Is ADEPT MECHANICAL SERVICES, INC a Scam?

 

PPP Loan #7431377701
ADEPT MECHANICAL SERVICES, INC is a Corporation located at KENT, WA with 25 employees. During round 1 of the paycheck protection program, ADEPT MECHANICAL SERVICES, INC requested a PPP loan for 454998 USD. They were approved on 05-01-2020 by the SBA for an amount of 454998 USD. The loan was facilitated by U.S. Bank, National Association, CINCINNATI, OH. Of the approved amount, ADEPT MECHANICAL SERVICES, INC has received an amount of 454998 USD for payroll proceeds.
 PPP Loan details for ADEPT MECHANICAL SERVICES, INC
Loan Amount 454998 USD
Current Approved Amount 454998 USD
Loan Tenure 24 months
Loan Approved on 09/25/2021
Area Code 98031
SBA Code 1013
NAICS Code 238220
Lender Bank U.S. Bank, National Association
Lender Bank City CINCINNATI
Lender Bank State OH
 Demographic details for ADEPT MECHANICAL SERVICES, INC
Race Unanswered
Ethnicity Unknown/NotStated
Gender Unanswered
Veteran Unanswered
Non Profit
Business Age Existing or more than 2 years old
Jobs Reported 25

How ADEPT MECHANICAL SERVICES, INC Claims To Have Used Their PPP Funds of 454998 USD

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

See also  Is VALLEY MACHINE SHOP INC. a Scam?
1ADEPT MECHANICAL SERVICES, INC claims to have spent 454998 USD to pay salaries of 25 employees.

 

2ADEPT MECHANICAL SERVICES, INC claims to have have been honest, ethical and deserving of this PPP Loan (7431377701) of 454998 USD.

 

3ADEPT MECHANICAL 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 ADEPT MECHANICAL 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.

See also  Is ZAHOOMI LLC 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 SPECIALTY METALS CORP. 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 ADEPT MECHANICAL SERVICES, INC get a PPP loan?

Yes. ADEPT MECHANICAL SERVICES, INC applied and was granted a PPP loan

How much PPP Loan did ADEPT MECHANICAL SERVICES, INC receive?

454998 USD

Where is ADEPT MECHANICAL SERVICES, INC located?

ADEPT MECHANICAL SERVICES, INC is located in KENT,WA

How much did ADEPT MECHANICAL SERVICES, INC's PPP loan went towards paying salaries?

As per ADEPT MECHANICAL SERVICES, INC, 454998 USD went towards payroll proceeds

Which bank financed ADEPT MECHANICAL SERVICES, INC's PPP Loan?

U.S. Bank, National Association in CINCINNATI,OH financed ADEPT MECHANICAL SERVICES, INC’s PPP Loan

What is the term for ADEPT MECHANICAL SERVICES, INC's PPP loan?

24 months

How many employees were reported by ADEPT MECHANICAL SERVICES, INC in their PPP loan application?

25

How much of ADEPT MECHANICAL SERVICES, INC's PPP loan was forgiven?

460976.17 USD was forgiven on 08/23/2021


Footnotes and Citations

See also  Is ELLENSBURG CEMENT PRODUCTS, 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 ADEPT MECHANICAL SERVICES, INC’s Employees and Consumers can do to report potential PPP Scam?

There is no record of ADEPT MECHANICAL 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 ADEPT MECHANICAL SERVICES, INC they are privy to, and expose any/all wrongdoings.


5.3 Total Score
User Rating for ADEPT MECHANICAL SERVICES, INC

ADEPT MECHANICAL SERVICES, INC took out a PPP loan worth $454998 for Payroll Processing for it's 25 employees. As tax-payers, we need to hold businesses accountable and ask serious questions. Our rating on ADEPT MECHANICAL SERVICES, 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