PPP Loan Data — Illinois Motorcycle Restaurants, LLC, Palatine, IL
Illinois Motorcycle Restaurants, LLC is a limited liability company (LLC) located at 2001 Rand Rd N in Palatine, Illinois that received a Coronavirus-related PPP loan from the SBA of $45,954.00 in May, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:U.S. Bank, National Association
Illinois Motorcycle Restaurants, LLC in Palatine, IL received a Paycheck Protection Loan of $45,954 through U.S. Bank, National Association, which was approved in May, 2020.
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
Understanding Payroll Estimates Based On PPP Amount
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, Illinois Motorcycle Restaurants, LLC's 2019 payroll expenses are estimated to be at least $220,579.
Based on their reported 8 jobs retained, this equals an estimated average yearly compensation of $27,572 per employee1
Reported PPP Proceed Usage:
On the PPP application, Illinois Motorcycle Restaurants, LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $45,954
Business Information - Illinois Motorcycle Restaurants, LLC in Palatine, IL
2001 Rand Rd N
Palatine, IL 60074
NAICS code 722511
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Palatine
In the Palatine area, 69 businesses in the "Full-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 14 employees (compared to this company's 8) and received an average PPP loan of $67,111 (compared to this company's $45,954).
Similar Nearby Businesses Who Received PPP Funding:
Los Arcos De Jalisco, Inc
Peggy Kinnane's LLC
Elite Entertainment IV Inc
Round Lake Beach, IL
Bread And Butter Cafe Breaksfast And Lunch Corp
QAA Foods LLC DBA Papa Rays Pizza & Wings
El Campestre Mexican Restaurant Inc
Round Lake Beach, IL
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, 175% higher than Illinois Motorcycle Restaurants, LLC's reported 8 employees, and received an average PPP loan of $129,504, 182% higher than this company's loan of $45,954.
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Footnotes & Information
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