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PPP Loan Data — Westmont Chamber Of Commerce, Westmont, IL

ALERT: There are 2 PPP loans for a total of $50,324 in our database for businesses with the name "Westmont Chamber Of Commerce" in Westmont, IL. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for Westmont Chamber Of Commerce
IL Nonprofit Organization

Westmont Chamber Of Commerce

Entity: 501(c)6 – Non Profit Membership

Industry: Business Associations

Location: Westmont, IL

Search All PPP Data

Westmont Chamber Of Commerce is a 501(c)6 – non profit membership located at 1 S Cass Ave in Westmont, Illinois that received a Coronavirus-related PPP loan from the SBA of $25,037.00 in May, 2021.

$ PPP Loan Information
Loan #6337258902

Loan Size:

$25,037

Jobs Retained:

2

Loan Approved:

2021-05-01

Loan Status:

Ongoing Loan

Lender:

Hinsdale Bank & Trust Company, National Association

Westmont Chamber Of Commerce in Westmont, IL received a Paycheck Protection Loan of $25,037 through Hinsdale Bank & Trust Company, National Association, which was approved in May, 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, Westmont Chamber Of Commerce's 2019 payroll expenses are estimated to be at least $120,178.

Based on their reported 2 jobs retained, this equals an estimated average yearly compensation of $60,089 per employee1

Reported PPP Proceed Usage:

On the PPP application, Westmont Chamber Of Commerce reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $25,036

Business Information - Westmont Chamber Of Commerce in Westmont, IL

Westmont Chamber Of Commerce
1 S Cass Ave
Westmont, IL 60559

Business Industry:
Business Associations
NAICS code 813910

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Dupage County, IL — SBA Office 0507 — Congressional District: IL-06

Similar Companies near Westmont

In the Westmont area, 8 businesses in the "Business Associations" industry received a PPP loan. These local businesses reported an average of 2 employees (compared to this company's 2) and received an average PPP loan of $22,087 (compared to this company's $25,037).

Industry PPP Comparison Statistics

Nationwide, 18,409 businesses in the "Business Associations" industry received a total of $1.18B 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 5 employees, 150% higher than Westmont Chamber Of Commerce's reported 2 employees, and received an average PPP loan of $64,358, 157% higher than this company's loan of $25,037.

SBA PPP loan data, payroll data, and salaries for Westmont Chamber Of Commerce
IL Nonprofit Organization

Westmont Chamber Of Commerce

Entity: 501(c)6 – Non Profit Membership

Industry: Business Associations

Location: Westmont, IL

Search All PPP Data

Westmont Chamber Of Commerce is a 501(c)6 – non profit membership located at 1 S Cass Ave Ste 101 in Westmont, Illinois that received a Coronavirus-related PPP loan from the SBA of $25,287.00 in January, 2021.

$ PPP Loan Information
Loan #3013378304

Loan Size:

$25,287

Jobs Retained:

2

Loan Approved:

2021-01-21

Loan Status:

Ongoing Loan

Lender:

Hinsdale Bank & Trust Company, National Association

Westmont Chamber Of Commerce in Westmont, IL received a Paycheck Protection Loan of $25,287 through Hinsdale Bank & Trust Company, 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, Westmont Chamber Of Commerce's 2019 payroll expenses are estimated to be at least $121,378.

Based on their reported 2 jobs retained, this equals an estimated average yearly compensation of $60,689 per employee1

Reported PPP Proceed Usage:

On the PPP application, Westmont Chamber Of Commerce reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $25,287

Business Information - Westmont Chamber Of Commerce in Westmont, IL

Westmont Chamber Of Commerce
1 S Cass Ave Ste 101
Westmont, IL 60559

Business Industry:
Business Associations
NAICS code 813910

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Dupage County, IL — SBA Office 0507 — Congressional District: IL-06

Similar Companies near Westmont

In the Westmont area, 8 businesses in the "Business Associations" industry received a PPP loan. These local businesses reported an average of 2 employees (compared to this company's 2) and received an average PPP loan of $22,087 (compared to this company's $25,287).

Industry PPP Comparison Statistics

Nationwide, 18,409 businesses in the "Business Associations" industry received a total of $1.18B 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 5 employees, 150% higher than Westmont Chamber Of Commerce's reported 2 employees, and received an average PPP loan of $64,358, 155% higher than this company's loan of $25,287.

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.

Search FederalPay's Full PPP Loan Database

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/westmont-chamber-of-commerce-westmont-il