor-paid-trump-fundraisers-to-lobby-for-trump-bailout-2020-4">reported</a> that the biggest single recipient was a hotel chain run by the Dallas billionaire Monty Bennett. His companies received $58 million in loans.These came a month after Bennett's companies hired two Trump fundraisers as lobbyists, and Bennett made a $50,000 donation to Trump's joint fundraising committee. Read the original article on <a href="https://www.businessinsider.com/medical-company-gets-10-million-allegedly-overcharged-for-medical-supplies-2020-4">Business Insider</a>

Medical company received a $10 million government loan 2 weeks after paying $6.5 million for allegedly overcharging the US for veteran's care

<ul class="summary-list"><li>Clay Lacy Aviation, a private jet company, received a $27 million bailout from the federal government, <a href="https://www.cnbc.com/2020/05/14/private-jet-company-owned-by-trump-donor-gets-27-million-bailout.html?__source=sharebar%7Ctwitter&amp;par=sharebarebar">according to a report from CNBC</a>. </li><li>The funds are a grant from the <keyword id="9073299" type="UNKNOWN" weightage="60" keywordseo="cares-act">CARES Act</keyword> and won't need to be repaid, the report said. </li><li>The company's founder, Clay Lacy, donated the maximum amount to the Trump campaign in 2016 and gave $47,300 to the Republican National Committee the same year, <a href="https://www.opensecrets.org/search?order=desc&amp;q=clay+lacy&amp;sort=D&amp;type=donors;type=donors">according to OpenSecrets</a>. </li><li>The company itself gave $5,000 in 2018 to a Republican PAC. </li><li>The Treasury Department told Business Insider that political affiliation has "absolutely no bearing" on funding. Clay Lacy Aviation did not respond to a request for comment. </li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>Clay Lacy Aviation, whose founder donated thousands to the Trump campaign in 2016, received a $27 million bailout from the federal government, <a href="https://www.cnbc.com/2020/05/14/private-jet-company-owned-by-trump-donor-gets-27-million-bailout.html?__source=sharebar%7Ctwitter&amp;par=sharebarebar">according to a report from CNBC's Robert Frank</a>. In July 2016, just days after President Donald Trump became the Republican presidential nominee, Clay Lacy donated the maximum amount of $2,700 to Trump's campaign and gave $47,300 to the Republican National Committee, according to election filings compiled by OpenSecrets. The company itself donated $5,000 in 2018 to the California Freedom and Prosperity Fund, a PAC that funded a candidate in the state's 2018 Republican congressional primary. The millions the company received from the federal government through the CARES Act is a grant, not a loan, so it won't need to be paid back, according to the report. Clay Lacy Aviation received the largest grant among private jet companies benefitted by the CARES Act, the report said. A spokeswoman for the Treasury Department, which oversees the disbursement of the funds, said in a statement to Business Insider that "political affiliation has absolutely no bearing" on "applicant eligibility, the amount of assistance provided, or use of funds." Eligibility standards were set by Congress and are verified by the Department of <keyword id="34991" type="ORGANIZATION" weightage="100" keywordseo="transportation">Transportation</keyword>, the spokeswoman said. The funds given to Clay Lacy Aviation can only be used for wages, salaries and benefits, and there are restrictions mandating recipients to keep employees on payrolls, the spokeswoman said. Clay Lacy Aviation employs 530 people, <a href="https://www.claylacy.com/">according to its website</a>. The company did not respond to a request for comment. The company charters private jets for $2,600 to $12,000 per hour depending on the size of the plane.A round-trip flight from Los Angeles to Hong Kong goes for $345,000 <a href="https://www.claylacy.com/jet-charters/charter-costs/">on the company's website</a>. The $27 million in federal funds come after other prominent Trump donors have received bailouts from the government. Business Insider's Tom LoBianco <a href="https://www.businessinsider.com/trump-donor-paid-trump-fundraisers-to-lobby-for-trump-bailout-2020-4">reported that Trump donor</a> Monty Bennett's companies received $58 million in Paycheck Protection Program loans, making him the program's largest recipient. Bennett later <a href="https://www.businessinsider.com/monty-bennett-trump-donor-will-return-ppp-money-2020-5">said he would give back</a> the funds.Read the original article on <a href="https://www.businessinsider.com/trump-donor-private-jet-company-clay-lacy-27-million-bailout-2020-5">Business Insider</a>

You Searched For "monty bennett" and got 7 results

Monty Bennett, Trump donor and largest recipient of PPP funds, will return money

Tom LoBianco

Chuck Schumer wants an investigation into how Trump donor Monty Bennett became the largest recipient of PPP funds

Tom LoBianco

Here's everything we know about Monty Bennett, the Trump megadonor whose hotel conglomerate got the most in coronavirus bailout loans

Madeline Stone

A luxury hotel company that owns multiple Ritz-Carltons received millions in small-business aid thanks to a loophole in the coronavirus bailout program

Melissa Wiley

Medical company received a $10 million government loan 2 weeks after paying $6.5 million for allegedly overcharging the US for veteran's care

James Pasley

Trump donor's private jet company reportedly gets $27 million bailout — the largest of any other private jet company

Bryan Pietsch

Some of the UK's most powerful tech entrepreneurs have warned David Cameron against clamping down on immigration

Sam Shead