Washington DC – Democratic House Speaker Nancy Pelosi has had sharp words for President Donald Trump for many things, including the $669 billion Paycheck Protection Program.
The PPP was designed to help with financial relief to business suffering shortfalls as a result of the Coronavirus pandemic.
According to the Speaker, she believed that the funds were not going where they needed to first, to the vulnerable small businesses in America. It would seem that, for once, Speaker Pelosi was correct to be concerned.
Recently it was learned that a business connected to the Speakers husband, Paul Pelosi, received a sizeable amount.
The business in question is EDI Associates, who received a loan anywhere from $350,000 to 1 million dollars from the PPP.
Paul Pelosi reportedly owns 81% of the company according to Drew Hammill, a spokesman for the Speaker. Apparently, the Speaker did not heed her own warnings in ensuring small businesses in America received money before larger ones.
Bloomberg News reported:
Nancy Pelosi’s spokesman described Paul Pelosi as an investor in the firm, which turned up in loan-level disclosures for the program that were released Monday by the Treasury Department and Small Business Administration. […]
EDI Associates is listed as a recipient of a loan between $350,000 and $1 million. The same company was listed in Nancy Pelosi’s latest House financial disclosure report filed in May 2019, for the year 2018. […]
EDI Associates is listed in Pelosi’s disclosure form as located in Sonoma, California. It’s identified as a limited partnership with an investment in the El Dorado Hotel. The value of the asset on the form — identified as belonging to Pelosi’s spouse — is listed as between $250,001 and $500,000.
Pelosi is not alone in receiving funds in some manner from the PPP, as many as four other House members received monies from the program. Susie Lee and Debbie Mucarsel-Powell, both democrats, and Roger Williams and Vicky Hartzler, both republicans, have some type of connection with companies that received funds.
There are reports of those companies either being run by family members or employ their significant others as executives.
The Small Business Administration had a rule allowing members of the house to sidestep a review process designed to stop this type of situation occurring. One should question why such a measure was put in place, allowing House members to not have to request approval in gaining funds from the PPP in which they have more than a 10% interest.
Senator Joni Ernst, a Republican from Iowa, recently pushed forward legislation which would require anyone in the House and their family members to disclose if a loan was received. Senator Ernst states:
“The PPP has saved countless businesses and the jobs of millions of Americans, but those in Congress who are voting on it – or any issue – where a potential conflict of interest may exist need to be upfront about it. The only reason to oppose this bill is if you have something to hide.”
In addition to the House members information being disclosed, Monday’s report also proved that the Congressional Black Caucus Foundation and the Congressional Hispanic Caucus Institute both received PPP loans between $350,000 and 1 million dollars.
A spokeswoman, Erica Southerland, for the Congressional Black Caucus released a statement regarding the request and expenditures of the loans from the PPP that the money was used to assist only with eligible expenses. Southerland states:
“Without this assistance, the CBCF would have faced a 30% reduction in the overall organizational budget impacting more than 25 employees. In addition, the CBCF provides paid, need-based fellowship and internship opportunities to equip future leaders and increase diversity on Capitol Hill.”
It seems in this instance; Speaker Pelosi and her colleagues may well have created a way in which to ensure that companies in which they have some type of major interest in receiving funds from the PPP.
An idea in which the Speaker herself warned that President Trump would engage in order to enrich he and his family members.
Pelosi: “Every crisis” is an “opportunity” – in this case, to advance a far-left agenda
This editorial is brought to you by a former Chief of Police and current staff writer for Law Enforcement Today.
WASHINGTON, D.C.- You’ve got to hand it to Democrats. They are not afraid to admit that they like to use a crisis such as COVID-19 to advance their agenda. House Speaker Nancy Pelosi said as much during a press conference on Wednesday, according to Breitbart News.
“We have to open the economy, we have to do so in a way that gives more opportunity for access to care, to credit, to opportunity,” she said while touting her phase four coronavirus bill, the HEROES Act.
“Just as Mr. Clyburn said, this is an opportunity, every crisis is,” Pelosi added.
That comment was referring to U.S. House Majority Whip James Clyburn (D-SC), who quite proudly and loudly claimed that message prior to passage of the last $2 trillion “relief” bill in March, saying at the time that the bill was a “tremendous opportunity to restructure things to fit our vision.”
Pelosi of course downplayed reports that claimed the HEROES Act was in any way partisan.
“Nobody said that when Mitch McConnell put forth his bill, CARES one,” Pelosi said.
Earlier this month, House Democrats, without any committee hearings or input from Republicans passed the $3 trillion, 1816-page HEROES Act, which we can venture most of them probably didn’t read, or if they did, likely only a small portion.
In fact, many Democrats in the House have admitted that the bill serves as something of a “policy wish list” rather than a bill to actually alleviate the impact of the coronavirus and help the American people and businesses.
As reported in Politico, privately, several House Democrats concede that their latest bill feels like little more than an effort to appease the most liberal members of the caucus, many of whom were chafed that their most important priorities were minimized or ignored entirely in previous coronavirus negotiations.
Here is a list of some of the liberal wish list items contained in the HEROES Act:
-Eliminates limitations on the federal deduction for the state and local taxes (SALT). Republicans limited this deduction through the Trump Tax Cuts and Jobs Act. The SALT deduction is said to benefit primarily those who live in wealthy, largely Democrat states such as New York and California.
-Bails out states and local governments, many of whom were dealing with tremendous tax deficits and huge pension liabilities even before the pandemic struck, such as New York, Illinois and New Jersey. The bill contains half a trillion dollars in funding for state government relief, and $375 billion in aid to local governments. Senate Republicans, including Sen. Ted Cruz (R-TX) and Rick Scott (R-FL) have said that such a bail out would benefit fiscally irresponsible states such as those mentioned above, while being detrimental to states such as Texas and Florida.
-Would provide $1.7 billion for Historically Black Colleges and Universities (HBCUs) and Minority Serving Institutions, $20 million for Howard University ($692 million endowment), $11 million for Gallaudet University ($183 million endowment), $11 million for the National Technical Institute for the Deaf, part of Rochester Institute of Technology ($938.2 million endowment)
-Up-front debt relief of $10,000 for all Department of Education loan borrowers
-Mandatory early voting for every state and mandatory mail-in ballots for every state. Nate Madden, who is the press secretary for the House Oversight Committee Republicans called this provision a “nightmare scenario for voter fraud.”
-Allows wealthy people who make money from dividends and royalties to claim the Earned Income Tax Credit, which is typically designed for lower-income Americans.
-Extends assistance designed for nonprofits to political action groups and chamber of commerce-style associations. According to Open Markets Institute fellow Matt Stoller, this provision is a “corporate lobbyist bailout.”
— Matt Stoller (@matthewstoller) May 12, 2020
Meanwhile, Republicans railed against the proposal. When the bill was introduced, Sen. Bill Cassidy (R-LA) called the bill “politically motivated garbage” that “doesn’t pass the laugh test.”
In an appearance on “America’s Newsroom” on Fox, Cassidy told host Ed Henry that Pelosi had hidden “liberal additions” to the bill in the fine print.
“Clearly she went to her committee chairs and she said give me that which you think maybe we can get in here—a starting point for negotiations, so we’ll look reasonable when we retreat from it,” he said.
“On the other hand, it is socking it to the American people, cynically saying we’re here to help you but rather instead trying to fulfill a left wing agenda.”
Some of the criticisms of the bill are the fact that it mentions cannabis 68 times, while mentioning business far less. It would also give a bailout to the United States Postal Service of (USPS) $25 billion.
The postal service has said that without the additional funds, they won’t make it past September.
“Yeah, that’s all about an unfunded accrued liability in their pension fund [and] other things,” said Cassidy.
“There needs to be structural reform to the postal service. My fear is that if you just give them $25 billion without pushing for the reform, you know five years from now we’re going to have a similar problem,” Cassidy told Henry.
Cassidy did agree that the longer the COVID-19 pandemic goes on, the more likely government aid will be needed, however he said the end doesn’t justify the means.
“Now clearly some aid is going to be needing [to go] further. The longer the crisis lasts, the more likely aid is going to be needed,” he noted.
“That said, we shouldn’t kind of mash it together again with the wish list. That discredits the true need as people are attempting to sneak in an agenda cynically saying this is about me but really it’s about an agenda.”
“We need to stick with the need,” Cassidy finished.
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