Nancy Pelosi’s Husband’s Companies Got At Least $3 Million in PPP Loans
House Speaker Nancy Pelosi is currently trying to negotiate a stimulus deal in Congress, which could include another round of PPP loans. But she may be negotiating a self-deal, too. The watchdog website ProPublica reports that a PPP loan between $1 million and $2 million went to a mysteriously named firm called REOF XX, LLC, which is listed as an investment in the Pelosis’ portfolio.
Yet another business linked to Nancy Pelosi, and her husband, Paul, has been discovered to have taken $1M-$2M in PPP loans.
Paul Pelosi is a partner/investor in REOF XX—which appears to be a shell company for Flynn Properties, a commercial real estate firm. pic.twitter.com/NQGPbwda6k
— Robbie Jaeger ? (@RobletoFire) December 14, 2020
As seen in the above tweet from investigative reporter Robbie Jaeger, REOF XX received a PPP loan between $1 million to $2 million, approved on April 9. (These disclosures are not immediately made public, and they’re not specific on dollar totals.) House of Representatives financial disclosures show that REOF XX is among the Pelosis’ investment holdings, and that the company “acquired five Courtyard by Marriott hotels” in Virginia, Maryland, and Texas.
— New York Post (@nypost) July 6, 2020
This is not the first time a Paul Pelosi-affiliated company has received million-dollar PPP loans. Fortune reported in July that two of his other investment vehicles, EDI Associates and the Piatti Restaurant Company, received at least $2.4 million in PPP loans.
Nancy Pelosi’s spokesperson told CQ Roll Call in July that Paul Pelosi only held an 8.1% stake in the company (though did not distinguish which company), and said that Mr. Pelosi is “a minor, passive investor in this company. He was not involved in or even aware of this PPP loan.” Her office has not yet commented on the REOF XX loan.
There is nothing illegal about this, it just stinks, especially to small businesses who got little or nothing while big corporations got generous loans. And to be fair, Pelosi’s Senate counterpart Mitch McConnell, and his Secretary of Transportation wife Elaine Chao, also got a generous PPP loan for a company Chao’s parents founded. But just like with last week’s news that Gavin Newsom’s companies got $3 million in PPP loans, your favorite restaurants that have closed have to wonder why powerful politicians’ companies got such bigger loans than they did.