News Formal

Bay Area company fined for falsely receiving PPP loans

  • 📰 sfexaminer
  • ⏱ Reading Time:
  • 27 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 63%

Canada News News

Canada Canada Latest News,Canada Canada Headlines

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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 236. in CA
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock futures dip after S&P 500 moves into bull marketU.S. stock futures eased back from near 10-month highs ahead of next week's inflation data and Fed decision .
Source: MarketWatch - 🏆 3. / 97 Read more »

U.S. stocks open mostly higher after S&P 500 exits bear marketU.S. stocks opened mostly higher Friday, with the S&P 500 edging up after on Thursday exiting bear-market territory, as investors look ahead to next week’s...
Source: MarketWatch - 🏆 3. / 97 Read more »