Is PETER BELMONTE BUILDERS CORP a Scam?

 

PPP Loan #4359097004
PETER BELMONTE BUILDERS CORP is a Subchapter S Corporation located at HALFMOON, NY with 23 employees. During round 1 of the paycheck protection program, PETER BELMONTE BUILDERS CORP requested a PPP loan for 462300 USD. They were approved on 04-03-2020 by the SBA for an amount of 462300 USD. The loan was facilitated by The Adirondack Trust Company, SARATOGA SPRINGS, NY. Of the approved amount, PETER BELMONTE BUILDERS CORP has received an amount of 462300 USD for payroll proceeds.
 PPP Loan details for PETER BELMONTE BUILDERS CORP
Loan Amount 462300 USD
Current Approved Amount 462300 USD
Loan Tenure 24 months
Loan Approved on 12-10-2020
Area Code 12065-2420
SBA Code 248
NAICS Code 236115
Lender Bank The Adirondack Trust Company
Lender Bank City SARATOGA SPRINGS
Lender Bank State NY
 Demographic details for PETER BELMONTE BUILDERS CORP
Race Unanswered
Ethnicity Not Hispanic or Latino
Gender Male Owned
Veteran Unanswered
Non Profit
Business Age Existing or more than 2 years old
Jobs Reported 23

How PETER BELMONTE BUILDERS CORP Claims To Have Used Their PPP Funds of 462300 USD

As we have discussed earlier, PETER BELMONTE BUILDERS CORP received a substantial amount of money through the SBA program. But have they used it correctly? Let’s analyze.

1PETER BELMONTE BUILDERS CORP claims to have spent 462300 USD to pay salaries of 23 employees.

 

2PETER BELMONTE BUILDERS CORP claims to have have been honest, ethical and deserving of this PPP Loan (4359097004) of 462300 USD.

 

3PETER BELMONTE BUILDERS CORP 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 PETER BELMONTE BUILDERS CORP 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

Did PETER BELMONTE BUILDERS CORP get a PPP loan?

Yes. PETER BELMONTE BUILDERS CORP applied and was granted a PPP loan

How much PPP Loan did PETER BELMONTE BUILDERS CORP receive?

462300 USD

Where is PETER BELMONTE BUILDERS CORP located?

PETER BELMONTE BUILDERS CORP is located in HALFMOON,NY

How much did PETER BELMONTE BUILDERS CORP's PPP loan went towards paying salaries?

As per PETER BELMONTE BUILDERS CORP, 462300 USD went towards payroll proceeds

Which bank financed PETER BELMONTE BUILDERS CORP's PPP Loan?

The Adirondack Trust Company in SARATOGA SPRINGS,NY financed PETER BELMONTE BUILDERS CORP’s PPP Loan

What is the term for PETER BELMONTE BUILDERS CORP's PPP loan?

24 months

How many employees were reported by PETER BELMONTE BUILDERS CORP in their PPP loan application?

23

How much of PETER BELMONTE BUILDERS CORP's PPP loan was forgiven?

464945.38 USD was forgiven on 11-03-2020


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. 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 PETER BELMONTE BUILDERS CORP’s Employees and Consumers can do to report potential PPP Scam?

There is no record of PETER BELMONTE BUILDERS CORP 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 PETER BELMONTE BUILDERS CORP they are privy to, and expose any/all wrongdoings.


4.8 Total Score
User Rating for PETER BELMONTE BUILDERS CORP

PETER BELMONTE BUILDERS CORP took out a PPP loan worth $462300 for Payroll Processing for it's 23 employees. As tax-payers, we need to hold businesses accountable and ask serious questions. Our rating on PETER BELMONTE BUILDERS CORP 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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