Is EAST SUBURBAN SPORTS MEDICINE CENTER LTD a Scam?

 

PPP Loan #5163648307
EAST SUBURBAN SPORTS MEDICINE CENTER LTD is a Subchapter S Corporation located at Murrysville, PA with 54 employees. During round 1 of the paycheck protection program, EAST SUBURBAN SPORTS MEDICINE CENTER LTD requested a PPP loan for 462437 USD. They were approved on 01/25/2021 by the SBA for an amount of 462437 USD. The loan was facilitated by S & T Bank, INDIANA, PA. Of the approved amount, EAST SUBURBAN SPORTS MEDICINE CENTER LTD has received an amount of 462434 USD for payroll proceeds.
 PPP Loan details for EAST SUBURBAN SPORTS MEDICINE CENTER LTD
Loan Amount 462437 USD
Current Approved Amount 462437 USD
Loan Tenure 60 months
Loan Approved on 01-06-2022
Area Code 15668-1887
SBA Code 358
NAICS Code 621340
Lender Bank S & T Bank
Lender Bank City INDIANA
Lender Bank State PA
 Demographic details for EAST SUBURBAN SPORTS MEDICINE CENTER LTD
Race Unanswered
Ethnicity Not Hispanic or Latino
Gender Male Owned
Veteran Non-Veteran
Non Profit
Business Age Existing or more than 2 years old
Jobs Reported 54

How EAST SUBURBAN SPORTS MEDICINE CENTER LTD Claims To Have Used Their PPP Funds of 462437 USD

As we have discussed earlier, EAST SUBURBAN SPORTS MEDICINE CENTER LTD received a substantial amount of money through the SBA program. But have they used it correctly? Let’s analyze.

1EAST SUBURBAN SPORTS MEDICINE CENTER LTD claims to have spent 462437 USD to pay salaries of 54 employees.

 

2EAST SUBURBAN SPORTS MEDICINE CENTER LTD claims to have have been honest, ethical and deserving of this PPP Loan (5163648307) of 462437 USD.

 

3EAST SUBURBAN SPORTS MEDICINE CENTER LTD 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 EAST SUBURBAN SPORTS MEDICINE CENTER LTD 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 EAST SUBURBAN SPORTS MEDICINE CENTER LTD get a PPP loan?

Yes. EAST SUBURBAN SPORTS MEDICINE CENTER LTD applied and was granted a PPP loan

How much PPP Loan did EAST SUBURBAN SPORTS MEDICINE CENTER LTD receive?

462437 USD

Where is EAST SUBURBAN SPORTS MEDICINE CENTER LTD located?

EAST SUBURBAN SPORTS MEDICINE CENTER LTD is located in Murrysville,PA

How much did EAST SUBURBAN SPORTS MEDICINE CENTER LTD's PPP loan went towards paying salaries?

As per EAST SUBURBAN SPORTS MEDICINE CENTER LTD, 462434 USD went towards payroll proceeds

Which bank financed EAST SUBURBAN SPORTS MEDICINE CENTER LTD's PPP Loan?

S & T Bank in INDIANA,PA financed EAST SUBURBAN SPORTS MEDICINE CENTER LTD’s PPP Loan

What is the term for EAST SUBURBAN SPORTS MEDICINE CENTER LTD's PPP loan?

60 months

How many employees were reported by EAST SUBURBAN SPORTS MEDICINE CENTER LTD in their PPP loan application?

54

How much of EAST SUBURBAN SPORTS MEDICINE CENTER LTD's PPP loan was forgiven?

466444.79 USD was forgiven on 12-09-2021


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 EAST SUBURBAN SPORTS MEDICINE CENTER LTD’s Employees and Consumers can do to report potential PPP Scam?

There is no record of EAST SUBURBAN SPORTS MEDICINE CENTER LTD 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 EAST SUBURBAN SPORTS MEDICINE CENTER LTD they are privy to, and expose any/all wrongdoings.


4.8 Total Score
User Rating for EAST SUBURBAN SPORTS MEDICINE CENTER LTD

EAST SUBURBAN SPORTS MEDICINE CENTER LTD took out a PPP loan worth $462437 for Payroll Processing for it's 54 employees. As tax-payers, we need to hold businesses accountable and ask serious questions. Our rating on EAST SUBURBAN SPORTS MEDICINE CENTER LTD 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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