Over two dozen New Orleans-area companies loaned at least $5M from PPP

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Law firms, schools, oil and gas companies, landscapers and hotels are among the New Orleans-area companies that received between $5 million and $10 million in the Payroll Protection Program that launched in early April.

Nearly 30 companies in the metro area received the largest loans, according to data released by the U.S. Small Business Administration on July 6. The loans helped many retain hundreds of employees.

Companies receiving loans of 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; Hoist & Crane Service Group of Jefferson; Pellerin Milnor Corporation, Accutrans and Up Professional Solutions of Kenner; Offshore Energy Services, Inc. and an undisclosed nonprofit in Mandeville; Barriere Construction Co., Gifted Nurses, EDG, Inc. of Metairie; River Parish Contractors, Inc. of Reserve; Rotolo Consultants of Slidell; and John W. Stone Oil Distributor of Terrytown.

In New Orleans, the 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 companies in the metro area received loans of between $2 million and $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; Taste Buds Management; Ruby Enterprises; Link Restaurant Partners; Southeast Restaurant Group; and First Bank and Trust.

More than 1,000 others 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, were loaned between $1 million and $2 million. Several of Emeril Lagasse’s restaurants were loaned $350,000.

Nineteen businesses that received loans of between $150,000 and $2 million, including many well-known restaurants, share an address belonging to Creole Cuisine Restaurant Concepts.

The data shows the range of loans that were made to a business rather than the specific amount it received.

To find local companies that received loans and review data by state, visit the U.S. Department of Treasury website.

Statewide, Louisiana companies have received more than $8 billion in loans from the PPP.

The program had billions of dollars left as it expired in early July, and an extension of it was signed into law.

While the first round of funding ran out in less than two weeks, the second round saw smaller loans across the New Orleans area, indicating that smaller businesses and sole proprietors were receiving more help. Local community bankers have said the number of applications has dropped significantly since mid-April, when the second round began, and they are anticipating another rush of customers seeking forgiveness soon.

The PPP provides a cash flow for payroll and operating expenses that can be forgiven if certain conditions are met. It was recently changed so that businesses are required to spend 60% instead of 75% of the loan on payroll expenses, with the rest going toward allowable business expenses, in order to be forgiven. Partial forgiveness is still obtainable if that calculation isn’t met.

The Treasury has said that loans of under $2 million will likely be considered made in good faith and not face audits.

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