Big Tech Settles PPP Loan Fraud | San Francisco News

Two major tech giants, IGEL Technology and SoftBank Robotics America, both based in San Francisco, are paying a combined $6.8 million to settle claims they misled the government by falsely claiming small business status to secure PPP loans during the pandemic. While IGEL claimed 100+ employees and SoftBank Robotics America claimed just 16, federal prosecutors argue their global parent companies and affiliates made them far larger than eligible. The companies allegedly violated the False Claims Act by knowingly misrepresenting their size to obtain and retain loan forgiveness. A whistleblower group, Verity Investigations, will receive over $300,000 from the settlements. This case underscores that no matter your size, accountability matters—especially when government aid is meant for those truly in need. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/821bd9a812d4b106