POPE MATERIALS, INC took out a PPP loan worth $485400 for Payroll Processing for it’s 44 employees. As tax-payers, we need to hold businesses accountable and ask serious questions. Our rating on POPE MATERIALS, INC is based on multiple factors, including publicly available information, reviews and u…
Is POPE MATERIALS, INC a Scam? – Is It a Scam? .rll-youtube-player, [data-lazy-src]{display:none !important;} Browse by States Browse Articles News & Updates Scam & Fraud Expert Reviews Anonymous Tip Anonymous Tip TX Is POPE MATERIALS, INC a Scam? 681 0 PPP Loan #8514697006POPE MATERIALS, INC is a Subchapter S Corporation located at GEORGETOWN, TX with 44 employees. During round 1 of the paycheck protection program, POPE MATERIALS, INC requested a PPP loan for 485400 USD. They were approved on 04-08-2020 by the SBA for an amount of 485400 USD. The loan was facilitated by First Texas Bank, GEORGETOWN, TX. Of the approved amount, POPE MATERIALS, INC has received an amount of 364050 USD for payroll proceeds. The SBA forgave 488099.62 USD of this loan on 11-03-2020 under PPP. POPE MATERIALS, INC claimed to use the loan towards salary for 44 employees totaling to an amount of 364050 USD Flag this Loan or Add Review Business Profile Company Name POPE MATERIALS, INC Street Address 2001 Brushy Ave City GEORGETOWN State TX Area Code 78626-7838 PPP Loan details for POPE MATERIALS, INC Loan Amount 485400 USD Current Approved Amount 485400 USD Loan Tenure 24 months Loan Approved on 12-05-2020 Area Code 78626-7838 SBA Code 681 NAICS Code 484220 Lender Bank First Texas Bank Lender Bank City GEORGETOWN Lender Bank State TX Demographic details for POPE MATERIALS, INC Race Unanswered Ethnicity Not Hispanic or Latino Gender Male Owned Veteran Unanswered Non Profit Business Age Existing or more than 2 years old Jobs Reported 44 How POPE MATERIALS, INC Claims To Have Used Their PPP Funds of 485400 USD As we have discussed earlier, POPE MATERIALS, INC received a substantial amount of money through the SBA program. But have they used it correctly? Let’s analyze. 1POPE MATERIALS, INC claims to have spent 485400 USD to pay salaries of 44 employees. 2POPE MATERIALS, INC claims to have have been honest, ethical and deserving of this PPP Loan (8514697006) of 485400 USD. 3POPE MATERIALS, 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 POPE MATERIALS, 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 POPE MATERIALS, INC get a PPP loan?Yes. POPE MATERIALS, INC applied and was granted a PPP loanHow much PPP Loan did POPE MATERIALS, INC receive?485400 USDWhere is POPE MATERIALS, INC located?POPE MATERIALS, INC is located in GEORGETOWN,TXHow much did POPE MATERIALS, INC's PPP loan went towards paying salaries?As per POPE MATERIALS, INC, 364050 USD went towards payroll proceedsWhich bank financed POPE MATERIALS, INC's PPP Loan?First Texas Bank in GEORGETOWN,TX financed POPE MATERIALS, INC’s PPP LoanWhat is the term for POPE MATERIALS, INC's PPP loan?24 monthsHow many employees were reported by POPE MATERIALS, INC in their PPP loan application?44How much of POPE MATERIALS, INC's PPP loan was forgiven?488099.62 USD was forgiven on 11-03-2020 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. Relevant links, resources and news – Up to three-quarters of the $800 billion in disbursed PPP funds flowed to business owners instead of workers, study finds SBA OIG Complaint Submission Form How my boss is using the PPP loan Is PPP Loan Fraud The Largest Fraud Of All Time? The looting of the Covid relief plan known as PPP 22 people charged in connection with a multi-million dollar Paycheck Protection Program fraud scheme Charged: PPP Scammers Small Businesses Are Being Hit by PPP Loan Scams 15% of Paycheck Protection Program Loans Could Be Fraudulent, Study Shows Man Passes Out After He’s Found Guilty of PPP Loan Fraud Helena man sentenced for PPP loan fraud What are the Charges for PPP Loan Fraud? Cape Coral woman pleads guilty to PPP loan fraud, accused of using money for a pool Biggest fraud in a generation PPP Loan Scams: 900 open criminal investigations, 100 arrested so far Bank Fraud Involving PPP Loans Could Lead to Prison Time, Even for Relatively Small Advances Money from the COVID Paycheck Protection Program was allegedly largely misspent Florida Man Charged With PPP Loan Fraud After Allegedly Misusing Millions To Buy Luxury Goods What POPE MATERIALS, INC’s Employees and Consumers can do to report potential PPP Scam? There is no record of POPE MATERIALS, 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 POPE MATERIALS, INC they are privy to, and expose any/all wrongdoings. 6.1 Total Score User Rating for POPE MATERIALS, INC POPE MATERIALS, INC took out a PPP loan worth $485400 for Payroll Processing for it's 44 employees. As tax-payers, we need to hold businesses accountable and ask serious questions. Our rating on POPE MATERIALS, INC is based on multiple factors, including publicly available information, reviews and user notifications. Trust 5.2 Accountability 5.1 Transparency 4.8 Risk 6.1 Add your review | Read reviews and comments PreviousIs ICS BUILDERS INC. a Scam? NextIs L&E SERVICES, LLC a Scam? Tags: Georgetown Related Reports Is PROCTER & FRANZKE BIG KAHUNA TX INC a Scam? Is BAYTEK INTERNATIONAL INC a Scam? Is RSI INC a Scam? Is TRICAN WELL SERVICE L.P. a Scam? Flag this loan or review this business Leave a reply Cancel reply TrustAccountabilityTransparencyRiskYour total score Save my name, email, and website in this browser for the next time I comment. Δ Browse by StatesBrowse by States Select Category AK AL AR AS AZ CA CO CT DC DE FL GA GU HI IA ID IL IN KS KY LA MA MD ME MI MN MO MP MS MT NC ND NE NH NJ NM NV NY OH OK OR PA PR RI SC SD TN TX UT VA VI VT WA WI WV WY Similar Reports Is PATHOLOGY REFERENCE LABORATORY L.L.C. a Scam? 0 Is SAMES MOTOR COMPANY, INC. a Scam? 0 Is GREATER HOUSTON PARTNERSHIP INC. a Scam? 0 Is COMMUNITY ACCESS INC a Scam? 0 Is MURRAY RESOURCES LTD a Scam? 0 Is ACCENT JOHNSTON LIMOUSINE INC a Scam? 0 Is LOCHRIDGE-PRIEST INC. a Scam? 0 Is BEARD INTEGRATED SYSTEMS INC a Scam? 0 Is GREATER LEWISVILLE THERAPY CENTER a Scam? 0 Is SB BOOMERANG TUBULAR, LLC a Scam? 0 About IsItaScam.com IsItaScam.com allows you to expose any case where someone created a fictitious entity to get a loan, overstated the number of employees or size of payroll to get a bigger loan than was permitted, or misused the proceeds for something other than the authorized expenses. Submit Tip Read more about IsItaScam.com Email: [email protected] Browse by CitiesAnaheim Anchorage ATLANTA Austin Bakersfield Beverly Hills Birmingham BROOKLYN Chandler Chicago DALLAS Fayetteville FREMONT FRESNO GILBERT GLENDALE Houston Huntsville IRVINE LITTLE ROCK LONG BEACH Los Angeles mesa MINNEAPOLIS MOBILE MONTGOMERY Newport Beach New York Oakland Pasadena Peoria PHOENIX RIVERSIDE Sacramento SAN DIEGO San Francisco San Jose SANTA ANA Santa Monica Scottsdale TEMPE Torrance TUCSON TUSCALOOSA WASHINGTON Browse by StatesAK AL AR AZ CA CO CT DC FL GA HI IA ID IL IN KS KY LA MA MD ME MI MN MO MS NC ND NE NH NJ NM NV NY OH OK OR PA RI SC TN TX UT VA WA WI Browse by States Browse Articles back News & Updates Scam & Fraud Expert Reviews .lazyload{display:none;}