SF Veritas owner responds to Pelosi’s request to repay $ 3.6 million small business loan

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House Speaker Nancy Pelosi on Saturday called on Veritas, one of San Francisco’s largest homeowners, to repay a $ 3.6 million loan from the paycheck protection program to help small businesses companies to cover their expenses and retain workers during the coronavirus pandemic.

“PPP loans should be directed first to the small businesses that need it most, especially businesses belonging to minorities, women and veterans who are in difficulty,” Pelosi said in a statement. “Large companies like Veritas, one of San Francisco’s largest property management companies, which has billions of assets and access to liquidity from other sources, were not intended beneficiaries of PPP loans . “

Veritas Investments, which manages more than 250 properties in San Francisco and has a $ 3 billion real estate portfolio, released a statement on Sunday that it plans to repay the loan within two years of the federal government’s allocation.

“We are also a company that needed the loan for its purpose, to meet our wage bill and to employ the people responsible for the maintenance of the buildings that house more than 8,000 San Franciscans,” Veritas said in the statement. . “We understand that some of the loan recipients are asking for a grant, but that is not our intention. We will not keep it. “

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