Is ATLANTIC BUILDING COMPONENTS & SERVICES INC. a Scam?

 

PPP Loan #5386917208
ATLANTIC BUILDING COMPONENTS & SERVICES INC. is a Subchapter S Corporation located at MONCKS CORNER, SC with 145 employees. During round 1 of the paycheck protection program, ATLANTIC BUILDING COMPONENTS & SERVICES INC. requested a PPP loan for 1563400 USD. They were approved on 04/27/2020 by the SBA for an amount of 1563400 USD. The loan was facilitated by First-Citizens Bank & Trust Company, Raleigh, NC. Of the approved amount, ATLANTIC BUILDING COMPONENTS & SERVICES INC. has received an amount of 1563400 USD for payroll proceeds.
 PPP Loan details for ATLANTIC BUILDING COMPONENTS & SERVICES INC.
Loan Amount 1563400 USD
Current Approved Amount 1563400 USD
Loan Tenure 24 months
Loan Approved on 08/13/2021
Area Code 29461-4596
SBA Code 464
NAICS Code 444190
Lender Bank First-Citizens Bank & Trust Company
Lender Bank City Raleigh
Lender Bank State NC
 Demographic details for ATLANTIC BUILDING COMPONENTS & SERVICES INC.
Race Unanswered
Ethnicity Unknown/NotStated
Gender Unanswered
Veteran Unanswered
Non Profit
Business Age New Business or 2 years or less
Jobs Reported 145

How ATLANTIC BUILDING COMPONENTS & SERVICES INC. Claims To Have Used Their PPP Funds of 1563400 USD

As we have discussed earlier, ATLANTIC BUILDING COMPONENTS & SERVICES INC. received a substantial amount of money through the SBA program. But have they used it correctly? Let’s analyze.

1ATLANTIC BUILDING COMPONENTS & SERVICES INC. claims to have spent 1563400 USD to pay salaries of 145 employees.

 

2ATLANTIC BUILDING COMPONENTS & SERVICES INC. claims to have have been honest, ethical and deserving of this PPP Loan (5386917208) of 1563400 USD.

 

3ATLANTIC BUILDING COMPONENTS & SERVICES 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 ATLANTIC BUILDING COMPONENTS & SERVICES 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 ATLANTIC BUILDING COMPONENTS & SERVICES INC. get a PPP loan?

Yes. ATLANTIC BUILDING COMPONENTS & SERVICES INC. applied and was granted a PPP loan

How much PPP Loan did ATLANTIC BUILDING COMPONENTS & SERVICES INC. receive?

1563400 USD

Where is ATLANTIC BUILDING COMPONENTS & SERVICES INC. located?

ATLANTIC BUILDING COMPONENTS & SERVICES INC. is located in MONCKS CORNER,SC

How much did ATLANTIC BUILDING COMPONENTS & SERVICES INC.'s PPP loan went towards paying salaries?

As per ATLANTIC BUILDING COMPONENTS & SERVICES INC., 1563400 USD went towards payroll proceeds

Which bank financed ATLANTIC BUILDING COMPONENTS & SERVICES INC.'s PPP Loan?

First-Citizens Bank & Trust Company in Raleigh,NC financed ATLANTIC BUILDING COMPONENTS & SERVICES INC.’s PPP Loan

What is the term for ATLANTIC BUILDING COMPONENTS & SERVICES INC.'s PPP loan?

24 months

How many employees were reported by ATLANTIC BUILDING COMPONENTS & SERVICES INC. in their PPP loan application?

145

How much of ATLANTIC BUILDING COMPONENTS & SERVICES INC.'s PPP loan was forgiven?

1582032.3 USD was forgiven on 07/14/2021


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 ATLANTIC BUILDING COMPONENTS & SERVICES INC.’s Employees and Consumers can do to report potential PPP Scam?

There is no record of ATLANTIC BUILDING COMPONENTS & SERVICES 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 ATLANTIC BUILDING COMPONENTS & SERVICES INC. they are privy to, and expose any/all wrongdoings.


7.1 Total Score
User Rating for ATLANTIC BUILDING COMPONENTS & SERVICES INC.

ATLANTIC BUILDING COMPONENTS & SERVICES INC. took out a PPP loan worth $1563400 for Payroll Processing for it's 145 employees. As tax-payers, we need to hold businesses accountable and ask serious questions. Our rating on ATLANTIC BUILDING COMPONENTS & SERVICES INC. is based on multiple factors, including publicly available information, reviews and user notifications.

Trust
4.8
Accountability
5.5
Transparency
5.5
Risk
5.8
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