SF landlord Veritas responds to Pelosi's demand to return $3.6 million small business loan [View all]
Source: San Francisco Chronicle
House Speaker Nancy Pelosi on Saturday called for Veritas, one of San Francisco’s biggest landlords, to return a $3.6 million Paycheck Protection Program loan that was intended to help small businesses cover expenses and retain workers during the coronavirus pandemic.
“PPP loans should be directed first and foremost to the small businesses with the greatest need, particularly minority, women and veteran-owned businesses that are struggling,” Pelosi said in a statement. “Larger companies like Veritas, one of San Francisco’s largest corporate real estate management firms, which has billions in assets and access to liquidity through other sources, were not the intended beneficiaries of PPP loans.”
Veritas Investments, which manages more than 250 San Francisco properties and has a $3 billion real estate portfolio, issued a statement on Sunday that said it plans to repay the loan within the two years allotted by the federal government.
“We are also a business that needed the loan for its intended purpose, to meet our payroll and employ the people responsible for maintaining the buildings that house more than 8,000 San Franciscans,” Veritas said in the statement. “We understand that some recipients of the loan are applying to make it a grant, however that is not our intention. We will not keep it.”
Read more: https://www.sfchronicle.com/business/article/SF-landlord-Veritas-responds-to-Pelosi-s-demand-15276352.php
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