(Courtesy photo)

(Courtesy photo)

Corporate landlord Veritas promises to repay small-business loan after pressure

House Speaker Nancy Pelosi among those calling for return of funds

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.

Bay Area Newssan francisco news

Just Posted

Cabernet sauvignon grapes sat in a container after being crushed at Smith-Madrone Winery in St. Helena. (Courtesy Smith-Madrone Winery)
San Francisco’s ‘Champagne problems’ — Wine industry suffers supply chain woes

‘Everywhere you turn, things that were easy are no longer easy’

Glasses behind the bar at LUNA in the Mission District on Friday, Oct. 15, 2021. Glassware is just one of the many things restaurants have had trouble keeping in stock as supply chain problems ripple outward. (Kevin N. Hume/The Examiner)
SF restaurants face product shortages and skyrocketing costs

‘The supply chain crisis has impacted us in almost every way imaginable’

A Giants fans hangs his head in disbelief after the Dodgers won the NLDS in a controversial finish to a tight Game 5. (Chris Victorio/Special to The Examiner)
Giants dream season ends at the hands of the Dodgers, 2-1

A masterful game comes down to the bottom of the ninth, and San Francisco came up short

<strong>Workers with Urban Alchemy and the Downtown Streets Team clean at Seventh and Market streets on Oct. 12. <ins>(Kevin N. Hume/The Examiner)</ins> </strong>
<ins></ins>
Why is it so hard to keep San Francisco’s streets clean?

Some blame bureaucracy, others say it’s the residents’ fault

Speaker of the House Nancy Pelosi — seen in Washington, D.C., on Tuesday — touted Congressional Democrats’ infrastructure bill in San Francisco on Thursday. (Stefani Reynolds/The New York Times)
Pelosi touts infrastructure bill as it nears finish line

Climate change, social safety net among major priorities of Democrats’ 10-year funding measure

Most Read