COIL TUBING PARTNERS LLC
PPP Loan approved Apr 14, 2020 through Hancock Whitney Bank
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $8,300,000.00 | 83.0% |
| Utilities | $40,000.00 | 0.4% |
| Rent / Lease | $1,360,000.00 | 13.6% |
| Health Care | $300,000.00 | 3.0% |
About This Loan
COIL TUBING PARTNERS LLC received a PPP loan of $10,000,000 approved on Apr 14, 2020. The loan was originated by Hancock Whitney Bank.
COIL TUBING PARTNERS LLC is a limited liability company(llc) located in LAFAYETTE, Louisiana. At the time of the application, the business was described as "existing or more than 2 years old".
The business operates in the Mining, Quarrying, and Oil and Gas Extraction industry (NAICS 213112), part of the Mining, Quarrying, and Oil and Gas Extraction sector of the economy. The applicant reported 250 jobs as retained through this loan.
The SBA forgave $5,955,750.80 of this loan — 59.6% of the total approved amount, with forgiveness recorded on Jan 28, 2022. This means the borrower was not required to repay this portion, having satisfied the PPP's eligibility criteria for forgiveness, including maintaining payroll levels and using the funds for qualified expenses.
According to the SBA's records, the proceeds of this loan were allocated as follows: $8,300,000 to payroll, $40,000 to utilities, $1,360,000 to rent or lease obligations, $300,000 to health care costs. The payroll component represents 83.0% of disclosed proceeds, consistent with the program's requirement that at least 60% of loan funds be used for payroll costs to qualify for full forgiveness.
This loan is one of millions approved nationwide during the COVID-19 pandemic. To explore other recipients in Louisiana, visit the Louisiana page. To compare this loan with others in the same industry, see the Mining, Quarrying, and Oil and Gas Extraction industry page.