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PPP Loan Data — Crosby Energy Services, Inc., Cut Off, LA

SBA PPP loan data, payroll data, and salaries for Crosby Energy Services, Inc.
LA

Crosby Energy Services, Inc.

Entity: Corporation

Industry: Crude Petroleum Extraction 

Location: Cut Off, LA

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Crosby Energy Services, Inc. is a corporation located at 14090 Main St in Cut Off, Louisiana that received a Coronavirus-related PPP loan from the SBA of $10,000,000.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$10M

Jobs Retained:

500

Loan Approved:

2020-04-13

Lender:

HANCOCK WHITNEY BANK

Crosby Energy Services, Inc. in Cut Off, LA received a Paycheck Protection Loan of $10M through HANCOCK WHITNEY BANK, which was approved in April, 2020.

Based on standard PPP eligibility rules, Crosby Energy Services, Inc.'s total 2019 payroll expenses were approximately $48M in order to qualify for the PPP loan amount received.

Based on their reported 500 jobs retained, this equals an estimated average yearly compensation of $96,000 per employee1.

Because the loan received by Crosby Energy Services, Inc. is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Crosby Energy Services, Inc. in Cut Off, LA

Crosby Energy Services, Inc.
14090 Main St
Cut Off, LA 70345

Business Industry

Crude Petroleum Extraction  (NAICS code 211120)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: LA-01

Similar Companies near Cut Off

In the Cut Off area, 3 businesses in the "Crude Petroleum Extraction " industry received a PPP loan. These local businesses reported an average of 216 employees (compared to this company's 500) and received an average PPP loan of $4,273,000 (compared to this company's $10M).

Industry PPP Comparison Statistics

Nationwide, 2,633 businesses in the "Crude Petroleum Extraction " industry received a total of $383,891,055.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.

PPP recipients in this industry report an average of 8 employees, 98% lower than Crosby Energy Services, Inc.'s reported 500 employees, and received an average PPP loan of $145,800, 99% lower than this company's loan of $10M.

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, and is published unmodified, as provided by the SBA.

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Footnotes & Information

1. 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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Source: www.federalpay.org/paycheck-protection-program/crosby-energy-services-inc-cut-off-la