Is KING PRINTING COMPANY, INC. a Scam?

 

PPP Loan #5023297202
KING PRINTING COMPANY, INC. is a Corporation located at LOWELL, MA with 30 employees. During round 1 of the paycheck protection program, KING PRINTING COMPANY, INC. requested a PPP loan for 461100 USD. They were approved on 04/27/2020 by the SBA for an amount of 461100 USD. The loan was facilitated by Northern Bank and Trust Company, WOBURN, MA. Of the approved amount, KING PRINTING COMPANY, INC. has received an amount of 461100 USD for payroll proceeds.
 PPP Loan details for KING PRINTING COMPANY, INC.
Loan Amount 461100 USD
Current Approved Amount 461100 USD
Loan Tenure 24 months
Loan Approved on 06-09-2021
Area Code 01852-5131
SBA Code 101
NAICS Code 323117
Lender Bank Northern Bank and Trust Company
Lender Bank City WOBURN
Lender Bank State MA
 Demographic details for KING PRINTING COMPANY, INC.
Race Unanswered
Ethnicity Unknown/NotStated
Gender Unanswered
Veteran Unanswered
Non Profit
Business Age Unanswered
Jobs Reported 30

How KING PRINTING COMPANY, INC. Claims To Have Used Their PPP Funds of 461100 USD

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

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1KING PRINTING COMPANY, INC. claims to have spent 461100 USD to pay salaries of 30 employees.

 

2KING PRINTING COMPANY, INC. claims to have have been honest, ethical and deserving of this PPP Loan (5023297202) of 461100 USD.

 

3KING PRINTING COMPANY, INC. 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 KING PRINTING COMPANY, INC. 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 KING PRINTING COMPANY, INC. get a PPP loan?

Yes. KING PRINTING COMPANY, INC. applied and was granted a PPP loan

How much PPP Loan did KING PRINTING COMPANY, INC. receive?

461100 USD

Where is KING PRINTING COMPANY, INC. located?

KING PRINTING COMPANY, INC. is located in LOWELL,MA

How much did KING PRINTING COMPANY, INC.'s PPP loan went towards paying salaries?

As per KING PRINTING COMPANY, INC., 461100 USD went towards payroll proceeds

Which bank financed KING PRINTING COMPANY, INC.'s PPP Loan?

Northern Bank and Trust Company in WOBURN,MA financed KING PRINTING COMPANY, INC.’s PPP Loan

What is the term for KING PRINTING COMPANY, INC.'s PPP loan?

24 months

How many employees were reported by KING PRINTING COMPANY, INC. in their PPP loan application?

30

How much of KING PRINTING COMPANY, INC.'s PPP loan was forgiven?

465659.77 USD was forgiven on 04/27/2021


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 KING PRINTING COMPANY, INC.’s Employees and Consumers can do to report potential PPP Scam?

There is no record of KING PRINTING COMPANY, INC. 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 KING PRINTING COMPANY, INC. they are privy to, and expose any/all wrongdoings.


4.8 Total Score
User Rating for KING PRINTING COMPANY, INC.

KING PRINTING COMPANY, INC. took out a PPP loan worth $461100 for Payroll Processing for it's 30 employees. As tax-payers, we need to hold businesses accountable and ask serious questions. Our rating on KING PRINTING COMPANY, INC. is based on multiple factors, including publicly available information, reviews and user notifications.

Trust
5.1
Accountability
5.0
Transparency
4.7
Risk
6.0
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