PPP Loan Data — Tri-State Tax & Accounting/Refunds USA, Albert Lea, MN
Tri-State Tax & Accounting/Refunds USA is a corporation located at 1425 Saint John Ave in Albert Lea, Minnesota that received a Coronavirus-related PPP loan from the SBA of $46,500.00 in April, 2020.
The company has reported itself as a White female owned business, and employed at least seven people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Security Bank Minnesota
Tri-State Tax & Accounting/Refunds USA in Albert Lea, MN received a Paycheck Protection Loan of $46,500 through Security Bank Minnesota, 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 February, 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-State Tax & Accounting/Refunds USA's 2019 payroll expenses are estimated to be at least $223,200.
Based on their reported 7 jobs retained, this equals an estimated average yearly compensation of $31,886 per employee1
Reported PPP Proceed Usage:
On the PPP application, Tri-State Tax & Accounting/Refunds USA reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $46,500
Business Information - Tri-State Tax & Accounting/Refunds USA in Albert Lea, MN
1425 Saint John Ave
Albert Lea, MN 56007
Tax Preparation Services
NAICS code 541213
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Female Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Rural
Similar Companies near Albert Lea
In the Albert Lea area, 2 businesses in the "Tax Preparation Services" industry received a PPP loan. These local businesses reported an average of 6 employees (compared to this company's 7) and received an average PPP loan of $27,933 (compared to this company's $46,500).
Similar Nearby Businesses Who Received PPP Funding:
Holcomb Tax Office LLC
Albert Lea, MN
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, 57% lower than Tri-State Tax & Accounting/Refunds USA's reported 7 employees, and received an average PPP loan of $21,684, 53% lower than this company's loan of $46,500.
FederalPay's PPP Information Policy
Footnotes & Information
Have FederalPay.org's open data tools been valuable? Consider donating!