A business owned by Paul Pelosi, the husband of House Speaker Nancy Pelosi (D-CA), received federal coronavirus relief money, according to Bloomberg News.
The partnership conducting business as EDI Associates reportedly received between $350,000 and $1 million in Small Business Administration loans under the Paycheck Protection Program.
“A direct incentive for small businesses”
According to the SBA website, the PPP “is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses.”
Paul Pelosi’s investment in the company is estimated at between $250,000 and $500,000, according to his wife’s financial disclosures, as reported by Bloomberg News.
Drew Hammill, a spokesman for the House speaker, issued a statement describing Paul Pelosi as “a minor, passive investor” whose stake in the partnership amounts to just over 8% of its overall value.
Hammill went on to claim that Paul Pelosi “was not involved or even aware of” the loan extended to EDI Associates.
Of course, Nancy Pelosi has directed her own criticism at the White House, accusing the Trump administration of failing to be sufficiently transparent.
“The vital assistance they need”
“The Trump administration’s concealment of PPP loan data was a disturbing sign of its complete indifference to ensuring that Paycheck Protection Program funds go first and foremost to the most vulnerable small businesses on Main Street,” she sad n a statement on June 20 after PPP recipients were made public.
A number of Trump associates have also faced scrutiny for accepting the bailout loans.
In the House speaker’s statement last month, she stressed the importance of making sure that “struggling small businesses, particularly minority, women and veteran-owned businesses, are getting the vital assistance they need to survive and retain their workers.”
Her call for transparency regarding the PPP has bipartisan support, including in the form of a statement two days later demanding that lawmakers “who are voting on it — or any issue — where a potential conflict of interest may exist need to be upfront about it.”
Given the new revelations about her husband, however, it remains to be seen whether Pelosi’s constituents or fellow legislators press her for more transparency.