Press Release

Struggling businesses in Louisiana look to PPP loan for more support as economic recession lingers – The Advocate

Having struggled in recent months after three decades in business, Mo Hair salon owner Joan Louis is looking to apply for another round of federal loan funds to keep the business running through the coronavirus pandemic.

Businesses like Mo hair and Dynamic that already have received Paycheck Protection Program loans are having to wait a bit under phased guidelines for the current program released by the U. S. Small Business Administration.

Many customers didn’t return until the state moved into Phase 3 but then business slowed down when the state rolled back to a modified Phase 2 that was extended Tuesday by Gov. John Bel Edwards because of a spike in coronavirus cases, hospitalizations and deaths in the state.

Adding to its problems, one of the company’s clients with oil platforms in the Gulf of Mexico had shut down production before hurricanes slammed Louisiana in recent months and two of those platforms are still getting repaired and not expected to need his services until May.

Ashbey said a lot of oilfield services companies in the region “just shut their doors” after the pandemic exacerbated a slump in oil prices.