Bay Area company fined for falsely receiving PPP loans

📆 11-06-23 10:25:00
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The company fraudulently obtained $400,00 by claiming it had fewer than 500 employees and that it lost money during the COVID pandemic.

A San Mateo-based software company will pay a more that $1 million fine to"resolve allegations" that it improperly obtained two Paycheck Protection Program loans during the COVID-19 pandemic.

Fujisoft America, Inc. applied in 2020 and 2021 for the PPP loans, which were intended to aid small businesses during the pandemic. The federal program was enacted as part of the Coronavirus Aid, Relief, and Economic Security Act in March 2020. The DOJ noted PPP loan applicants generally were required to have fewer than 500 employees to be eligible for a"first-draw" loan, and fewer than 300 employees and an at least 25% decrease in profits from 2019 to 2020 to be eligible for a"second-draw" loan.

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