By: Ted Patterson
Nancy Pelosi’s husband benefitted from Paycheck Protection Program (PPP) funding aimed at helping employees who were affected by the coronavirus shutdowns.
The New York Post reports:
A firm partially owned by House Speaker Nancy Pelosi’s husband was among the lawmaker-linked businesses that got Paycheck Protection Program loans, according to data released Monday.
Pelosi spokesman Drew Hammill said her husband, Paul Pelosi, is “a minor, passive investor in this company. He was not involved in or even aware of this PPP loan.”
Hammill told The Post that Paul Pelosi owns 8.1 percent of EDI Associates, which got a loan of between $350,000 and $1 million. The company invests in the El Dorado Hotel in Sonoma, Calif. Pelosi’s stake is worth between a quarter-million and half-million dollars, according to official disclosure forms.
PPP loans can be converted into grants if companies with up to 500 employees, and in some cases more, spend 60 percent on payroll. In two deals brokered in part by Nancy Pelosi, Congress overwhelmingly approved $670 billion for the program.
“The Paycheck Protection Program was designed to sustain the income of workers who would otherwise have been without pay or employment at no fault of their own during the coronavirus pandemic, and organizations in which members of Congress have an ownership stake were not prohibited from receiving PPP loans to help their employees during this difficult time.”
Ted Patterson is editor of Republic Press.