PAYCHECK PROTECTION LOAN DATA NOW AVAILABLE — FederalPay is now hosting the latest publicly released PPP loan company data from the SBA

PPP Loan Data — Magnolia Fleet LLC, Metairie, LA

ALERT: There are 2 PPP loans for a total of $4.61M in our database for businesses with the name "Magnolia Fleet LLC" in Metairie, LA. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for Magnolia Fleet LLC
LA

Magnolia Fleet LLC

Entity: Limited Liability Company (LLC)

Industry: Marine Cargo Handling

Location: Metairie, LA

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Magnolia Fleet LLC is a limited liability company (LLC) located at 3000 Ridgelake Dr in Metairie, Louisiana that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in January, 2021.

$ PPP Loan Information
Loan #6398388300

Loan Size:

$2M

Jobs Retained:

150

Loan Approved:

2021-01-27

Loan Status:

Ongoing Loan

Lender:

Hancock Whitney Bank

Magnolia Fleet LLC in Metairie, LA received a Paycheck Protection Loan of $2M through Hancock Whitney Bank, which was approved in January, 2021.

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 More
Understanding 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 More

Based 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, Magnolia Fleet LLC's 2019 payroll expenses are estimated to be at least $9.6M.

Based on their reported 150 jobs retained, this equals an estimated average yearly compensation of $64,000 per employee1

Reported PPP Proceed Usage:

On the PPP application, Magnolia Fleet LLC reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $1,999,997
Because the loan received by Magnolia Fleet LLC 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 - Magnolia Fleet LLC in Metairie, LA

Magnolia Fleet LLC
3000 Ridgelake Dr
Metairie, LA 70002

Business Industry:
Marine Cargo Handling
NAICS code 488320

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: Y

Rural / Urban: Urban

Jefferson County, LA — SBA Office 0679 — Congressional District: LA-01

Similar Companies near Metairie

In the Metairie area, 2 businesses in the "Marine Cargo Handling" industry received a PPP loan. These local businesses reported an average of 81 employees (compared to this company's 150) and received an average PPP loan of $1,109,906 (compared to this company's $2M).

Similar Nearby Businesses Who Received PPP Funding:

Dan-Gulf Shipping, Inc
Metairie, LA

$219,812 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 377 businesses in the "Marine Cargo Handling" industry received a total of $119.97M 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 28 employees, 81% lower than Magnolia Fleet LLC's reported 150 employees, and received an average PPP loan of $318,221, 84% lower than this company's loan of $2M.

SBA PPP loan data, payroll data, and salaries for Magnolia Fleet, LLC
LA

Magnolia Fleet, LLC

Entity: Limited Liability Company (LLC)

Industry: Inland Water Freight Transportation

Location: Metairie, LA

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Magnolia Fleet, LLC is a limited liability company (LLC) located at 3000 Ridgelake Dr in Metairie, Louisiana that received a Coronavirus-related PPP loan from the SBA of $2,613,500.00 in April, 2020.

$ PPP Loan Information
Loan #8945277000

Loan Size:

$2.61M

Jobs Retained:

170

Loan Approved:

2020-04-09

Loan Status:

Ongoing Loan

Lender:

Hancock Whitney Bank

Magnolia Fleet, LLC in Metairie, LA received a Paycheck Protection Loan of $2.61M through Hancock Whitney 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 More
Understanding 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 More

Based 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, Magnolia Fleet, LLC's 2019 payroll expenses are estimated to be at least $12.54M.

Based on their reported 170 jobs retained, this equals an estimated average yearly compensation of $73,793 per employee1

Reported PPP Proceed Usage:

On the PPP application, Magnolia Fleet, LLC reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $2,613,500
Because the loan received by Magnolia Fleet, LLC 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 - Magnolia Fleet, LLC in Metairie, LA

Magnolia Fleet, LLC
3000 Ridgelake Dr
Metairie, LA 70002

Business Industry:
Inland Water Freight Transportation
NAICS code 483211

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: Y

Rural / Urban: Urban

Jefferson County, LA — SBA Office 0679 — Congressional District: LA-01

Similar Companies near Metairie

In the Metairie area, 9 businesses in the "Inland Water Freight Transportation" industry received a PPP loan. These local businesses reported an average of 29 employees (compared to this company's 170) and received an average PPP loan of $420,905 (compared to this company's $2.61M).

Industry PPP Comparison Statistics

Nationwide, 525 businesses in the "Inland Water Freight Transportation" industry received a total of $182.96M 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 24 employees, 86% lower than Magnolia Fleet, LLC's reported 170 employees, and received an average PPP loan of $348,490, 87% lower than this company's loan of $2.61M.

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.

Search FederalPay's Full PPP Loan Database

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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Source: www.federalpay.org/paycheck-protection-program/magnolia-fleet-llc-metairie-la