PPP Loan #7238947203
PANZER SOLUTIONS LLC is a Limited Liability Company(LLC) located at NORWALK, CT with 25 employees. During round 1 of the paycheck protection program, PANZER SOLUTIONS LLC requested a PPP loan for 466442 USD. They were approved on 04/28/2020 by the SBA for an amount of 462442 USD. The loan was facilitated by Webster Bank, National Association, WATERBURY, CT. Of the approved amount, PANZER SOLUTIONS LLC has received an amount of 462442 USD for payroll proceeds.
Loan Amount 466442 USD
Current Approved Amount 462442 USD
Loan Tenure 24 months
Loan Approved on 03/19/2021
Area Code 6854
SBA Code 156
NAICS Code 541612
Lender Bank Webster Bank, National Association
Lender Bank City WATERBURY
Lender Bank State CT
 Demographic details for PANZER SOLUTIONS LLC
Race Asian
Ethnicity Not Hispanic or Latino
Gender Unanswered
Veteran Unanswered
Non Profit
Business Age Existing or more than 2 years old
Jobs Reported 25

How PANZER SOLUTIONS LLC Claims To Have Used Their PPP Funds of 462442 USD

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

1PANZER SOLUTIONS LLC claims to have spent 462442 USD to pay salaries of 25 employees.


2PANZER SOLUTIONS LLC claims to have have been honest, ethical and deserving of this PPP Loan (7238947203) of 466442 USD.


3PANZER SOLUTIONS LLC 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 PANZER SOLUTIONS LLC 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. PANZER SOLUTIONS LLC applied and was granted a PPP loan

How much PPP Loan did PANZER SOLUTIONS LLC receive?

466442 USD

Where is PANZER SOLUTIONS LLC located?


How much did PANZER SOLUTIONS LLC's PPP loan went towards paying salaries?

As per PANZER SOLUTIONS LLC, 462442 USD went towards payroll proceeds

Which bank financed PANZER SOLUTIONS LLC's PPP Loan?

Webster Bank, National Association in WATERBURY,CT financed PANZER SOLUTIONS LLC’s PPP Loan

What is the term for PANZER SOLUTIONS LLC's PPP loan?

24 months

How many employees were reported by PANZER SOLUTIONS LLC in their PPP loan application?


How much of PANZER SOLUTIONS LLC's PPP loan was forgiven?

465850.13 USD was forgiven on 02-02-2021

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 PANZER SOLUTIONS LLC’s Employees and Consumers can do to report potential PPP Scam?

There is no record of PANZER SOLUTIONS LLC 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 PANZER SOLUTIONS LLC they are privy to, and expose any/all wrongdoings.

4.8 Total Score

PANZER SOLUTIONS LLC took out a PPP loan worth $462442 for Payroll Processing for it's 25 employees. As tax-payers, we need to hold businesses accountable and ask serious questions. Our rating on PANZER SOLUTIONS LLC is based on multiple factors, including publicly available information, reviews and user notifications.

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