If this hole has threads then it might be the soap inlet. If water is shooting out under pressure you may have an obstruction in the hose/handle. Try removing the hose and running the washer and see if the water flows out the connection. If the hose ends up being the problem a visual inspection and cleaning of all inlets and the handle should clear it.

If the water coming out of the hole is low/tap line pressure then I think your bypass *(or unloader) valve is stuck in the bypass position.

A stuck unloader just needs to be unstuck and lightly cleaned. A light coating of silicon grease wouldnt hurt either!

Get the manual for this pump and see how to open/remove the unloader valve.