Veritas Investments, San Francisco’s largest corporate property management company, said in a statement Saturday night that the company will repay a $3.6 million federal Paycheck Protection Program small business loan, but not immediately.
“The $3.6 million PPP loan enables us to continue to employ 123 front line workers, many of whom would’ve lost their jobs without the loan, in addition to bringing back 26 furloughed workers,” according to a statement issued late Saturday night by Veritas.
Veritas was widely criticized last week for applying for and receiving a PPP loan when many smaller businesses did not receive such loans. House Speaker Nancy Pelosi, among others, called on the company to return the funds.
“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. I join San Franciscans in calling on Veritas to return its PPP loan,” Pelosi said in a statement issued Saturday.
“Many assume we are a $3 billion business based on the value of the buildings we manage,” Veritas said in its statement Saturday. “However, that is far from the truth.”
Veritas said that it is the company’s many investors, and not the company itself, or affiliates GreenTree and RentNowSF, that own the buildings Veritas manages.