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PPP Loan Data — Chips N Cheese LLC, Mount Vernon, IL

SBA PPP loan data, payroll data, and salaries for Chips N Cheese LLC



Chips N Cheese LLC

Entity: Limited Liability Company (LLC)

Industry: Full-Service Restaurants

Franchise: Moe's Southwest Grill

Location: Mount Vernon, IL

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Chips N Cheese LLC is a limited liability company (LLC) located at 3909 Broadway St Ste 1 in Mount Vernon, Illinois that received a Coronavirus-related PPP loan from the SBA of $50,239.00 in January, 2021. This business is a Moe's Southwest Grill franchise.

The company has reported itself as an Asian male owned business, and employed at least twenty people during the applicable loan loan period.

$ PPP Loan Information
Loan #3930658302

Loan Size:


Jobs Retained:


Loan Approved:


Loan Status:

Ongoing Loan


Legence Bank

Chips N Cheese LLC in Mount Vernon, IL received a Paycheck Protection Loan of $50,239 through Legence Bank, which was approved in January, 2021.

This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.

Payroll Estimates Based On SBA PPP Loan Eligibility Formula

Understanding The SBA Formula For Determining PPP Loan Eligibility

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

Read More
Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

Read More

Based on the standard PPP eligibility formula, it may be possible to estimate the payroll expenses represented by a company on their PPP application (see details above). In order to qualify for the PPP loan amount received, Chips N Cheese LLC's 2019 payroll expenses are estimated to be at least $241,147.

Based on their reported 20 jobs retained, this equals an estimated average yearly compensation of $12,057 per employee1

Reported PPP Proceed Usage:

On the PPP application, Chips N Cheese LLC reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $50,235
  • Utilities: $1

Business Information - Chips N Cheese LLC in Mount Vernon, IL

Chips N Cheese LLC
3909 Broadway St Ste 1
Mount Vernon, IL 62864

Business Industry:
Full-Service Restaurants
NAICS code 722511

Business Owner Demographics

Race: Asian

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: Y

Rural / Urban: Rural

Jefferson County, IL — SBA Office 0507 — Congressional District: IL-12

Similar Companies near Mount Vernon

In the Mount Vernon area, 34 businesses in the "Full-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 21 employees (compared to this company's 20) and received an average PPP loan of $72,559 (compared to this company's $50,239).

Industry PPP Comparison Statistics

Nationwide, 328,914 businesses in the "Full-Service Restaurants" industry received a total of $42.6B in PPP loans. These businesses account for 3% of total PPP applications submitted, and received 5% of the total PPP funding allocated.

PPP recipients in this industry report an average of 22 employees, 10% higher than Chips N Cheese LLC's reported 20 employees, and received an average PPP loan of $129,504, 158% higher than this company's loan of $50,239.

FederalPay's PPP Information Policy

Paycheck Protection Loan data has been made public by the Small Business Administration (SBA) for all private companies that received a PPP loan.

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. FederalPay does not modify the data and makes no claims regarding its accuracy.

Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.

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Footnotes & Information

1. Estimations for informational purposes only. Payroll and salary estimates assume the borrower used the standard PPP calculation of 2.5 x average 2019 monthly payroll costs to determine PPP loan eligibility. Calculation methods vary based on entity type. Please read the latest official SBA PPP calculation rules for a full explanation of PPP loan amount calculation methods.

2. If a company's reported number of employees divided by the maximum PPP range amount per the SBA is greater than $100,000, the estimated maximum PPP loan received by the company can be adjusted down to assume no more than $100,000 yearly salary per employee was used in the PPP application. While employees at the company may earn more, $100k / employee is the maximum amount that can be used in PPP eligibility calculations.

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