PPP Loan Data — New Industries, LLC, Morgan City, LA
New Industries, LLC is a subchapter s corporation located at 6032 Railroad Avenue in Morgan City, Louisiana that received a Coronavirus-related PPP loan from the SBA of $1,713,005.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:The First National Bank of Jeanerette
New Industries, LLC in Morgan City, LA received a Paycheck Protection Loan of $1.71M through The First National Bank of Jeanerette, 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 December, 2020.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
Understanding Payroll Estimates Based On PPP Amount
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, New Industries, LLC's 2019 payroll expenses are estimated to be at least $8.22M.
Based on their reported 100 jobs retained, this equals an estimated average yearly compensation of $82,224 per employee1
Reported PPP Proceed Usage:
On the PPP application, New Industries, LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,235,174
- Utilities: $65,722
- Rent: $266,516
- Health Care: $135,500
- Debt Interest: $10,093
Business Information - New Industries, LLC in Morgan City, LA
6032 Railroad Avenue
Morgan City, LA 70380
Fabricated Structural Metal Manufacturing
NAICS code 332312
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 5,157 businesses in the "Fabricated Structural Metal Manufacturing" industry received a total of $1.41B 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, 76% lower than New Industries, LLC's reported 100 employees, and received an average PPP loan of $273,385, 84% lower than this company's loan of $1.71M.
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Footnotes & Information
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