|Loan Amount||458333.32 USD|
|Current Approved Amount||458333.32 USD|
|Loan Tenure||60 months|
|Loan Approved on||03/19/2021|
|Lender Bank||Fundbox, Inc.|
|Lender Bank City||San Francisco|
|Lender Bank State||CA|
|Business Age||Existing or more than 2 years old|
How THE CIRIUS GROUP, INC. Claims To Have Used Their PPP Funds of 458333.32 USDAs we have discussed earlier, THE CIRIUS GROUP, INC. received a substantial amount of money through the SBA program. But have they used it correctly? Let’s analyze.
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
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.
Frequently Asked Questions About PPP Loan Scam
Did THE CIRIUS GROUP, INC. get a PPP loan?
How much PPP Loan did THE CIRIUS GROUP, INC. receive?
Where is THE CIRIUS GROUP, INC. located?
How much did THE CIRIUS GROUP, INC.’s PPP loan went towards paying salaries?
Which bank financed THE CIRIUS GROUP, INC.’s PPP Loan?
What is the term for THE CIRIUS GROUP, INC.’s PPP loan?
How many employees were reported by THE CIRIUS GROUP, INC. in their PPP loan application?
How much of THE CIRIUS GROUP, INC.’s PPP loan was forgiven?
Footnotes and Citations
- Up to three-quarters of the $800 billion in disbursed PPP funds flowed to business owners instead of workers, study finds
- SBA OIG Complaint Submission Form
- How my boss is using the PPP loan
- Is PPP Loan Fraud The Largest Fraud Of All Time?
- The looting of the Covid relief plan known as PPP
- 22 people charged in connection with a multi-million dollar Paycheck Protection Program fraud scheme
- Charged: PPP Scammers
- Small Businesses Are Being Hit by PPP Loan Scams
- 15% of Paycheck Protection Program Loans Could Be Fraudulent, Study Shows
- Man Passes Out After He’s Found Guilty of PPP Loan Fraud
- Helena man sentenced for PPP loan fraud
- What are the Charges for PPP Loan Fraud?
- Cape Coral woman pleads guilty to PPP loan fraud, accused of using money for a pool
- Biggest fraud in a generation
- PPP Loan Scams: 900 open criminal investigations, 100 arrested so far
- Bank Fraud Involving PPP Loans Could Lead to Prison Time, Even for Relatively Small Advances
- Money from the COVID Paycheck Protection Program was allegedly largely misspent
- Florida Man Charged With PPP Loan Fraud After Allegedly Misusing Millions To Buy Luxury Goods
What THE CIRIUS GROUP, INC.’s Employees and Consumers can do to report potential PPP Scam?There is no record of THE CIRIUS GROUP, 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 THE CIRIUS GROUP, INC. they are privy to, and expose any/all wrongdoings.
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