TokyoTokyo Mon - Fri 10:00-18:00 +81 (366) 701-751
info@mountequitygroup.com

3 Bay Area businesses fined tens of thousands of dollars for Paycheck Protection Plan loan fraud

Mount Equity Group Tokyo Japan > News > Business > 3 Bay Area businesses fined tens of thousands of dollars for Paycheck Protection Plan loan fraud

SAN FRANCISCO (KGO) — Three Bay Area companies have agreed to pay thousands of dollars to settle allegations that they abused the Paycheck Protection Program during the pandemic.

La Baguette, which runs a bakery in Palo Alto, has agreed to pay $430,000. In Santa Clara, Dynamic Integrated Solutions Incorporated, an industrial equipment supplier, will pay $50,000 in civil penalties. Also paying $50,000 Priority Acquisitions Incorporated, a licensed general contractor based in Castro Valley.

The three companies are accused of getting duplicate PPP loans, then having the loans forgiven.

MORE: Cautionary tale for investors after Bay Area native Sam Bankman-Fried charged with fraud, conspiracy

Each is also paying back the original loan amount.

No wrongdoing was proved, but the companies all agreed to settle the allegations against them. The whistleblower who raised concerns is getting $80,000 as part of the settlements.

Congress started the…

Read more…