PPP Loans at Trump and Kushner Properties

2020-12-02

PPP Loans at Trump and Kushner Properties

unresolved

Promised: 2020-03-27At the CARES Act signing Trump described PPP relief as support for workers and small businesses.Open cited record · 1 source
The record: 2020-12-01SBA's PPP FOIA dataset identifies its loan-level records as disbursed PPP loans and includes borrower names, addresses and amounts.Open cited record · 1 source2020-12-02NBC News analysis found more than 25 loans worth over $3.65 million to businesses at Trump and Kushner real-estate addresses.Open cited record · 2 sources
Who gained: PPP borrowers at Trump or Kushner property addresses
PPP borrowers at Trump or Kushner property addresses
Who paid: United States taxpayers
Audit finding: unresolved
Public support to tenant businesses is documented, but describing it as a payment to Trump or Kushner would exceed the evidence.
Causal strength: not established

Evidence chronology

promise2020-03-27documented
At the CARES Act signing Trump described PPP relief as support for workers and small businesses.
- Trump White House Archives: Remarks by President Trump at Signing of H.R. 748, The CARES Act2020-03-27 · Remarks describing loans for small businesses and workers
Open underlying ledger entry
action2020-12-01documented
SBA's PPP FOIA dataset identifies its loan-level records as disbursed PPP loans and includes borrower names, addresses and amounts.
- U.S. Small Business Administration: Paycheck Protection Program (PPP) FOIA2020-12-01 · Loan-level disbursed-loan dataset and data dictionary fields
Open underlying ledger entry
outcome2020-12-02reported
NBC News analysis found more than 25 loans worth over $3.65 million to businesses at Trump and Kushner real-estate addresses.
- U.S. Small Business Administration: Paycheck Protection Program (PPP) FOIA2020-12-01 · Loan-level disbursed-loan dataset and data dictionary fields
- Noticias Telemundo / NBC News: Préstamos PPP: fondos fueron dados a lugares en propiedades de Donald Trump y Jared Kushner2020-12-02 · Opening analysis and property-address examples
Open underlying ledger entry
limitation2020-12-10reported
A watchdog said tenants may have used proceeds for rent, while noting released data did not establish how they spent it.
- Project On Government Oversight: Confirming Our Fears About the PPP2020-12-10 · Trump and Kushner property-tenants paragraph and data limitation
Open underlying ledger entry

Money calculations

paymentPpp Property Address Loansmore than $3.65 million
realized · 2020-12-02 · observedPopulation United States taxpayers; PPP borrowers at Trump or Kushner property addresses; PPP borrowers at Trump or Kushner property addressesPeriod 2020-04-03 to 2020-12-01Basis Use NBC/Telemundo's address match against SBA's loan-level disbursed-loan data; treat the reported sum as a lower bound.Limits Not a direct payment to property owners; forgiveness, rent use and pass-through benefit vary by borrower.Open cited evidence

Responses, contrary evidence, and limitations

limitation
A watchdog said tenants may have used proceeds for rent, while noting released data did not establish how they spent it.