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American Bitcoin Settles PPP Loan Dispute for $2.5 Million

Guavy AI Editorial Team
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American Bitcoin has agreed to settle a dispute over a pandemic relief loan inherited through its merger with Gryphon Digital Mining. The company will pay $2.5 million to resolve allegations surrounding an improperly obtained Paycheck Protection Program (PPP) loan.

The PPP loan, worth $2.2 million, was issued to Gryphon when it operated as a software provider to the cannabis industry. Although the loan was forgiven in 2021, the Small Business Administration (SBA) rescinded that decision in 2024 and launched a civil investigation into the matter.

The settlement amount exceeds the original loan value, indicating additional costs beyond repayment.

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