PPP Loan Data — Tri-County Hospital, Wadena, MN
Tri-County Hospital is a non-profit organization located at 415 Jefferson Street N in Wadena, Minnesota that received a Coronavirus-related PPP loan from the SBA of $5,692,000.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Old National Bank
Tri-County Hospital in Wadena, MN received a Paycheck Protection Loan of $5.69M through Old National 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, Tri-County Hospital's 2019 payroll expenses are estimated to be at least $27.32M.
Based on their reported 463 jobs retained, this equals an estimated average yearly compensation of $59,010 per employee1
Reported PPP Proceed Usage:
On the PPP application, Tri-County Hospital reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $5,692,000
Business Information - Tri-County Hospital in Wadena, MN
415 Jefferson Street N
Wadena, MN 56482
General Medical and Surgical Hospitals
NAICS code 622110
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Rural
Industry PPP Comparison Statistics
Nationwide, 9,170 businesses in the "General Medical and Surgical Hospitals" industry received a total of $3.57B 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 36 employees, 92% lower than Tri-County Hospital's reported 463 employees, and received an average PPP loan of $389,204, 93% lower than this company's loan of $5.69M.
FederalPay's PPP Information Policy
Footnotes & Information
Have FederalPay.org's open data tools been valuable? Consider donating!