Pelosi Statement Calling on Veritas Investments to Return PPP Loan

May 16, 2020
Press Release

Washington, D.C. – Speaker Nancy Pelosi issued this statement calling on Veritas Investments, one of San Francisco’s largest corporate landlords, controlling more than $3 billion in assets, to return its $3.6 million Paycheck Protection Program (PPP) loan:

“The Paycheck Protection Program is designed to be a lifeline to help vulnerable small businesses retain their workers and pay other expenses during the devastation of the coronavirus crisis.  PPP loans should be directed first and foremost to the small businesses with the greatest need, particularly minority, women and veteran-owned businesses that are struggling.

“Neighborhood businesses such as hair salons, restaurants, convenience stores and others that have been hit hardest by social distancing and other necessary steps to stop the spread of the virus are in dire need of financial assistance.  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.

“At the same time, I join San Franciscans in condemning Veritas’s long history of strong-arm tactics that undermine tenants’ rights and well-being.

“In the spirit of The Heroes Act, which ensures that returned PPP loans will be redistributed to small businesses with 10 or fewer employees, Veritas, by returning its PPP loan, will help save some of our city’s and country’s most vulnerable small businesses.”