More details of the Paycheck Protection Program were released late Tuesday night by the U.S. Small Business Administration after a judge ruled the records should be public.
For the first time, loan amounts for businesses which were approved for at least $150,000 through the program have been released.
The Paycheck Protection Program was approved during the height of the coronavirus pandemic when many state governors mandated residents should stay at home and nonessential businesses were forced to close. The goal of the program was to support small businesses and discourage mass layoffs of workers while commerce had come to a halt.
In Louisiana, there were more than $5.3 billion in loans, of at least $150,000 or more, approved for 9,000 businesses by early August. More than $7.6 billion in total loans, which includes another 68,937 loans less than $150,000 in value, were approved for businesses and organizations across the state through August.
The 9,000 loans supported nearly 500,000 jobs at least through the several weeks covered by the duration of the program, according to U.S. Small Business Administration data.
The health care and social assistance industry cluster was approved for the largest number of loans, more than 1,300 across the state totaling $827 million. More than 1,100 construction companies were approved for $634 million while more than 1,000 professional, scientific and technical services businesses had $589 million carved out.
Manufacturing was allocated $552 million across more than 700 business. Mining, which includes oil and gas, had $379 million allocated across 374 companies in Louisiana.
Retail trade split $388 million among more than 750 companies while wholesale trade accounted for $282 million across more than 500 businesses while transportation and warehousing accounted for $263 million across more than 350 companies.
Businesses in accommodation and food services, which includes restaurants and hotels, split $374 million in paycheck protection money across 787 companies.
Among the ten largest loans approved, most of which were the maximum of $10 million, the energy industry was the most common. Baton Rouge-based Premium Inspection and Testing Inc., alongside John H. Carter Co. Inc. which provide services to the industrial and oil and gas businesses were both approved for $10 million each.
New Orleans-based Dynamic Industries Inc. and Lafayette-based Coil Tubing Partners LLC both received $10 million as well. Cleaning business Up Professional Solutions LLC in Kenner, transportation business Acme Truck Line Inc in Gretna, Blessey Marine Service Inc. in Harahan and Crosby Energy Services in Cut Off all were approved for $10 million as well.
Baton Rouge-based Valluzzo Companies LLC, which operates McDonalds franchises across the state, was approved for $9.9 million while Mandeville-based Offshore Energy Services was approved for $9.5 million.
Georges Enterprises LLC, which owns The Advocate | The Times-Picayune | The New Orleans Advocate | The Acadiana Advocate was approved for $188,387 while its subsidiary Capital City Press was approved for $4.6 million, according to the data released this week.
To see how the loans were carved up by industry, see the chart below.
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To sort through all the loans approved for at least $150,000 see the table below.
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Acadiana Business Today: These industries got major 'paycheck protection' funds in Louisiana; see the list
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