SAN FRANCISCO (KGO) — Three Bay Space corporations have agreed to pay hundreds of {dollars} to settle allegations that they abused the Paycheck Safety Program throughout the pandemic.
La Baguette, which runs a bakery in Palo Alto, has agreed to pay $430,000. In Santa Clara, Dynamic Built-in Options Integrated, an industrial tools provider, pays $50,000 in civil penalties. Additionally paying $50,000 Precedence Acquisitions Integrated, a licensed basic contractor based mostly in Castro Valley.
The three corporations are accused of getting duplicate PPP loans, then having the loans forgiven.
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Every can also be paying again the unique mortgage quantity.
No wrongdoing was proved, however the corporations all agreed to settle the allegations in opposition to them. The whistleblower who raised issues is getting $80,000 as a part of the settlements.
Congress began the Paycheck Safety Program in March 2020 to offer small companies loans so they might proceed to pay their staff whereas enterprise was sluggish or stopped throughout shelter-in-place orders.
Immediately, the Home Oversight Committee held its first public listening to on COVID-19 fraud.
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