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Slifco Electric Settles $1.46M Over PPP Loan Allegations

4/29/2025

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Summary

Story summary

Slifco Electric settled for $1.46 million regarding allegations tied to its PPP loan.
The company received a $2.6 million loan in April 2020 but did not disclose $730,000 in owner distributions.
The U.S. government asserts this breach violated loan forgiveness certification requirements.
Slifco Electric contends it had legitimate payroll expenses that surpassed the loan amount.

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Story summary

Slifco Electric settled for $1.46 million regarding allegations tied to its PPP loan.
The company received a $2.6 million loan in April 2020 but did not disclose $730,000 in owner distributions.
The U.S. government asserts this breach violated loan forgiveness certification requirements.
Slifco Electric contends it had legitimate payroll expenses that surpassed the loan amount.