As the coronavirus crisis bore down on the American people, the Trump administration leapt into economic action, understanding that a prolonged shutdown would irreversibly harm the nation’s fiscal structure if preventative measures were not taken…and quickly.
For the average American, this meant a boosted unemployment benefits program, student loan forbearance, a moratorium on evictions, and a one-time payment of $1,200. Congress is expected to revisit this assistance in the coming days, however, as the coronavirus stretches into its 5th month.
When it came to businesses, the administration offered a variety of loans in order to help keep small businesses afloat. But, as with any program helmed by the federal government, the system was ripe for abuse.
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.
Companies owned by or associated with Reps. Mike Kelly (R-Pa.), Kevin Hern (R-Okla.), Markwayne Mullin (R-Okla.) and Rick Allen (R-Ga.) also received the coronavirus loans. Businesses linked to Reps. Roger Williams (R-Texas), Vicky Hartzler (R-Mo.), Susie Lee (D-Nev.) and Debbie Mucarsel-Powell (D-Fla.) previously reported they got loans.
The Pelosi family shot back at insinuations of wrongdoing.
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.
The news exemplifies the stark contrast between our nation’s ruling class and the average citizen, many of whom are living paycheck to paycheck while they wait for Congress to act on another stimulus package.
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