SAN FRANCISCO (KGO) — Three Bay Space firms have agreed to pay 1000’s of {dollars} to settle claims of abuse of paycheck safety packages throughout the pandemic.
Palo Alto bakery operator La Baguette agreed to pay $430,000. In Santa Clara, industrial gear provider Dynamic Built-in Options Included can pay his $50,000 civil penalty. He additionally paid $50,000 to Precedence Acquisitions Included, a licensed common contractor based mostly in Castro Valley.
The three firms are accused of mortgage forgiveness after acquiring duplicate PPP loans.
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Every has additionally paid again the unique mortgage quantity.
No wrongdoing was confirmed, however the firm all agreed to settle the allegations in opposition to them.
Congress launched the Paycheck Safety Program in March 2020 to offer loans for small companies. This lets you proceed paying your staff even when your enterprise slows down or shuts down throughout stay-at-home orders.
Right now, the Home Oversight Committee held its first public listening to on COVID-19 fraud.
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