REPORT: Josh Kushner Portfolio Companies Received Nearly $3 Million In PPP Loans
Kushner Family-Tied Companies Have Now Reportedly Received Up To $6.35 Million In PPP Funds
WASHINGTON, D.C. – New reporting from the New York Post revealed that at least five portfolio companies of Thrive Capital, the venture capital firm run by Joshua Kushner, the brother of President Trump’s son-in-law Jared Kushner, grabbed up at least $2.8 million from the Trump SBA’s Paycheck Protection Program (PPP). Government watchdog Accountable.US called it another example of how the well-connected exploited the program at the expense of mom-and-pop shops across the country.
“A total lack of transparency allowed the administration to pervert a program meant for struggling small businesses into another vehicle for enriching the wealthy and well-connected — which just happened to work to the benefit of people connected to the White House in more ways than one,” said Accountable.US president Kyle Herrig. “While it may just be the conflict of interest de jour for Jared Kushner, it’s an insult to the tens of thousands of small businesses that were shut out of this program, especially in communities of color. There’s no better example why Congress should turn the page and establish a new program that is transparent, accountable, and can actually get help to the communities who need it.”
While Thrive Capital was originally founded by and is still managed by Joshua Kushner, it also has ties to Jared. Before landing his job at the White House, Jared Kushner was a major player in the firm, and has repeatedly invested in Cadre, a questionable real-estate firm Jared founded that is intimately familiar with offshore tax havens. Last month it was reported that Jared conveniently changed his mind on divesting from Cadre.
The revelations today follow reporting from Salon that the parent company of Observer Media, a news firm owned by Kushner prior to his joining the administration, as well as two of the family’s New Jersey hotels, all scored up to millions in PPP aid. It is no wonder the Trump administration quietly moved to allow lawmakers, federal officials and their families to be exempted from conflict of interest reviews in applying for PPP funds.
Accountable.US has been tracking PPP spending as part of its www.COVIDBailoutTracker.