Is TRI STAR CHEVROLET OF UNIONTOWN, INC a Scam?

 

PPP Loan #9573367104
TRI STAR CHEVROLET OF UNIONTOWN, INC is a Subchapter S Corporation located at Uniontown, PA with 44 employees. During round 1 of the paycheck protection program, TRI STAR CHEVROLET OF UNIONTOWN, INC requested a PPP loan for 461800 USD. They were approved on 04/15/2020 by the SBA for an amount of 461800 USD. The loan was facilitated by Manufacturers and Traders Trust Company, BUFFALO, NY. Of the approved amount, TRI STAR CHEVROLET OF UNIONTOWN, INC has received an amount of 352041 USD for payroll proceeds.
 PPP Loan details for TRI STAR CHEVROLET OF UNIONTOWN, INC
Loan Amount 461800 USD
Current Approved Amount 461800 USD
Loan Tenure 24 months
Loan Approved on 02-06-2021
Area Code 15401
SBA Code 358
NAICS Code 441110
Lender Bank Manufacturers and Traders Trust Company
Lender Bank City BUFFALO
Lender Bank State NY
 Demographic details for TRI STAR CHEVROLET OF UNIONTOWN, INC
Race Unanswered
Ethnicity Unknown/NotStated
Gender Unanswered
Veteran Unanswered
Non Profit
Business Age New Business or 2 years or less
Jobs Reported 44

How TRI STAR CHEVROLET OF UNIONTOWN, INC Claims To Have Used Their PPP Funds of 461800 USD

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

1TRI STAR CHEVROLET OF UNIONTOWN, INC claims to have spent 461800 USD to pay salaries of 44 employees.

 

2TRI STAR CHEVROLET OF UNIONTOWN, INC claims to have have been honest, ethical and deserving of this PPP Loan (9573367104) of 461800 USD.

 

3TRI STAR CHEVROLET OF UNIONTOWN, 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 TRI STAR CHEVROLET OF UNIONTOWN, 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.

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 TRI STAR CHEVROLET OF UNIONTOWN, INC get a PPP loan?

Yes. TRI STAR CHEVROLET OF UNIONTOWN, INC applied and was granted a PPP loan

How much PPP Loan did TRI STAR CHEVROLET OF UNIONTOWN, INC receive?

461800 USD

Where is TRI STAR CHEVROLET OF UNIONTOWN, INC located?

TRI STAR CHEVROLET OF UNIONTOWN, INC is located in Uniontown,PA

How much did TRI STAR CHEVROLET OF UNIONTOWN, INC's PPP loan went towards paying salaries?

As per TRI STAR CHEVROLET OF UNIONTOWN, INC, 352041 USD went towards payroll proceeds

Which bank financed TRI STAR CHEVROLET OF UNIONTOWN, INC's PPP Loan?

Manufacturers and Traders Trust Company in BUFFALO,NY financed TRI STAR CHEVROLET OF UNIONTOWN, INC’s PPP Loan

What is the term for TRI STAR CHEVROLET OF UNIONTOWN, INC's PPP loan?

24 months

How many employees were reported by TRI STAR CHEVROLET OF UNIONTOWN, INC in their PPP loan application?

44

How much of TRI STAR CHEVROLET OF UNIONTOWN, INC's PPP loan was forgiven?

465216.05 USD was forgiven on 01/20/2021


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 TRI STAR CHEVROLET OF UNIONTOWN, INC’s Employees and Consumers can do to report potential PPP Scam?

There is no record of TRI STAR CHEVROLET OF UNIONTOWN, 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 TRI STAR CHEVROLET OF UNIONTOWN, INC they are privy to, and expose any/all wrongdoings.


4.8 Total Score
User Rating for TRI STAR CHEVROLET OF UNIONTOWN, INC

TRI STAR CHEVROLET OF UNIONTOWN, INC took out a PPP loan worth $461800 for Payroll Processing for it's 44 employees. As tax-payers, we need to hold businesses accountable and ask serious questions. Our rating on TRI STAR CHEVROLET OF UNIONTOWN, 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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