One person who isn't having trouble getting cash from the Paycheck Protection Program: Trump donor Monty Bennett, who is a multi-millionaire.
Bennett, like Trump, is in the hotel business. Bennett is the CEO of Ashford Inc., which makes money "advising" two related companies, Ashford Hospitality Trust and Braemar Hotels & Resorts, which own hotels. (Bennett serves as chairman of the board of the two subsidiaries.) The companies had "
combined revenue last year of $2.2 billion."
According to filings with the SEC, Bennett's three companies have secured $96.1 million in Paycheck Protection Program loans. And more may be on the way. According to a fact sheet produced by the three companies, they've applied for a total of
$126 million in Paycheck Protection Act loans.
Will these funds be used to pay hotel employees? It does not appear that way. The loans will be forgiven by the government if 75% of the money is used for payroll expenses, up to a $100,000 annual salary for each employee. According to the companies'
fact sheet, "it appears that we will only minimally qualify, and we will have to pay the balance back when it is due in 2 years." That suggests the bulk of the money will not be spent on qualified payroll expenses.