Law firms, schools, oil and gas companies, landscapers and hotels are among the New Orleans area companies that have received between $ 5 million and $ 10 million under the protection program. payroll launched in early April.
Nearly 30 businesses in the metro area received the largest loans, according to data released by the US Small Business Administration on July 6. Loans have helped many to retain hundreds of employees.
Companies receiving loans between $ 5 million and $ 10 million include: Gilsbar Holdings and Rain CII Carbon in Covington; Blessey Marine Service, Inc. of Harahan, Dean Equipment, Inc. of Harvey; Jefferson Hoist and Crane Service Group; Pellerin Milnor Corporation, Accutrans and Up Professional Solutions of Kenner; Offshore Energy Services, Inc. and an undisclosed non-profit organization in Mandeville; Barriere Construction Co., Gifted Nurses, EDG, Inc. of Metairie; River Parish Contractors, Inc. Reserve; Rotolo Consultants from Slidell; and John W. Stone oil distributor of Terrytown.
In New Orleans, companies included Donovan Marine, Inc., Doyle Land Services, Inc., Dynamic Industries, Inc., Auto-Chlor Services, Harvey Gulf International Marine, HRI Lodging, McGlinchy Stafford, Adams and Reese, Phelps Dunbar , Collegiate Academies, FirstLine Schools, Notre Dame Health System, and Waldemar S. Nelson and Company.
Nearly 100 businesses in the metropolitan area have received loans of $ 2 million to $ 5 million. In New Orleans, they included nonprofits, schools, tourist attractions, and religious organizations like Catholic Charities Archdiocese of New Orleans, Isidore Newman School, The National World War II Museum, Dillard University, University of Holy Cross, Jesuit High School, and New Orleans Baptist Theological Seminary.
Law firms, restaurant groups, construction companies and a bank also received between $ 2 million and $ 5 million, including Woodward Design + Build; Palmisano; Irwin, Fritchie, Urquhart & Moore; Morris Bart LLC; Liskow & Lewis; Galloway, Johnson, Thompkins, Burr & Smith; Deutsch Kerrigan; Sher Garner; Brooks Restaurants; Management of taste buds; Ruby Enterprises; Link partner restaurants; Group of restaurants in the south-east; and First Bank and Trust.
Over 1,000 others have received loans ranging from $ 150,000 to $ 2 million. Some of New Orleans’ most famous restaurants and bars, including Antoine’s, Pat O’Brien’s and Arnaud’s, have been loaned between $ 1 million and $ 2 million. Several Émeril Lagasse restaurants have received a loan of $ 350,000.
Nineteen companies that have received loans between $ 150,000 and $ 2 million, including several renowned restaurants, share an address belonging to Creole Cuisine Restaurant Concepts.
The data shows the range of loans that have been made to a business rather than the specific amount it has received.
To find local businesses that have received loans and view data by state, visit the US Department of the Treasury website.
Statewide, Louisiana companies have received more than $ 8 billion in P3 loans.
Billions of dollars were left in the program when it expired in early July, and an extension has been enacted.
While the first round of funding ran out in less than two weeks, the second round saw smaller loans in the New Orleans area, indicating that small businesses and individual homeowners were receiving more help. Bankers in the local community said the number of requests had dropped significantly since mid-April when the second round began, and they expect another wave of customers seeking forgiveness soon.
PPP provides cash flow for payroll and operating expenses that can be written off if certain conditions are met. It was recently changed so that businesses are required to spend 60% instead of 75% of the loan on salary expenses, with the remainder going to qualifying business expenses, in order to be forgiven. Partial forgiveness can still be obtained if this calculation is not respected.
The Treasury has said loans under $ 2 million will likely be considered in good faith and will not be subject to audits.
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