Is BARRY ARMSTRONG a Scam?

 

PPP Loan #1657688702
BARRY ARMSTRONG is a Sole Proprietorship located at Albertville, AL with 1 employees. During round 1 of the paycheck protection program, BARRY ARMSTRONG requested a PPP loan for 19876.95 USD. They were approved on 03/27/2021 by the SBA for an amount of 19876.95 USD. The loan was facilitated by First Southern State Bank, STEVENSON, AL. Of the approved amount, BARRY ARMSTRONG has received an amount of 19876.95 USD for payroll proceeds.
 PPP Loan details for BARRY ARMSTRONG
Loan Amount 19876.95 USD
Current Approved Amount 19876.95 USD
Loan Tenure 60 months
Loan Approved on 09-08-2021
Area Code 35950-8803
SBA Code 459
NAICS Code 236118
Lender Bank First Southern State Bank
Lender Bank City STEVENSON
Lender Bank State AL
 Demographic details for BARRY ARMSTRONG
Race Unanswered
Ethnicity Unknown/NotStated
Gender Unanswered
Veteran Unanswered
Non Profit
Business Age Existing or more than 2 years old
Jobs Reported 1

How BARRY ARMSTRONG Claims To Have Used Their PPP Funds of 19876.95 USD

As we have discussed earlier, BARRY ARMSTRONG received a substantial amount of money through the SBA program. But have they used it correctly? Let’s analyze.

1BARRY ARMSTRONG claims to have spent 19876.95 USD to pay salaries of 1 employees.

 

2BARRY ARMSTRONG claims to have have been honest, ethical and deserving of this PPP Loan (1657688702) of 19876.95 USD.

 

3BARRY ARMSTRONG 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 BARRY ARMSTRONG 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 authorities have been rather vigilant in finding people who committed PPP loan frauds.

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 BARRY ARMSTRONG get a PPP loan?

Yes. BARRY ARMSTRONG applied and was granted a PPP loan

How much PPP Loan did BARRY ARMSTRONG receive?

19876.95 USD

Where is BARRY ARMSTRONG located?

BARRY ARMSTRONG is located in Albertville,AL

How much did BARRY ARMSTRONG's PPP loan went towards paying salaries?

As per BARRY ARMSTRONG, 19876.95 USD went towards payroll proceeds

Which bank financed BARRY ARMSTRONG's PPP Loan?

First Southern State Bank in STEVENSON,AL financed BARRY ARMSTRONG’s PPP Loan

What is the term for BARRY ARMSTRONG's PPP loan?

60 months

How many employees were reported by BARRY ARMSTRONG in their PPP loan application?

1

How much of BARRY ARMSTRONG's PPP loan was forgiven?

19931.61 USD was forgiven on 07/14/2021


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.


What BARRY ARMSTRONG’s Employees and Consumers can do to report potential PPP Scam?

There is no record of BARRY ARMSTRONG 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 BARRY ARMSTRONG they are privy to, and expose any/all wrongdoings.


4 Total Score
User Rating for BARRY ARMSTRONG

BARRY ARMSTRONG took out a PPP loan worth $19876.95 for Payroll Processing for it's 1 employees. As tax-payers, we need to hold businesses accountable and ask serious questions. Our rating on BARRY ARMSTRONG is based on multiple factors, including publicly available information, reviews and user notifications.

Trust
5.1
Accountability
4.2
Transparency
4.6
Risk
5.2
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