PPP Loan Data — Uncommon Closet, LLC, Chicago, IL
Uncommon Closet, LLC is a limited liability company (LLC) located at 3720 W Fullerton Ave in Chicago, Illinois that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in May, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:JPMorgan Chase Bank, National Association
Uncommon Closet, LLC in Chicago, IL received a Paycheck Protection Loan of $25,000 through JPMorgan Chase Bank, National Association, 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 February, 2021.
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, Uncommon Closet, LLC's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 4 jobs retained, this equals an estimated average yearly compensation of $30,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Uncommon Closet, LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $22,000
- Utilities: $500
- Rent: $2,500
Business Information - Uncommon Closet, LLC in Chicago, IL
3720 W Fullerton Ave
Chicago, IL 60647
Clothing Accessories Stores
NAICS code 448150
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Chicago
In the Chicago area, 11 businesses in the "Clothing Accessories Stores" industry received a PPP loan. These local businesses reported an average of 51 employees (compared to this company's 4) and received an average PPP loan of $42,340 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Creative Ventures Incorporated
Enaz On The Park LTD
Beauty And Dreams LLC
America's Bra Corp
Bella Bruta LLC
Industry PPP Comparison Statistics
Nationwide, 20,469 businesses in the "Clothing Accessories Stores" industry received a total of $524.92M in PPP loans. This industry in total received less than 1% of the total PPP funding distributed.
PPP recipients in this industry report an average of 3 employees, 25% lower than Uncommon Closet, LLC's reported 4 employees, and received an average PPP loan of $25,645, 3% higher than this company's loan of $25,000.
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Footnotes & Information
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