PPP Loan Data — Philip Cullen, Lemont, IL
Philip Cullen is a corporation located in Lemont, Illinois that received a Coronavirus-related PPP loan from the SBA of $8,332.00 in May, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Fifth Third Bank
Philip Cullen in Lemont, IL received a Paycheck Protection Loan of $8,332 through Fifth Third Bank, which was approved in May, 2020.
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 April, 2021.
Reported PPP Proceed Usage:
On the PPP application, Philip Cullen reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $8,332
Business Information - Philip Cullen in Lemont, IL
* Full address is redacted to protect the privacy of individuals.
NAICS code 722511
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Lemont
In the Lemont area, 48 businesses in the "Full-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 17 employees (compared to this company's 1) and received an average PPP loan of $72,913 (compared to this company's $8,332).
Similar Nearby Businesses Who Received PPP Funding:
103 Stephen LLC
The Lemont Group LLC
QBG Lemont, LLC
Kitaro Japanese Steakhouse Inc
Outriggers Steak & Seafood, Inc
AMC Lansing, Inc
FSC Lemont LLC
Industry PPP Comparison Statistics
Nationwide, 326,480 businesses in the "Full-Service Restaurants" industry received a total of $42.51B 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, 2100% higher than Philip Cullen's reported 1 employees, and received an average PPP loan of $130,209, 1463% higher than this company's loan of $8,332.
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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