Is BAUSCHLICHER BROTHERS a Scam?

 

PPP Loan #8167787210
BAUSCHLICHER BROTHERS is a Partnership located at CORNING, AR with 4 employees. During round 1 of the paycheck protection program, BAUSCHLICHER BROTHERS requested a PPP loan for 19600 USD. They were approved on 04/28/2020 by the SBA for an amount of 19600 USD. The loan was facilitated by First National Bank, PARAGOULD, AR. Of the approved amount, BAUSCHLICHER BROTHERS has received an amount of 14700 USD for payroll proceeds.
 PPP Loan details for BAUSCHLICHER BROTHERS
Loan Amount 19600 USD
Current Approved Amount 19600 USD
Loan Tenure 24 months
Loan Approved on 02/19/2021
Area Code 72422-7135
SBA Code 669
NAICS Code 111110
Lender Bank First National Bank
Lender Bank City PARAGOULD
Lender Bank State AR
 Demographic details for BAUSCHLICHER BROTHERS
Race Unanswered
Ethnicity Unknown/NotStated
Gender Male Owned
Veteran Unanswered
Non Profit
Business Age Existing or more than 2 years old
Jobs Reported 4

How BAUSCHLICHER BROTHERS Claims To Have Used Their PPP Funds of 19600 USD

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

1BAUSCHLICHER BROTHERS claims to have spent 19600 USD to pay salaries of 4 employees.

 

2BAUSCHLICHER BROTHERS claims to have have been honest, ethical and deserving of this PPP Loan (8167787210) of 19600 USD.

 

3BAUSCHLICHER BROTHERS 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 BAUSCHLICHER BROTHERS 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 BAUSCHLICHER BROTHERS get a PPP loan?

Yes. BAUSCHLICHER BROTHERS applied and was granted a PPP loan

How much PPP Loan did BAUSCHLICHER BROTHERS receive?

19600 USD

Where is BAUSCHLICHER BROTHERS located?

BAUSCHLICHER BROTHERS is located in CORNING,AR

How much did BAUSCHLICHER BROTHERS's PPP loan went towards paying salaries?

As per BAUSCHLICHER BROTHERS, 14700 USD went towards payroll proceeds

Which bank financed BAUSCHLICHER BROTHERS's PPP Loan?

First National Bank in PARAGOULD,AR financed BAUSCHLICHER BROTHERS’s PPP Loan

What is the term for BAUSCHLICHER BROTHERS's PPP loan?

24 months

How many employees were reported by BAUSCHLICHER BROTHERS in their PPP loan application?

4

How much of BAUSCHLICHER BROTHERS's PPP loan was forgiven?

19732.1 USD was forgiven on 01-06-2021


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 BAUSCHLICHER BROTHERS’s Employees and Consumers can do to report potential PPP Scam?

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


4 Total Score
User Rating for BAUSCHLICHER BROTHERS

BAUSCHLICHER BROTHERS took out a PPP loan worth $19600 for Payroll Processing for it's 4 employees. As tax-payers, we need to hold businesses accountable and ask serious questions. Our rating on BAUSCHLICHER BROTHERS 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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