Veritas Investments, the largest company that owns SF, recently secured a $ 3.6 million loan under the U.S. government’s Small Business Administration (SBA) Paycheck Protection Program (PPP) – des funds they plan to repay, which will help strengthen some of the city’s most vulnerable small businesses. .
Suffice to say that the deployment of PPP loans across the county has been anything but transparent. Restaurant chains like Shake Shack, Potbelly and the Fiesta Restaurant Group (the company behind Pollo Tropical and Taco Cabana) have received tens of millions of dollars in emergency aid intended to support genuine small businesses in these turbulent times. We can now add one of the largest property management companies in the Bay Area to that list, but House Speaker Nancy Pelosi does not have it.
I was proud to vote for the #HeroesAct, bringing economic relief to families, honoring essential workers, supporting state and local governments, and ensuring that small businesses of all types and sizes have access to support.
– Representative Juan Vargas (@RepJuanVargas) May 16, 2020
According to KRON4, Pelosi asked Veritas Investments to return the multi-million dollar bailout they received from the federal government so that small businesses can sequester those funds.
“Neighborhood businesses such as hair salons, restaurants, convenience stores and others that have been hit hardest by social distancing and other measures needed to stop the spread of the virus are in urgent need of financial assistance. “Pelosi said of the subject in a Liberation press. “Bigger companies like Veritas, one of San Francisco’s largest corporate property management firms, which has billions in assets and access to cash from other sources, were not the beneficiaries. targeted PPP loans. I join San Franciscans in asking Veritas to repay their PPP loan.
Veritas Investments, which was valued at north of $ 3 billion in 2016 with its then current investor portfolios, has been blasted for applying for a PPP loan this week. When they were approved, tensions only increased as news of their $ 3.6 million bailout spread.
“The $ 3.6 million PPP loan allows us to continue employing 123 frontline workers, many of whom would have lost their jobs without the loan, in addition to bringing 26 workers back on leave,” read a statement. Saturday night by Veritas, by NBC Bay Zone.
However, it seems they have caved in to public pressure and guilt trips; in that same statement, Veritas announced that it would repay the PPP loan … eventually. However, they made a point of repeating that they would not pay it back all at once.
Every time these payments are received, the most senior woman in US history is keen to make sure that she is, in fact, helping small businesses.
“In the spirit of The Heroes Act, which ensures that repaid PPP loans will be redistributed to small businesses with 10 or fewer employees, Veritas, by returning its PPP loan, will help save some of our city’s most vulnerable small businesses and of our country. Pelosi continued in this press release.
Currently, more than 1.6 million P3 loans have been approved and issued by the SBA, amassing a gross dollar value north of $ 350 billion in federal aid.
The Heroes Act was passed by the House on Friday.
Related: San Francisco to grant interest-free loans to struggling small businesses during pandemic
Launch of the site to facilitate support for local restaurants through gift cards; Nightclubs turn to crowdfunding
Nonprofit has occupied 50 SF restaurants to feed hungry and underserved people
Image: Wikimedia Commons