PPP Loan Data — Tennessee Mountain Tax Service LLC, Springfield, TN
Tennessee Mountain Tax Service LLC is a professional association located at 2104 D Memorial Blvd in Springfield, Tennessee that received a Coronavirus-related PPP loan from the SBA of $46,452.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Tennessee Mountain Tax Service LLC in Springfield, TN received a Paycheck Protection Loan of $46,452 through F&M Bank, 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 June, 2021.
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, Tennessee Mountain Tax Service LLC's 2019 payroll expenses are estimated to be at least $222,970.
Based on their reported 10 jobs retained, this equals an estimated average yearly compensation of $22,297 per employee1
Reported PPP Proceed Usage:
On the PPP application, Tennessee Mountain Tax Service LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $46,452
Business Information - Tennessee Mountain Tax Service LLC in Springfield, TN
2104 D Memorial Blvd
Springfield, TN 37172
Tax Preparation Services
NAICS code 541213
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Rural
Similar Companies near Springfield
In the Springfield area, 4 businesses in the "Tax Preparation Services" industry received a PPP loan. These local businesses reported an average of 4 employees (compared to this company's 10) and received an average PPP loan of $24,162 (compared to this company's $46,452).
Similar Nearby Businesses Who Received PPP Funding:
Express Tax & Financial Services
Stephen Pierson CPA
Industry PPP Comparison Statistics
Nationwide, 50,853 businesses in the "Tax Preparation Services" industry received a total of $1.1B 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 3 employees, 70% lower than Tennessee Mountain Tax Service LLC's reported 10 employees, and received an average PPP loan of $21,684, 53% lower than this company's loan of $46,452.
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Footnotes & Information
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