San Francisco’s largest landlord, with more than $3 billion in assets, says they will return their federal small business loan within two years, the time allotted by the federal government.
Veritas Investments, which manages 256 properties in San Francisco, drew fire from elected leaders for taking the loan.
“We are committed to repaying the (Paycheck Protection Program) loan back in accordance with the Federal rules,” a Veritas spokesperson said in a statement to KQED. The loan is due back in two years, according to the U.S. Small Business Administration.
On Saturday, House Speaker Nancy Pelosi called on Veritas to return the small business loan, saying it was intended for small businesses like nail salons.
“I join San Franciscans in calling on Veritas to return its PPP loan," Pelosi said.