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

Yahoo screenshot

• The largest recipient of COVID-19 bailout loans, Trump campaign donor Monty Bennett, announced Saturday he would return all money received through the Paycheck Protection Program.
• Business Insider recently reported 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.
• This is a developing story.
• Visit Business Insider's homepage for more stories.

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: AHT) ("Ashford Trust"), and Braemar Hotels & Resorts Inc. (NYSE: BHR) ("Braemar"), will return all funds provided by the Small Business Administration's ("SBA") Paycheck Protection Program ("PPP") 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.

See the rest of the story at Business Insider

NOW WATCH: We tested a machine that brews beer at the push of a button

See Also:

• Warren Buffett's Berkshire Hathaway sold more than $6 billion in stock in April, its first-quarter earnings show
• Small businesses got hundreds of millions of dollars in coronavirus loans that are supposed to be forgivable. Now comes the hard part.
• The US government will do a 'full review' of any company taking a small business loan over $2 million after massive corporations took advantage of the program

from Feedburner https://ift.tt/3d1UpTQ