Is PUGET SOUND STEEL CO. INC. a Scam?

How PUGET SOUND STEEL CO. INC. Claims To Have Used Their PPP Funds of 452685 USD

As we have discussed earlier, PUGET SOUND STEEL CO. INC. received a substantial amount of money through the SBA program. But have they used it correctly? Let’s analyze.

1PUGET SOUND STEEL CO. INC. claims to have spent 452685 USD to pay salaries of 26 employees.

2PUGET SOUND STEEL CO. INC. claims to have have been honest, ethical and deserving of this PPP Loan (5047818302) of 452685 USD.

3PUGET SOUND STEEL CO. INC. claims to not have misused the PPP Loan in any ways.

These amounts were reported to the SBA by the company. Often, however, whistleblowers & employees reveal that their employers have abused their funds. If you think PUGET SOUND STEEL CO. INC. has done something nefarious, then report them here using the review box at the bottom of the page.

What Constitutes A PPP Loan Scam? 

The primary goal of PPP loans was to help businesses survive the pandemic and ensure that people don’t lose their employment. Businesses who took out these loans could spend the borrowed sum on:

• • Salaries, bonuses, commissions, wages (maximum $100,000 per annum per employee)
  • Insurance premiums
  • Employee allowances (sick leaves, medical, parental, and vacation pay)
  • Operational expenditure
  • Utility payments
  • Mortgage interest payments

Federal authorities are aggressively targeting individuals and companies for PPP loan fraud. Launched in March 2020 in response to the economic uncertainty that was triggered by the novel coronavirus (COVID-19) pandemic, the PPP made hundreds of millions of dollars in federal funding available to businesses struggling as a result of the pandemic. Loans issued under the PPP carry a 1% interest rate, but the loans are completely forgivable if certain conditions are met.

The low-cost (and potentially free) funds offered under the PPP have proven to be attractive not only to struggling businesses, but also to larger companies and scam artists. This has led to worry of widespread fraud (and a few highly-publicized cases of fraudulent PPP loan applications), and it has forced numerous federal agencies to turn their attention to combatting PPP loan fraud.

Penalties For Abusing Or Wasting The PPP Funds:

When a person is charged with PPP loan scam charges, they can face multiple civil and criminal penalties. Even a single PPP loan fraud case might involve multiple criminal laws.

• The first charge would be wire fraud. It invokes 18 USC Sec. 1343 and involves the use of a phone or internet to scam another party by using false statements.
• Bank fraud charges might also be filed against you. It invokes 18 USC Sec. 1344 and involves making false statements to a financial institution such as a bank. The penalty for this charge goes up to 30 years behind bars.
• A PPP loan fraud also includes making false statements to a financial institution, a federal crime. It invokes 18 USC Sec. 1014 and its violation leads to a jail 14 of up to 30 years.
• Finally, when you commit a PPP loan scam, you violate 18 USC Sec. 1349, conspiracy to commit fraud. It is a criminal offense when someone colludes with others in violating or attempting to violate federal laws whether they obtained money or not.

The above are just two instances of people getting caught by the authorities for this scam. Here’s another:

Frequently Asked Questions About PPP Loan Scam

Footnotes and Citations

What PUGET SOUND STEEL CO. INC.’s Employees and Consumers can do to report potential PPP Scam?

There is no record of PUGET SOUND STEEL CO. INC. committing any sort of PPP Scam reported anywhere. However, that can change quickly, and this page allows employees, citizens and consumers to share information on PUGET SOUND STEEL CO. INC. they are privy to, and expose any/all wrongdoings.

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