Hi Spencer Garcia,
Looking at the preview in the Export Settings panel, it seems like the media is not exported with the black bars on the sides. 640x480 media has a 4:3 aspect ratio, unlike 16:9 aspect ratio of 1920x1080 media. Your exported media is closer to a squarish frame compared to the traditional 16:9 media. When you watch 640x480 media on a 16:9 monitor in full screen, you will see the black bars on the sides as the squarish video (4:3) is supposed to fit in a rectangular preview screen (16:9). Hope this helps. Let us know if you have any questions.