LEBEOUF BROS TOWING, LLC
PPP Loan approved Apr 10, 2020 through JPMorgan Chase Bank, National Association
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $6,600,000.00 | 84.0% |
| Utilities | $100,000.00 | 1.3% |
| Mortgage Interest | $418,000.00 | 5.3% |
| Health Care | $738,000.00 | 9.4% |
About This Loan
LEBEOUF BROS TOWING, LLC received a PPP loan of $7,856,000 approved on Apr 10, 2020. The loan was originated by JPMorgan Chase Bank, National Association.
LEBEOUF BROS TOWING, LLC is a limited liability company(llc) located in BOURG, Louisiana. At the time of the application, the business was described as "existing or more than 2 years old".
The business operates in the Inland Water Transportation industry (NAICS 483211), part of the Transportation and Warehousing sector of the economy. The applicant reported 420 jobs as retained through this loan.
The SBA forgave $7,961,218.03 of this loan — 101.3% of the total approved amount, with forgiveness recorded on Aug 19, 2021. 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: $6,600,000 to payroll, $100,000 to utilities, $418,000 to mortgage interest, $738,000 to health care costs. The payroll component represents 84.0% 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 Inland Water Transportation industry page.