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Soulbound apparently took 150-350k Coronavirus Payroll Protection loan a month AFTER laying off all

Slapshot1188Slapshot1188 Member LegendaryPosts: 14,497
https://www.federalpay.org/paycheck-protection-program/643541-soulbound-studios-llc-issaquah-wa

I found the date of the loan approval (April 30) to be very interesting

How do you get a Paycheck Protection Program loan AFTER you have laid off all your employees?
Whos Paycheck was being protected?

Maybe some of the gaming media could take a look?

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Comments

  • KyleranKyleran Member LegendaryPosts: 39,309
    COE, the "gift" that keeps on giving...sort of like the clap.

     :D 


    tzervo[Deleted User]xpsync

    "True friends stab you in the front." | Oscar Wilde 

    "I need to finish" - Christian Wolff: The Accountant

    Just trying to live long enough to play a new, released MMORPG, playing ESO - Blackwood at the moment.

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  • Slapshot1188Slapshot1188 Member LegendaryPosts: 14,497
    Kyleran said:
    COE, the "gift" that keeps on giving...sort of like the clap.

     :D 


    Yeah to be fair I did not uncover that.  It was actually the folks from the lawsuit Discord (maybe their lawyers?).  I went there to look for the list of names of the former CoE employees that moved to AdeptGames but found discussion on this and it seems shady as shit.

    I mean it's one thing for Jeromy to take money from his donors/onetime fans.  It's quite another thing to start to take our tax money to protect paychecks AFTER you laid off your whole staff.

    KyleranGdemamixpsync

    All time classic  MY NEW FAVORITE POST!  (Keep laying those bricks)

    "I should point out that no other company has shipped out a beta on a disc before this." - Official Mortal Online Lead Community Moderator

    Proudly wearing the Harbinger badge since Dec 23, 2017. 

    Coined the phrase "Role-Playing a Development Team" January 2018

    "Oddly Slap is the main reason I stay in these forums." - Mystichaze April 9th 2018

  • KyleranKyleran Member LegendaryPosts: 39,309
    Kyleran said:
    COE, the "gift" that keeps on giving...sort of like the clap.

     :D 


    Yeah to be fair I did not uncover that.  It was actually the folks from the lawsuit Discord (maybe their lawyers?).  I went there to look for the list of names of the former CoE employees that moved to AdeptGames but found discussion on this and it seems shady as shit.

    I mean it's one thing for Jeromy to take money from his donors/onetime fans.  It's quite another thing to start to take our tax money to protect paychecks AFTER you laid off your whole staff.

    Well, he and his wife are "employees", right?

    ;)

    "True friends stab you in the front." | Oscar Wilde 

    "I need to finish" - Christian Wolff: The Accountant

    Just trying to live long enough to play a new, released MMORPG, playing ESO - Blackwood at the moment.

    Fools find no pleasure in understanding, but delight in airing their own opinions. Pvbs 18:2, NIV

    Don't just play games, inhabit virtual worlds™

    "This is the most intelligent, well qualified and articulate response to a post I have ever seen on these forums. It's a shame most people here won't have the attention span to read past the second line." - Anon






  • TillerTiller Member LegendaryPosts: 9,861
    More fraud; no surprise.
    Gdemami
    SWG Bloodfin vet
    Elder Jedi/Elder Bounty Hunter
     
  • HorusraHorusra Member EpicPosts: 4,411
    Did the layoffs come with severances?
  • mklinicmklinic Member RarePosts: 1,883
    Horusra said:
    Did the layoffs come with severances?
    Would that be relevant? I'm no lawyer, so am just curious how much that would matter.

    My layman understanding is that the intent of the Paycheck Protection Program was so that companies taking advantage of the program could retain their employees (not finance their dismissal)?
    Scot

    -mklinic

    "There's a point I think we're missing.
    It's in the air we raise our fists in."
    -from Behind Closed Doors by Rise Against

  • bcbullybcbully Member EpicPosts: 11,537
    They are obviously planning on continuing duh 
    "We see fundamentals and we ape in"
  • ShaighShaigh Member EpicPosts: 2,104
    As long as the information they wrote in the application was true and that they didn't add information that was false they have nothing to worry about. Its all about when the application was made and not when the application was approved. 
    Iselin: And the next person who says "but it's a business, they need to make money" can just go fuck yourself.
  • Slapshot1188Slapshot1188 Member LegendaryPosts: 14,497
    edited November 2020
    Shaigh said:
    As long as the information they wrote in the application was true and that they didn't add information that was false they have nothing to worry about. Its all about when the application was made and not when the application was approved. 
    Application opened on April 3rd. https://www.sba.com/funding-a-business/government-small-business-loans/ppp/

    According to Jeromy they shut down March 24th
    https://twitter.com/JeromyWalsh/status/1243184811675533315


    Also, I do not know how these guys get their info.  Maybe it’s from their lawyer, but they are saying that Jeromy took out two subsequent business loans and the total of all 3 is a million dollars.

    Crazy shit going on there.
    Post edited by Slapshot1188 on
    KyleranGdemamitzervo[Deleted User]

    All time classic  MY NEW FAVORITE POST!  (Keep laying those bricks)

    "I should point out that no other company has shipped out a beta on a disc before this." - Official Mortal Online Lead Community Moderator

    Proudly wearing the Harbinger badge since Dec 23, 2017. 

    Coined the phrase "Role-Playing a Development Team" January 2018

    "Oddly Slap is the main reason I stay in these forums." - Mystichaze April 9th 2018

  • KyleranKyleran Member LegendaryPosts: 39,309
    Shaigh said:
    As long as the information they wrote in the application was true and that they didn't add information that was false they have nothing to worry about. Its all about when the application was made and not when the application was approved. 
    Application opened on April 3rd. https://www.sba.com/funding-a-business/government-small-business-loans/ppp/

    According to Jeromy they shut down March 24th
    https://twitter.com/JeromyWalsh/status/1243184811675533315


    Also, I do not know how these guys get their info.  Maybe it’s from their lawyer, but they are saying that Jeromy took out two subsequent business loans and the total of all 3 is a million dollars.

    Crazy shit going on there.
    I heard the band played on while the Titanic sank too.

    :)
    KidRisk[Deleted User]

    "True friends stab you in the front." | Oscar Wilde 

    "I need to finish" - Christian Wolff: The Accountant

    Just trying to live long enough to play a new, released MMORPG, playing ESO - Blackwood at the moment.

    Fools find no pleasure in understanding, but delight in airing their own opinions. Pvbs 18:2, NIV

    Don't just play games, inhabit virtual worlds™

    "This is the most intelligent, well qualified and articulate response to a post I have ever seen on these forums. It's a shame most people here won't have the attention span to read past the second line." - Anon






  • KyleranKyleran Member LegendaryPosts: 39,309
    bcbully said:
    They are obviously planning on continuing duh 
    Obviously.


    "True friends stab you in the front." | Oscar Wilde 

    "I need to finish" - Christian Wolff: The Accountant

    Just trying to live long enough to play a new, released MMORPG, playing ESO - Blackwood at the moment.

    Fools find no pleasure in understanding, but delight in airing their own opinions. Pvbs 18:2, NIV

    Don't just play games, inhabit virtual worlds™

    "This is the most intelligent, well qualified and articulate response to a post I have ever seen on these forums. It's a shame most people here won't have the attention span to read past the second line." - Anon






  • BruceYeeBruceYee Member EpicPosts: 2,513
    PPE loan forgiveness requires proof the money was used to retain X number of employees. You also have to provide specific details for each employee when applying for the loan. Did he actually get it or just apply for it?

    If he really did fraudulently get the loan then he went full criminal... never go full criminal...

    Ripping off unsuspecting gamers is apparently something no one cares about but knowingly ripping off the US Govt thinking they won't do anything is ___ can't plead incompetence for that situation...

    Gdemami
  • GdemamiGdemami Member EpicPosts: 12,342
    edited November 2020
    Kyleran said:
    COE, the "gift" that keeps on giving...sort of like the clap.

     :D 
    ...not really.

    The "gifts" are coming no matter the subject, the common denominator remains though - it's you guys.
  • GdemamiGdemami Member EpicPosts: 12,342
    edited November 2020
    mklinic said:
    My layman understanding is that the intent of the Paycheck Protection Program was so that companies taking advantage of the program could retain their employees (not finance their dismissal)?
    ..it is an intent, not a condition. How you use the money is pretty much up to you.

    Nothing to see here but usual local not so bright drama queen suspects...
    tzervo
  • lahnmirlahnmir Member LegendaryPosts: 4,562
    Gdemami said:
    Kyleran said:
    COE, the "gift" that keeps on giving...sort of like the clap.

     :D 
    ...not really.

    The "gifts" are coming no matter the subject, the common denominator remains though - it's you guys.
    You realise you are part of "you guys," right? And quite the generous gift too.

    /Cheers,
    Lahnmir
    Kyleran[Deleted User]Azaron_NightbladeAsm0deus
    'the only way he could nail it any better is if he used a cross.'

    Kyleran on yours sincerely 


    'But there are many. You can play them entirely solo, and even offline. Also, you are wrong by default.'

    Ikcin in response to yours sincerely debating whether or not single-player offline MMOs exist...



    'This does not apply just to ED but SC or any other game. What they will get is Rebirth/X4, likely prettier but equally underwhelming and pointless. 

    It is incredibly difficult to design some meaningfull leg content that would fit a space ship game - simply because it is not a leg game.

    It is just huge resource waste....'

    Gdemami absolutely not being an armchair developer

  • WizardryWizardry Member LegendaryPosts: 19,332
    I mentioned the"timing" with the new studio as well.
    They are without doubt a bunch of crooked shysters out to scam people.
    To the person who made me laugh,i am VERY likely still at my older age a better physical specimen and a better athlete than that person calling us old dried up middle aged people lmao.

    IDK maybe that person thinks it is a good idea to be like our governments and keep the scum hidden,a secret...nobody needs to know.You know like Trudeau stealing money from a charity operation,using tax payers money to fund a charity because there was some self benefit in it,yeah let's just keep that a secret don't mention it or you'll be called an middle aged dried up person ..lmao.
    Gdemami

    Never forget 3 mile Island and never trust a government official or company spokesman.

  • WizardryWizardry Member LegendaryPosts: 19,332
    I truly believe in Karma,i hope that COE team,the ones in charge get their due payback for being so dishonest and crooked.
    Too bad all of this information wasn't out before that lawsuit or could have been some good fuel for the fire to prove how dishonest they were and their intentions were never noble or to build/finish a game.

    Gdemami

    Never forget 3 mile Island and never trust a government official or company spokesman.

  • cheyanecheyane Member LegendaryPosts: 8,183
    If this is indeed true and can be proved I say they should be prosecuted to the full extent of the law.
    Gdemamixpsync
    Chamber of Chains
  • GdemamiGdemami Member EpicPosts: 12,342
    cheyane said:
    If this is indeed true and can be proved I say they should be prosecuted to the full extent of the law.
    ...prosecuted for what? Taking a loan? Outrageous!
  • cheyanecheyane Member LegendaryPosts: 8,183
    edited November 2020
    Gdemami said:
    cheyane said:
    If this is indeed true and can be proved I say they should be prosecuted to the full extent of the law.
    ...prosecuted for what? Taking a loan? Outrageous!
    Fraudulently obtaining the loan. If you have no employees to protect after you laid them off what representations did you make to obtain the loan. I presume they would have had to fill in documents to show they had employees that required a payroll. If there were no employees whatever they wrote in those documents is a misrepresentation of their current status. Any documents that they provided as proof for the loan will be evidence of trying to fraudulently obtain a loan. 

    Usually there are provisions within a loan that say they can refer the matter for prosecution if there is fraud involved especially if it involves government relief.

    The least they might be required to do is return the loan even if prosecution is not deigned.
    Gdemamixpsync
    Chamber of Chains
  • GdemamiGdemami Member EpicPosts: 12,342
    cheyane said:
    Fraudulently obtaining the loan.
    ...fraudelently? lol

    Where did you get that?

    PPL is just a loan to help small business staying afloat with an advantage of possible loan forgiveness if certain conditions are met.

    At least bother to look up what you are talking about:
    https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program#section-header-7
    tzervo
  • cheyanecheyane Member LegendaryPosts: 8,183
    edited November 2020
    Gdemami said:
    cheyane said:
    Fraudulently obtaining the loan.
    ...fraudelently? lol

    Where did you get that?

    PPL is just a loan to help small business staying afloat with an advantage of possible loan forgiveness if certain conditions are met.

    At least bother to look up what you are talking about:
    https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program#section-header-7
    There is no protection under the provisions but generally government bodies in my country anyway are protected from people fraudulently obtaining funds under government programs. I would be surprised that America does not have similar relief from fraud.

    The provisions do not have to appear in the program but the government can and have in Malaysia gone after people who have taken money while misrepresenting their circumstances. I believe our own Prime Minister has run foul of that.
    GdemamiScot
    Chamber of Chains
  • GdemamiGdemami Member EpicPosts: 12,342
    edited November 2020
    cheyane said:
    There is no protection under the provisions but generally government bodies in my country anyway are protected from people fraudulently obtaining funds under government programs. I would be surprised that America does not have similar relief from fraud.

    The provisions do not have to appear in the program but the government can and have in Malaysia gone after people who have taken money while misrepresenting their circumstances. I believe our own Prime Minister has run foul of that.
    tldr: I do not bother with facts nor thinking and just keep running my mouth...

    Your choice /shrugs
  • cheyanecheyane Member LegendaryPosts: 8,183
    edited November 2020
    Do you seriously expect me to believe that the government of the United States of America does not have the means to recover funds they have been distributed for relief during the Covid crisis from unscrupulous individuals who have willfully misrepresented the requirements of said relief. If so then that is indeed a dreadful oversight and incompetence.
    GdemamixpsyncUngood
    Chamber of Chains
  • VrikaVrika Member LegendaryPosts: 7,188
    edited November 2020
    Gdemami said:
    cheyane said:
    Fraudulently obtaining the loan.
    ...fraudelently? lol

    Where did you get that?

    PPL is just a loan to help small business staying afloat with an advantage of possible loan forgiveness if certain conditions are met.

    At least bother to look up what you are talking about:
    https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program#section-header-7
    PPP loans have limits on what they can be used for, and if they're used for anything else you really can and will be charged.

    But that doesn't mean Soulbound Studios couldn't take out the loan, and use it for legitimate purposes as much as they have those costs as long as they leave the rest of the money unused.

    They will have to eventually bankrupt though because the loan is only forgiven for businesses that retain employees. Soulbound Studios did not retain employees so they need to pay it back, and as they don't have income there's no way they could pay it back. But that's not necessarily against any law as long as they don't use the loan for anything else than agreed.
    Gdemami
     
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