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PPP Loan Data — Cleveland Chick LLC, Cleveland, TN

SBA PPP loan data, payroll data, and salaries for Cleveland Chick LLC

FRANCHISE

TN

Cleveland Chick LLC

Entity: Limited Liability Company (LLC)

Industry: Limited-Service Restaurants

Franchise: Chicken Salad Chick

Location: Cleveland, TN

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Cleveland Chick LLC is a limited liability company (LLC) located at 250 Paul Huff Parkway Nw in Cleveland, Tennessee that received a Coronavirus-related PPP loan from the SBA of $112,124.00 in April, 2021. This business is a Chicken Salad Chick franchise.

The company has reported itself as a White male owned business, and employed at least 29 people during the applicable loan loan period.

$ PPP Loan Information
Loan #8671828705

Loan Size:

$112,124

Jobs Retained:

29

Loan Approved:

2021-04-07

Loan Status:

Paid in Full or Forgiven

Lender:

The First, A National Banking Association

Cleveland Chick LLC in Cleveland, TN received a Paycheck Protection Loan of $112,124 through The First, A National Banking Association, which was approved in April, 2021.

This loan's status is reported by the SBA as "Paid in Full", which includes both loans repaid and those fully forgiven from repayment under PPP guidelines. The loan's status was last updated by the SBA in October, 2021.

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, Cleveland Chick LLC's 2019 payroll expenses are estimated to be at least $538,195.

Based on their reported 29 jobs retained, this equals an estimated average yearly compensation of $18,558 per employee1

Reported PPP Proceed Usage:

On the PPP application, Cleveland Chick LLC reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $112,122
  • Utilities: $1

Business Information - Cleveland Chick LLC in Cleveland, TN

Cleveland Chick LLC
250 Paul Huff Parkway Nw
Cleveland, TN 37312

Business Industry:
Limited-Service Restaurants
NAICS code 722513

Business Owner Demographics

Race: White

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

Bradley County, TN — SBA Office 0474 — Congressional District: TN-04

Similar Companies near Cleveland

In the Cleveland area, 20 businesses in the "Limited-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 73 employees (compared to this company's 29) and received an average PPP loan of $380,301 (compared to this company's $112,124).

Industry PPP Comparison Statistics

Nationwide, 136,560 businesses in the "Limited-Service Restaurants" industry received a total of $13.87B in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 2% of the total PPP funding allocated.

PPP recipients in this industry report an average of 21 employees, 28% lower than Cleveland Chick LLC's reported 29 employees, and received an average PPP loan of $101,544, 9% lower than this company's loan of $112,124.

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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Source: www.federalpay.org/paycheck-protection-program/cleveland-chick-llc-cleveland-tn