PPP Loans Benefited Kenner Businesses

Kenner LA

21 July, 2021

11:57 AM

Description

KENNER, LA — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Kenner. The Paycheck Protection Program started in April 2020 as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES), and was extended until May 31, 2021. There were 150,147 PPP loans approved in Louisiana in 2021 alone, according to the Small Business Administration. The total 2021 amount approved was 4,954,034,653. Loan applications were processed through banks and other traditional lenders, with the SBA backing the resulting loans. Around $800 billion in loans were approved nationwide under the program. The loans are forgivable if borrowers meet certain criteria, including spending at least 60 percent of the money on payroll costs and maintaining employee compensation levels. Below are some Kenner businesses that benefited from the program according to the SBA. Check here for a full, searchable database. UP PROFESSIONAL SOLUTIONS, LLC Kenner, LA, 70062 Approval amount: $10,000,000 Jobs reported: 438 Forgiveness amount: $10,114,167 PELLERIN MILNOR CORPORATION Kenner, LA, 70063 Approval amount: $5,667,600 Jobs reported: 402 ACCUTRANS, LLC Kenner, LA, 70062 Approval amount: $5,134,100 Jobs reported: 343 Forgiveness amount: $5,176,456 BLD SERVICES, LLC Kenner, LA, 70062 Approval amount: $3,718,276 Jobs reported: 223 Forgiveness amount: $3,759,776 ACCESS HEALTH LOUISIANA Kenner, LA, 70065 Approval amount: $3,346,400 Jobs reported: 254 Forgiveness amount: $3,385,627 CRC LOGISTIC SERVICES, INC Kenner, LA, 70062 Approval amount: $2,934,900 Jobs reported: 247 ALTUS RECEIVABLES MANAGEMENT, INC. Kenner, LA, 70062 Approval amount: $2,432,777 Jobs reported: 221 Forgiveness amount: $2,458,997 LAMARQUE MOTOR CO. Kenner, LA, 70065 Approval amount: $1,626,500 Jobs reported: 108 FLEMING CONSTRUCTION COMPANY, L.L.C. Kenner, LA, 70062 Approval amount: $1,251,368 Jobs reported: 139 Forgiveness amount: $1,264,090 CRC PERSONNEL, LLC Kenner, LA, 70062 Approval amount: $1,219,200 Jobs reported: 118 Nationally, the accommodation/food service industry received the largest share of loans in 2021, with 15 percent of the total. Around 87 percent of the loans approved in 2021 were for $50,000 or less, and they accounted for a third of the total approved amount. The average loan size was $42,000. The program wasn't without controversy. Banks tended to prioritize large, established businesses, according to a New York Times analysis. Congress raised fees for small loans in December to encourage lenders to make small business loans, and rules were changed in February to allow unprofitable solo businesses to qualify. Several large companies drew public ire after it was revealed that they took PPP loans instead of relying on traditional capital-raising activities. The outcry prompted the SBA to review all loan applications over $2 million and issue guidance that the program was intended for businesses that lacked access to other cash-raising methods. Editor's note: This list was automatically generated using data from the SBA for approved loans of $150,000 or more, although some loans ultimately were not made. Business owners can contact the SBA if information about a loan isn't correct. SBA data occasionally contains duplicate entries. Other feedback can be sent to [email protected].