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PPP Loan Data — Cortec LLC,
Houma, LA
Cortec LLC
Entity: Corporation
Industry: Industrial Valve Manufacturing
Location: Houma, LA
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Cortec LLC is a corporation located at 208 Equity Blvd in Houma, Louisiana that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in March, 2021.
The company has reported itself as an American indian or alaska native male owned business, and employed at least 191 people during the applicable loan loan period.
$
PPP Loan Information
Loan #4305198610
Loan Size:
Jobs Retained:
191Loan Approved:
2021-03-18Loan Status:
Paid in Full or ForgivenLender:
Regions BankCortec LLC in Houma, LA received a Paycheck Protection Loan of $2M through Regions Bank, which was approved in March, 2021.
This loan's status is reported by the SBA as "Paid in Full", which includes both loans repaid and those fully forgiven from repayment under PPP guidelines. The loan's status was last updated by the SBA in August, 2021.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.
Read MoreUnderstanding Payroll Estimates Based On PPP Amount
Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.
Read MoreBased on the standard PPP eligibility formula, it may be possible to estimate the payroll expenses represented by a company on their PPP application (see details above). In order to qualify for the PPP loan amount received, Cortec LLC's 2019 payroll expenses are estimated to be at least $9.6M.
Based on their reported 191 jobs retained, this equals an estimated average yearly compensation of $50,262 per employee1
Reported PPP Proceed Usage:
On the PPP application, Cortec LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,999,998
- Utilities: $1
Business Information - Cortec LLC in Houma, LA
208 Equity Blvd
Houma, LA 70360
Business Industry:
Industrial Valve Manufacturing
NAICS code 332911
Business Owner Demographics
Race: American Indian or Alaska Native
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Similar Companies near Houma
In the Houma area, 3 businesses in the "Industrial Valve Manufacturing" industry received a PPP loan. These local businesses reported an average of 143 employees (compared to this company's 191) and received an average PPP loan of $1,871,000 (compared to this company's $2M).
Similar Nearby Businesses Who Received PPP Funding:
Gem-Trim Of Houma, Lla
Houma, LA
Industry PPP Comparison Statistics
Nationwide, 774 businesses in the "Industrial Valve Manufacturing" industry received a total of $282.72M in PPP loans. This industry in total received less than 1% of the total PPP funding distributed.
PPP recipients in this industry report an average of 27 employees, 86% lower than Cortec LLC's reported 191 employees, and received an average PPP loan of $365,266, 82% lower than this company's loan of $2M.
Cortec, LLC
Entity: Corporation
Industry: Industrial Valve Manufacturing
Location: Houma, LA
Tweet This
•
Search All PPP Data
Cortec, LLC is a corporation located at 208 Equity Boulevard, in Houma, Louisiana that received a Coronavirus-related PPP loan from the SBA of $3,000,000.00 in April, 2020.
The company has reported itself as an American indian or alaska native male owned business, and employed at least 191 people during the applicable loan loan period.
$
PPP Loan Information
Loan #5666707100
Loan Size:
Jobs Retained:
191Loan Approved:
2020-04-13Loan Status:
Ongoing LoanLender:
Regions BankCortec, LLC in Houma, LA received a Paycheck Protection Loan of $3M through Regions Bank, which was approved in April, 2020.
This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.
Read MoreUnderstanding Payroll Estimates Based On PPP Amount
Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.
Read MoreBased on the standard PPP eligibility formula, it may be possible to estimate the payroll expenses represented by a company on their PPP application (see details above). In order to qualify for the PPP loan amount received, Cortec, LLC's 2019 payroll expenses are estimated to be at least $14.4M.
Based on their reported 191 jobs retained, this equals an estimated average yearly compensation of $75,393 per employee1
Reported PPP Proceed Usage:
On the PPP application, Cortec, LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $3,000,000
Business Information - Cortec, LLC in Houma, LA
208 Equity Boulevard,
Houma, LA 70360
Business Industry:
Industrial Valve Manufacturing
NAICS code 332911
Business Owner Demographics
Race: American Indian or Alaska Native
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Similar Companies near Houma
In the Houma area, 3 businesses in the "Industrial Valve Manufacturing" industry received a PPP loan. These local businesses reported an average of 143 employees (compared to this company's 191) and received an average PPP loan of $1,871,000 (compared to this company's $3M).
Similar Nearby Businesses Who Received PPP Funding:
Gem-Trim Of Houma, Lla
Houma, LA
Industry PPP Comparison Statistics
Nationwide, 774 businesses in the "Industrial Valve Manufacturing" industry received a total of $282.72M in PPP loans. This industry in total received less than 1% of the total PPP funding distributed.
PPP recipients in this industry report an average of 27 employees, 86% lower than Cortec, LLC's reported 191 employees, and received an average PPP loan of $365,266, 88% lower than this company's loan of $3M.
FederalPay's PPP Information Policy
Paycheck Protection Loan data has been made public by the Small Business Administration (SBA) for all private companies that received a PPP loan.
All information displayed on this page is publicly available information under PPP loan guidelines, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) and is published unmodified, as provided by the SBA. FederalPay does not modify the data and makes no claims regarding its accuracy.
Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.
Footnotes & Information
1. Estimations for informational purposes only. Payroll and salary estimates assume the borrower used the standard PPP calculation of 2.5 x average 2019 monthly payroll costs to determine PPP loan eligibility. Calculation methods vary based on entity type. Please read the latest official SBA PPP calculation rules for a full explanation of PPP loan amount calculation methods.
2. If a company's reported number of employees divided by the maximum PPP range amount per the SBA is greater than $100,000, the estimated maximum PPP loan received by the company can be adjusted down to assume no more than $100,000 yearly salary per employee was used in the PPP application. While employees at the company may earn more, $100k / employee is the maximum amount that can be used in PPP eligibility calculations.
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