Is COMMUNITY MARKETS OF OHIO, INC. a Scam?

 

PPP Loan #2431797107
COMMUNITY MARKETS OF OHIO, INC. is a Corporation located at FINDLAY, OH with 31 employees. During round 1 of the paycheck protection program, COMMUNITY MARKETS OF OHIO, INC. requested a PPP loan for 452500 USD. They were approved on 04-10-2020 by the SBA for an amount of 452500 USD. The loan was facilitated by The Union Bank Company, COLUMBUS GROVE, OH. Of the approved amount, COMMUNITY MARKETS OF OHIO, INC. has received an amount of 452500 USD for payroll proceeds.
 PPP Loan details for COMMUNITY MARKETS OF OHIO, INC.
Loan Amount 452500 USD
Current Approved Amount 452500 USD
Loan Tenure 24 months
Loan Approved on 04/13/2021
Area Code 45840-3314
SBA Code 593
NAICS Code 445110
Lender Bank The Union Bank Company
Lender Bank City COLUMBUS GROVE
Lender Bank State OH
 Demographic details for COMMUNITY MARKETS OF OHIO, INC.
Race Unanswered
Ethnicity Unknown/NotStated
Gender Unanswered
Veteran Unanswered
Non Profit
Business Age Existing or more than 2 years old
Jobs Reported 31

How COMMUNITY MARKETS OF OHIO, INC. Claims To Have Used Their PPP Funds of 452500 USD

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

See also  Is MOTHER ANGELINE MCCRORY MANOR INC. a Scam?
1COMMUNITY MARKETS OF OHIO, INC. claims to have spent 452500 USD to pay salaries of 31 employees.

 

2COMMUNITY MARKETS OF OHIO, INC. claims to have have been honest, ethical and deserving of this PPP Loan (2431797107) of 452500 USD.

 

3COMMUNITY MARKETS OF OHIO, 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 COMMUNITY MARKETS OF OHIO, 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.

See also  Is SUPERIOR TRIM HOLDINGS, LIMITED a Scam?

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.
See also  Is SEAWAY BOLT & SPECIALS CO a Scam?
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 COMMUNITY MARKETS OF OHIO, INC. get a PPP loan?

Yes. COMMUNITY MARKETS OF OHIO, INC. applied and was granted a PPP loan

How much PPP Loan did COMMUNITY MARKETS OF OHIO, INC. receive?

452500 USD

Where is COMMUNITY MARKETS OF OHIO, INC. located?

COMMUNITY MARKETS OF OHIO, INC. is located in FINDLAY,OH

How much did COMMUNITY MARKETS OF OHIO, INC.'s PPP loan went towards paying salaries?

As per COMMUNITY MARKETS OF OHIO, INC., 452500 USD went towards payroll proceeds

Which bank financed COMMUNITY MARKETS OF OHIO, INC.'s PPP Loan?

The Union Bank Company in COLUMBUS GROVE,OH financed COMMUNITY MARKETS OF OHIO, INC.’s PPP Loan

What is the term for COMMUNITY MARKETS OF OHIO, INC.'s PPP loan?

24 months

How many employees were reported by COMMUNITY MARKETS OF OHIO, INC. in their PPP loan application?

31

How much of COMMUNITY MARKETS OF OHIO, INC.'s PPP loan was forgiven?

456690.27 USD was forgiven on 03/18/2021


Footnotes and Citations

See also  Is GREAT SCOT, INC. a Scam?

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 COMMUNITY MARKETS OF OHIO, INC.’s Employees and Consumers can do to report potential PPP Scam?

There is no record of COMMUNITY MARKETS OF OHIO, 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 COMMUNITY MARKETS OF OHIO, INC. they are privy to, and expose any/all wrongdoings.


5.3 Total Score
User Rating for COMMUNITY MARKETS OF OHIO, INC.

COMMUNITY MARKETS OF OHIO, INC. took out a PPP loan worth $452500 for Payroll Processing for it's 31 employees. As tax-payers, we need to hold businesses accountable and ask serious questions. Our rating on COMMUNITY MARKETS OF OHIO, INC. is based on multiple factors, including publicly available information, reviews and user notifications.

Trust
5.6
Accountability
5.4
Transparency
5.7
Risk
5.0
Add your review  |  Read reviews and comments

Tags:

Flag this loan or review this business

Leave a reply

Your total score

Is It a Scam?
Logo