WASHINGTON, July 23 -- The U.S. Department of Justice's U.S. Attorney's office for XXXXXX (insert district) issued the following press release:
HOUSTON - Stafford-based Matrix Metals LLC has agreed to pay $1,175,529.20 to resolve allegations of fraudulently obtaining a Paycheck Protection Program loan for which it was ineligible.
The Coronavirus Aid, Relief, and Economic Security Act established the PPP to provide forgivable loans to eligible small businesses affected by the COVID-19 pandemic. To qualify for a Second Draw PPP loan, businesses generally were required to have fewer than 300 employees of affiliated entities.
The settlement resolves allegations that Matrix Metals exceeded that employee threshold when it obtained a Second Dra...