Three California companies have agreed to pay a total of $530,000 to settle allegations that they knowingly violated the False Claims Act when they received and retained more than one Paycheck Protection Program (PPP) loan prior to Dec. 31, 2020, in violation of PPP rules.
La Baguette, LLC, which operates a bakery in Palo Alto, has agreed to pay $430,000 to settle allegations that it received and retained a duplicate PPP loan in 2020 and then later improperly sought and received forgiveness for the duplicate loan.
Dynamic Integrated Solutions, Inc., an industrial equipment supplier located in Santa Clara, has agreed to pay $50,000 in civil penalties to settle allegations that it received and retained a duplicate loan. The company agreed to repay the loan in full to its lender, relieving the U.S. Small Business Administration (SBA) of liability to the lender for the federal guaranty of approximately $985,000 on the duplicate loan.
Priority Acquisitions, Inc., a licensed general contractor located in Castro Valley, has agreed to pay $50,000 in civil damages and penalties to settle allegations that it received and retained a duplicate loan. The company agreed to repay the loan in full to its lender, relieving the SBA of liability for the federal guaranty of approximately $200,625.
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