Which Metairie Businesses Got PPP Loans

Metairie LA

21 July, 2021

11:57 AM

Description

METAIRIE, LA — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Metairie. 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 Metairie businesses that benefited from the program according to the SBA. Check here for a full, searchable database. GIFTED NURSES LLC Metairie, LA, 70002 Approval amount: $8,024,397 Jobs reported: 500 BARRIERE CONSTRUCTION CO LLC Metairie, LA, 70001 Approval amount: $7,578,800 Jobs reported: 467 Forgiveness amount: $7,667,430 EDG, INC. Metairie, LA, 70002 Approval amount: $7,182,035 Jobs reported: 395 Forgiveness amount: $7,262,833 MEITEC INC. Metairie, LA, 70002 Approval amount: $5,220,532 Jobs reported: 247 1ST LAKE PROPERTIES INC Metairie, LA, 70002 Approval amount: $3,639,700 Jobs reported: 382 LAPORTE, A PROFESSIONAL ACCOUNTING CORPORATION Metairie, LA, 70005 Approval amount: $3,309,500 Jobs reported: 173 Forgiveness amount: $3,347,699 PROJECT CONSULTING SERVICES, INC. Metairie, LA, 70002 Approval amount: $3,209,300 Jobs reported: 148 GRAY & COMPANY, INC. AND SUBS. Metairie, LA, 70002 Approval amount: $3,099,500 Jobs reported: 194 SOUTHER EAGLE SALES AND SERVICES LP Metairie, LA, 70003 Approval amount: $2,886,700 Jobs reported: 266 MAGNOLIA FLEET, LLC Metairie, LA, 70002 Approval amount: $2,613,500 Jobs reported: 170 Forgiveness amount: $0 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].