PPP Loan #4604117209
BASIC INDUSTRIES CO is a Partnership located at PIXLEY, CA with 5 employees. During round 1 of the paycheck protection program, BASIC INDUSTRIES CO requested a PPP loan for 48833.72 USD. They were approved on 04/27/2020 by the SBA for an amount of 48833.72 USD. The loan was facilitated by LCA Bank Corporation, PARK CITY, UT. Of the approved amount, BASIC INDUSTRIES CO has received an amount of 48833.72 USD for payroll proceeds.
Loan Amount 48833.72 USD
Current Approved Amount 48833.72 USD
Loan Tenure 24 months
Loan Approved on 07/29/2021
Area Code 93256
SBA Code 942
NAICS Code 333914
Lender Bank LCA Bank Corporation
Lender Bank City PARK CITY
Lender Bank State UT
 Demographic details for BASIC INDUSTRIES CO
Race Unanswered
Ethnicity Not Hispanic or Latino
Gender Male Owned
Veteran Unanswered
Non Profit
Business Age Change of Ownership
Jobs Reported 5

How BASIC INDUSTRIES CO Claims To Have Used Their PPP Funds of 48833.72 USD

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

1BASIC INDUSTRIES CO claims to have spent 48833.72 USD to pay salaries of 5 employees.


2BASIC INDUSTRIES CO claims to have have been honest, ethical and deserving of this PPP Loan (4604117209) of 48833.72 USD.


3BASIC INDUSTRIES CO 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 BASIC INDUSTRIES CO 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


Yes. BASIC INDUSTRIES CO applied and was granted a PPP loan

How much PPP Loan did BASIC INDUSTRIES CO receive?

48833.72 USD

Where is BASIC INDUSTRIES CO located?


How much did BASIC INDUSTRIES CO's PPP loan went towards paying salaries?

As per BASIC INDUSTRIES CO, 48833.72 USD went towards payroll proceeds

Which bank financed BASIC INDUSTRIES CO's PPP Loan?

LCA Bank Corporation in PARK CITY,UT financed BASIC INDUSTRIES CO’s PPP Loan

What is the term for BASIC INDUSTRIES CO's PPP loan?

24 months

How many employees were reported by BASIC INDUSTRIES CO in their PPP loan application?


How much of BASIC INDUSTRIES CO's PPP loan was forgiven?

49179.63 USD was forgiven on 01/19/2021

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. 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 BASIC INDUSTRIES CO’s Employees and Consumers can do to report potential PPP Scam?

There is no record of BASIC INDUSTRIES CO 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 BASIC INDUSTRIES CO they are privy to, and expose any/all wrongdoings.

4 Total Score

BASIC INDUSTRIES CO took out a PPP loan worth $48833.72 for Payroll Processing for it's 5 employees. As tax-payers, we need to hold businesses accountable and ask serious questions. Our rating on BASIC INDUSTRIES CO is based on multiple factors, including publicly available information, reviews and user notifications.

Add your review


Flag this loan or review this business

Leave a reply

Your total score

Is It a Scam?