NORTH LAKE ELECTRIC INC.

Did NORTH LAKE ELECTRIC INC. Scam $172,762.05 from the PPP?

When the Paycheck Protection Program (PPP) launched to save jobs during the COVID-19 crisis, it was a beacon of hope for businesses. But with over $100 billion reportedly scammed, every big loan deserves a hard look. Enter NORTH LAKE ELECTRIC INC., a company that snagged a $172,762.05 PPP loan. With that kind of cash, questions swirl: Did they play fair, or did they game the system? Let's break it down using the raw data and ask the tough questions.

• 01

  The Loan Basics

  NORTH LAKE ELECTRIC INC., based at 300 Richey Rd # 1, Leesburg, 34748-4669, got their loan approved for $171,197.50, with the same amount listed as the $171,197.50 and $171,197.50. The Loan Number is 3581218703, and it was greenlit on a dated . The $172,762.05 clocks in at $10,196,272.22, forgiven on February 2022

  The lender? Truist Bank, 214 N Tryon St, CHARLOTTE, NC.

• 02

  Fraud Flags?

  With $100 billion scammed in the PPP, fraud? s a real ghost in the machine. Inflating employee counts or payroll was a go-to trick. So, let's poke the data:

  15 Jobs: Did they really have that many on the books, or was it a fantasy to justify $171,197.50?

  Payroll Proceed: $171,195.50 sounds legit for forgiveness, but was it spent on real wages or funneled elsewhere?

  Opaque Details: Unanswered demographics aren't proof of deceit, but they don't scream transparency either.

  The loan's Term is 60 months, standard for early PPP, and forgiveness suggests they met job retention rules. But with so much cash at stake? meeting rules? could mean clever paperwork, not honest effort.

• 03

  Digging Deeper

  Truist Bank, a heavy hitter, handled this loan. They've got the chops for due diligence, but the PPP's chaos saw plenty of slips. Could NORTH LAKE ELECTRIC INC. have slipped a fast one past them? We'd need payroll records, employee rosters, or a peek at their operations to know for sure. Public data on a staffing agency with 450 employees should exist? if it doesn't, that's a clue.

• 04

  Your Move

  Here's the bottom line: The numbers don't scream fraud, but they whisper questions. Did NORTH LAKE ELECTRIC INC. deserve $171197.5? Did 15 jobs really hang in the balance? Was $171,195.50 in payroll legit? And why? the forgiveness $172,762.05?

  If you've got the inside scoop? worked there, know the business, saw the books? We want to hear from you. Drop anonymous tips. Flag this loan if it stinks. Any solid intel heads straight to federal authorities. The PPP was about saving jobs, not stuffing wallets.

  Let's make sure this $171,197.50 did what it was supposed to - or call it out if it didn’t?

Report to SBA

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Report NORTH LAKE ELECTRIC INC. to Federal Trade Commission

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