BAYCITY SUITES is a Limited Liability Company(LLC) located at SAN FRANCISCO, CA with 3 employees. During round 1 of the paycheck protection program, BAYCITY SUITES requested a PPP loan for 78042 USD. They were approved on 05-05-2020 by the SBA for an amount of 78042 USD. The loan was facilitated by Wells Fargo Bank National Association, SIOUX FALLS, SD. Of the approved amount, BAYCITY SUITES has received an amount of 78042 USD for payroll proceeds.
The SBA forgave 78762.55 USD of this loan on 04-12-2021 under PPP.
BAYCITY SUITES claimed to use the loan towards salary for 3 employees totaling to an amount of 78042 USD
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)
Employee allowances (sick leaves, medical, parental, and vacation pay)
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 BAYCITY SUITES get a PPP loan?
Yes. BAYCITY SUITES applied and was granted a PPP loan
How much PPP Loan did BAYCITY SUITES receive?
Where is BAYCITY SUITES located?
BAYCITY SUITES is located in SAN FRANCISCO,CA
How much did BAYCITY SUITES's PPP loan went towards paying salaries?
As per BAYCITY SUITES, 78042 USD went towards payroll proceeds
Which bank financed BAYCITY SUITES's PPP Loan?
Wells Fargo Bank National Association in SIOUX FALLS,SD financed BAYCITY SUITES’s PPP Loan
What is the term for BAYCITY SUITES's PPP loan?
How many employees were reported by BAYCITY SUITES in their PPP loan application?
How much of BAYCITY SUITES's PPP loan was forgiven?
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 BAYCITY SUITES’s Employees and Consumers can do to report potential PPP Scam?
There is no record of BAYCITY SUITES 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 BAYCITY SUITES they are privy to, and expose any/all wrongdoings.
User Rating for BAYCITY SUITES
BAYCITY SUITES took out a PPP loan worth $78042 for Payroll Processing for it's 3 employees. As tax-payers, we need to hold businesses accountable and ask serious questions. Our rating on BAYCITY SUITES is based on multiple factors, including publicly available information, reviews and user notifications.
IsItaScam.com allows you to expose any case where someone created a fictitious entity to get a loan, overstated the number of employees or size of payroll to get a bigger loan than was permitted, or misused the proceeds for something other than the authorized expenses. Submit Tip