A Connecticut company has paid more than $2 million to resolve False Claims Act allegations connected to a PPP Loan, according to federal authorities.
MacDermid Inc., a Waterbury-based company that provides chemical products and technical services, paid a total of $2,226,623.62 to settle False Claims Act allegations that Coventya Inc., a company MacDermid acquired in 2021, “falsely certified its eligibility to receive a Paycheck Protection Program loan,” according to federal authorities.
Authorities noted that the PPP, created 2020 under the Coronavirus Aid, Relief and Economic Security Act, was run by the Small Business Administration for the purpose of helping small “businesses struggling to pay employees and other expenses during the COVID-19 pandemic.”
The settlement resolves allegations that Coventya Inc., a company involved in making and international distribution of chemicals, “falsely certified it was eligible to apply for and receive forgiveness of a second-draw PPP loan in 2021,” according to federal authorities.
“In April 2021, Coventya applied for a second-draw PPP loan for $1,075,000, representing that it had fewer than 300 employees. The government contends that, together with its foreign affiliate, Coventya had more than 300 employees and was therefore ineligible for that loan,” according to federal authorities. “Based on its false certification, Coventya received the loan. After receiving this PPP loan, Coventya sought and received forgiveness of the total...
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