PPP Loan Data — Idof Wells Inc, Chicago, IL
Idof Wells Inc is a corporation located at 19 N Wells St in Chicago, Illinois that received a Coronavirus-related PPP loan from the SBA of $29,456.00 in January, 2021.
The company has reported itself as an Asian male owned business, and employed at least seven people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Village Bank and Trust, National Association
Idof Wells Inc in Chicago, IL received a Paycheck Protection Loan of $29,456 through Village Bank and Trust, National Association, 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, Idof Wells Inc's 2019 payroll expenses are estimated to be at least $141,389.
Based on their reported 7 jobs retained, this equals an estimated average yearly compensation of $20,198 per employee1
Reported PPP Proceed Usage:
On the PPP application, Idof Wells Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $29,456
Business Information - Idof Wells Inc in Chicago, IL
19 N Wells St
Chicago, IL 60606
NAICS code 722513
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Chicago
In the Chicago area, 161 businesses in the "Limited-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 28 employees (compared to this company's 7) and received an average PPP loan of $206,818 (compared to this company's $29,456).
Similar Nearby Businesses Who Received PPP Funding:
Sapphire Foods LLC
International Sandwich Shop 2
Union Foods Inc
Jackson Street Development, Inc
Seva Companies LLC Washington & Wells
LFP Management LLC
Greek Kitchen IV Inc
Meathead Restaurants LLC
Industry PPP Comparison Statistics
Nationwide, 137,629 businesses in the "Limited-Service Restaurants" industry received a total of $13.9B 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, 200% higher than Idof Wells Inc's reported 7 employees, and received an average PPP loan of $100,980, 243% higher than this company's loan of $29,456.
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.
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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