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PPP Loan Data — Llog Exploration Company LLC,
Covington, LA
Llog Exploration Company LLC
Entity: Limited Liability Company (LLC)
Industry: Crude Petroleum Extraction
Location: Covington, LA
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Llog Exploration Company LLC is a limited liability company (LLC) located at 1001 Ochsner Blvd Ste 100 in Covington, Louisiana that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in February, 2021.
$
PPP Loan Information
Loan #7754418407
Loan Size:
Jobs Retained:
280Loan Approved:
2021-02-12Loan Status:
Paid in Full or ForgivenLender:
Fidelity BankLlog Exploration Company LLC in Covington, LA received a Paycheck Protection Loan of $2M through Fidelity Bank, which was approved in February, 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 January, 2022.
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, Llog Exploration Company LLC's 2019 payroll expenses are estimated to be at least $9.6M.
Based on their reported 280 jobs retained, this equals an estimated average yearly compensation of $34,286 per employee1
Reported PPP Proceed Usage:
On the PPP application, Llog Exploration Company LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,999,997
- Utilities: $1
Business Information - Llog Exploration Company LLC in Covington, LA
1001 Ochsner Blvd Ste 100
Covington, LA 70433
Business Industry:
Crude Petroleum Extraction
NAICS code 211120
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Businesses Using Same Address:
There are 2 other businesses that received a PPP loan registered to the same address as Llog Exploration Company LLC.
Big River Farms MS-La LLC
All Other Grain Farming
Main Pass LLC
Other Activities Related to Real Estate
Similar Companies near Covington
In the Covington area, 6 businesses in the "Crude Petroleum Extraction " industry received a PPP loan. These local businesses reported an average of 94 employees (compared to this company's 280) and received an average PPP loan of $426,224 (compared to this company's $2M).
Similar Nearby Businesses Who Received PPP Funding:
Llox LLC
Covington, LA
Covington Exploration Company LLC
Covington, LA
Killgore Exploration LLC
Covington, LA
Darren P Loup
Covington, LA
Industry PPP Comparison Statistics
Nationwide, 5,856 businesses in the "Crude Petroleum Extraction " industry received a total of $637.29M 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 7 employees, 98% lower than Llog Exploration Company LLC's reported 280 employees, and received an average PPP loan of $108,828, 95% lower than this company's loan of $2M.
Llog Exploration Company, LLC
Entity: Limited Liability Company (LLC)
Industry: Support Activities for Oil and Gas Operations
Location: Covington, LA
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Llog Exploration Company, LLC is a limited liability company (LLC) located at 1001 Ochsner Blvd. Suite 100 in Covington, Louisiana that received a Coronavirus-related PPP loan from the SBA of $4,435,800.00 in April, 2020.
$
PPP Loan Information
Loan #5793927001
Loan Size:
Jobs Retained:
150Loan Approved:
2020-04-06Loan Status:
Paid in Full or ForgivenLender:
Fidelity BankLlog Exploration Company, LLC in Covington, LA received a Paycheck Protection Loan of $4.44M through Fidelity Bank, which was approved in April, 2020.
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 January, 2022.
The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 150 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 213. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.
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, Llog Exploration Company, LLC's 2019 payroll expenses are estimated to be at least $21.29M (not accounting for salary amounts > $100k).
Because the 150 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Reported PPP Proceed Usage:
On the PPP application, Llog Exploration Company, LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $4,435,800
Business Information - Llog Exploration Company, LLC in Covington, LA
1001 Ochsner Blvd. Suite 100
Covington, LA 70433
Business Industry:
Support Activities for Oil and Gas Operations
NAICS code 213112
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Businesses Using Same Address:
There are 3 other businesses that received a PPP loan registered to the same address as Llog Exploration Company, LLC.
Big River Farms MS-La, LLC
All Other Miscellaneous Crop Farming
Main Pass, LLC
Other Activities Related to Real Estate
Llox, LLC
Support Activities for Oil and Gas Operations
Similar Companies near Covington
In the Covington area, 13 businesses in the "Support Activities for Oil and Gas Operations" industry received a PPP loan. These local businesses reported an average of 24 employees (compared to this company's 150) and received an average PPP loan of $611,098 (compared to this company's $4.44M).
Similar Nearby Businesses Who Received PPP Funding:
Daniel Todd & Associates Inc
Covington, LA
Flash Gas & Oil SW Inc
Covington, LA
Eduardo Viro
Covington, LA
Theresa Sharaf
Covington, LA
Nicholas M Soileau Inc
Covington, LA
Christopher Robin
Covington, LA
Llox, LLC
Covington, LA
Ccatt Energy LLC
Covington, LA
Industry PPP Comparison Statistics
Nationwide, 20,742 businesses in the "Support Activities for Oil and Gas Operations" industry received a total of $3.84B 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 12 employees, 92% lower than Llog Exploration Company, LLC's reported 150 employees, and received an average PPP loan of $185,218, 96% lower than this company's loan of $4.44M.
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.
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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