Is SHERWOOD DESIGN ENGINEERS, LTD a Scam?

 

PPP Loan #5870857009
SHERWOOD DESIGN ENGINEERS, LTD is a Corporation located at SAN FRANCISCO, CA with 82 employees. During round 1 of the paycheck protection program, SHERWOOD DESIGN ENGINEERS, LTD requested a PPP loan for 1547500 USD. They were approved on 04-06-2020 by the SBA for an amount of 1256020 USD. The loan was facilitated by Loan Source Incorporated, NEW YORK, NY. Of the approved amount, SHERWOOD DESIGN ENGINEERS, LTD has received an amount of 1256020 USD for payroll proceeds.
 PPP Loan details for SHERWOOD DESIGN ENGINEERS, LTD
Loan Amount 1547500 USD
Current Approved Amount 1256020 USD
Loan Tenure 24 months
Loan Approved on 02/19/2022
Area Code 94110-2512
SBA Code 912
NAICS Code 541330
Lender Bank Loan Source Incorporated
Lender Bank City NEW YORK
Lender Bank State NY
 Demographic details for SHERWOOD DESIGN ENGINEERS, LTD
Race Unanswered
Ethnicity Unknown/NotStated
Gender Male Owned
Veteran Non-Veteran
Non Profit
Business Age Existing or more than 2 years old
Jobs Reported 82

How SHERWOOD DESIGN ENGINEERS, LTD Claims To Have Used Their PPP Funds of 1256020 USD

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

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1SHERWOOD DESIGN ENGINEERS, LTD claims to have spent 1256020 USD to pay salaries of 82 employees.

 

2SHERWOOD DESIGN ENGINEERS, LTD claims to have have been honest, ethical and deserving of this PPP Loan (5870857009) of 1547500 USD.

 

3SHERWOOD DESIGN ENGINEERS, LTD 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 SHERWOOD DESIGN ENGINEERS, LTD 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.

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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.
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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 SHERWOOD DESIGN ENGINEERS, LTD get a PPP loan?

Yes. SHERWOOD DESIGN ENGINEERS, LTD applied and was granted a PPP loan

How much PPP Loan did SHERWOOD DESIGN ENGINEERS, LTD receive?

1547500 USD

Where is SHERWOOD DESIGN ENGINEERS, LTD located?

SHERWOOD DESIGN ENGINEERS, LTD is located in SAN FRANCISCO,CA

How much did SHERWOOD DESIGN ENGINEERS, LTD's PPP loan went towards paying salaries?

As per SHERWOOD DESIGN ENGINEERS, LTD, 1256020 USD went towards payroll proceeds

Which bank financed SHERWOOD DESIGN ENGINEERS, LTD's PPP Loan?

Loan Source Incorporated in NEW YORK,NY financed SHERWOOD DESIGN ENGINEERS, LTD’s PPP Loan

What is the term for SHERWOOD DESIGN ENGINEERS, LTD's PPP loan?

24 months

How many employees were reported by SHERWOOD DESIGN ENGINEERS, LTD in their PPP loan application?

82

How much of SHERWOOD DESIGN ENGINEERS, LTD's PPP loan was forgiven?

1268064.03 USD was forgiven on 03/31/2021


Footnotes and Citations

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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 SHERWOOD DESIGN ENGINEERS, LTD’s Employees and Consumers can do to report potential PPP Scam?

There is no record of SHERWOOD DESIGN ENGINEERS, LTD 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 SHERWOOD DESIGN ENGINEERS, LTD they are privy to, and expose any/all wrongdoings.


7.1 Total Score
User Rating for SHERWOOD DESIGN ENGINEERS, LTD

SHERWOOD DESIGN ENGINEERS, LTD took out a PPP loan worth $1256020 for Payroll Processing for it's 82 employees. As tax-payers, we need to hold businesses accountable and ask serious questions. Our rating on SHERWOOD DESIGN ENGINEERS, LTD is based on multiple factors, including publicly available information, reviews and user notifications.

Trust
4.8
Accountability
5.5
Transparency
5.5
Risk
5.8
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