PPP Loan details for POLYSOURCE, LLC
|Loan Amount||457900 USD|
|Current Approved Amount||457900 USD|
|Loan Tenure||24 months|
|Loan Approved on||05/18/2021|
|Lender Bank||Farmers & Merchants Savings Bank|
|Lender Bank City||MANCHESTER|
|Lender Bank State||IA|
Demographic details for POLYSOURCE, LLC
|Business Age||Existing or more than 2 years old|
How POLYSOURCE, LLC Claims To Have Used Their PPP Funds of 457900 USD
As we have discussed earlier, POLYSOURCE, LLC received a substantial amount of money through the SBA program. But have they used it correctly? Let’s analyze.
1POLYSOURCE, LLC claims to have spent 457900 USD to pay salaries of 19 employees.
2POLYSOURCE, LLC claims to have have been honest, ethical and deserving of this PPP Loan (4350087005) of 457900 USD.
3POLYSOURCE, LLC 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 POLYSOURCE, LLC 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.
You can face a penalty of up to 20 years behind bars.
- 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
Did POLYSOURCE, LLC get a PPP loan?
Yes. POLYSOURCE, LLC applied and was granted a PPP loan
How much PPP Loan did POLYSOURCE, LLC receive?
Where is POLYSOURCE, LLC located?
POLYSOURCE, LLC is located in INDEPENDENCE,MO
How much did POLYSOURCE, LLC’s PPP loan went towards paying salaries?
As per POLYSOURCE, LLC, 457900 USD went towards payroll proceeds
Which bank financed POLYSOURCE, LLC’s PPP Loan?
Farmers & Merchants Savings Bank in MANCHESTER,IA financed POLYSOURCE, LLC’s PPP Loan
What is the term for POLYSOURCE, LLC’s PPP loan?
How many employees were reported by POLYSOURCE, LLC in their PPP loan application?
How much of POLYSOURCE, LLC’s PPP loan was forgiven?
462669.79 USD was forgiven on 04/26/2021
Footnotes and Citations
All information displayed on this page is publicly available information under PPP loan guidelines, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) and is published unmodified, as provided by the SBA. IsItaScam.com does not modify the data and makes no claims regarding its accuracy, nor will entertain any request to remove any entry.
The inclusion of a person or entity in the IIAS Database is not intended to suggest or imply that they have engaged in illegal or improper conduct related to PPP Loan (scam). IIAS intends to offer a platform where suspicious activities related to PPP loan can be shared and discussed in a secure environment. Please contact us if you find an error in the database.
Relevant links, resources and news –
What POLYSOURCE, LLC’s Employees and Consumers can do to report potential PPP Scam?
There is no record of POLYSOURCE, LLC 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 POLYSOURCE, LLC they are privy to, and expose any/all wrongdoings.
POLYSOURCE, LLC took out a PPP loan worth $457900 for Payroll Processing for it’s 19 employees. As tax-payers, we need to hold businesses accountable and ask serious questions. Our rating on POLYSOURCE, LLC is based on multiple factors, including publicly available information, reviews and user notifications.
The views and opinions expressed in these articles are those of the source IsItaScam.com and do not necessarily reflect the official position of ‘Holy Smoke!,’ which shall not be held liable for any inaccuracies presented. The information provided within this article is for general informational purposes only. While we try to keep the information up-to-date and correct, there are no representations or warranties, express or implied, about the completeness, accuracy, reliability, suitability or availability of the information in this article for any purpose.
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