A Florida-based investment fund will pay approximately $22,000 as part of a settlement that resolves the first False Claims Act (FCA) whistleblowing case related to US-intervened Paycheck Protection Program (PPP) loans.

The Pan-African Interchange and its owner, Stanley Damas, applied for two consecutive PPP loans in May 2020, according to a press release Thursday by U.S. Attorney for the Southern District of Florida Juan Antonio Gonzalez. , received two loans in June 2020. According to the Justice Department, the company falsely certifies that it will not accept multiple of his PPP loans.

Pan African Interchange and Damas have repaid the US$208,332 in proceeds from the second PPP loan received. Under the settlement, the company and Damas must pay an additional $21,583.