Is WESTMATIC CORPORATION a Scam?

 

PPP Loan #1258747202
WESTMATIC CORPORATION is a Corporation located at Buffalo, NY with 25 employees. During round 1 of the paycheck protection program, WESTMATIC CORPORATION requested a PPP loan for 461600 USD. They were approved on 04/15/2020 by the SBA for an amount of 461600 USD. The loan was facilitated by Manufacturers and Traders Trust Company, BUFFALO, NY. Of the approved amount, WESTMATIC CORPORATION has received an amount of 363600 USD for payroll proceeds.
 PPP Loan details for WESTMATIC CORPORATION
Loan Amount 461600 USD
Current Approved Amount 461600 USD
Loan Tenure 24 months
Loan Approved on 02-06-2021
Area Code 14225
SBA Code 296
NAICS Code 811192
Lender Bank Manufacturers and Traders Trust Company
Lender Bank City BUFFALO
Lender Bank State NY
 Demographic details for WESTMATIC CORPORATION
Race Unanswered
Ethnicity Unknown/NotStated
Gender Unanswered
Veteran Unanswered
Non Profit
Business Age Existing or more than 2 years old
Jobs Reported 25

How WESTMATIC CORPORATION Claims To Have Used Their PPP Funds of 461600 USD

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

1WESTMATIC CORPORATION claims to have spent 461600 USD to pay salaries of 25 employees.

 

2WESTMATIC CORPORATION claims to have have been honest, ethical and deserving of this PPP Loan (1258747202) of 461600 USD.

 

3WESTMATIC CORPORATION 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 WESTMATIC CORPORATION 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 WESTMATIC CORPORATION get a PPP loan?

Yes. WESTMATIC CORPORATION applied and was granted a PPP loan

How much PPP Loan did WESTMATIC CORPORATION receive?

461600 USD

Where is WESTMATIC CORPORATION located?

WESTMATIC CORPORATION is located in Buffalo,NY

How much did WESTMATIC CORPORATION's PPP loan went towards paying salaries?

As per WESTMATIC CORPORATION, 363600 USD went towards payroll proceeds

Which bank financed WESTMATIC CORPORATION's PPP Loan?

Manufacturers and Traders Trust Company in BUFFALO,NY financed WESTMATIC CORPORATION’s PPP Loan

What is the term for WESTMATIC CORPORATION's PPP loan?

24 months

How many employees were reported by WESTMATIC CORPORATION in their PPP loan application?

25

How much of WESTMATIC CORPORATION's PPP loan was forgiven?

464850.17 USD was forgiven on 01-06-2021


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. 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 WESTMATIC CORPORATION’s Employees and Consumers can do to report potential PPP Scam?

There is no record of WESTMATIC CORPORATION 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 WESTMATIC CORPORATION they are privy to, and expose any/all wrongdoings.


4.8 Total Score
User Rating for WESTMATIC CORPORATION

WESTMATIC CORPORATION took out a PPP loan worth $461600 for Payroll Processing for it's 25 employees. As tax-payers, we need to hold businesses accountable and ask serious questions. Our rating on WESTMATIC CORPORATION 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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