Reoff Xx LLC
Pelosi financial disclosures
WHY DO THESE DISCLOSURE APPEAR FUNKY IN SEARCH?
additional investment in LLC which acquired 5 Courtyard by Marriott hotels in Fairfax Virginia (1),
suburban Baltimore MD (2), San Antonio TX (2).
This LLC only formed 1 year ago,
Thoughts - trafficking? San Antonio to Fairfax and Baltimore? Certainly close to Washington…
Any ideas why these disclosures would appear funky like this in a duckduck search?
Lookkee here $1-2 million in Corona Virus bailout
REOF XX, LLC
Loan Amount $1-2 million
Location San Francisco, CA
Industry Lessors of Nonresidential Buildings (except Miniwarehouses)
Business Type Limited Liability Company (LLC)
Jobs Reported 167
Lender First Republic Bank
Date Approved April 9, 2020
https://projects.propublica.org/coronavirus/bailouts/loans/reof-xx-llc-3421f2330aa53cdf8e12a016b2bf54bd
SEriously 167 Jobs at Reof?
Lookkee here Federal Paycheck Protection loan
Loan Size:$1.41M
Jobs Retained:167
Loan Approved:2020-04-09
Lender:First Republic Bank
REOF XX, LLC received a Paycheck Protection Loan of $1.41M through First Republic Bank, which was approved in April, 2020.
Based on standard PPP eligibility rules, REOF XX, LLC's total 2019 payroll expenses were approximately $6.75M in order to qualify for the PPP loan amount received. Based on their reported 167 jobs retained, this equals an estimated average yearly compensation of $40,415 per employee
https://www.federalpay.org/paycheck-protection-program/reof-xx-llc-san-francisco-ca
NANCY PELOSI’S HUSBAND’S COMPANIES GOT AT LEAST $3 MILLION IN PPP LOANS
https://brokeassstuart.com/2020/12/16/nancy-pelosis-husbands-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.
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.
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.