On Tue, Apr 6, 2021 at 12:17 PM Scott McGrath <scott.mcgrath@oasis-open.org> wrote:
A few tidbits of info coming in, based on current rules....Eligibility -Âthe program is based on employees in place before 30 June 2019, but makes some consideration for employees added right before the pandemic hit. This means only Jascha's salary is eligible for coverage.Covered expenses -ÂThe program provides 2.5 times the monthly salary - capped at $100k per employee,Âplus benefits. This means a totalÂof of $20,833 of salary plus benefits.Performance period-The covered employees have to remain on payroll for at least 8 months. We have not clearly identified how Jascha's planned unpaid family leaveÂis considered in that calculus.It seems that all the above seem to reduce the value of the ((benefit/paperwork)*risk)) calculation.Scott...ÂOn Mon, Apr 5, 2021 at 2:17 PM Jascha Franklin-Hodge <jascha@openmobilityfoundation.org> wrote:Thanks, Scott. Obviously look to the auditors advice on timing re: forgiveness / "period of performance." I will say that I'm more optimistic than I was 5 months ago about ourÂprospects. We have four prospective commercial member who have given us some version of "we're joining once we figure out our internal process," and Waymo's renewal is very helpful.ÂMy understanding is that the PPP forgiveness timeline is short and fairly simple for small loans. We obviously wouldn't take money in bad faith, but given that we are seeing some hopeful signs I'd say we're exactly the sort of organization PPP was designed to support: e.g. struggling during the pandemic and trying to get to the other side when economic growth picks up.Jascha Franklin-HodgeExecutive DirectorOn Mon, Apr 05, 2021 at 1:59 PM, Scott McGrath <scott.mcgrath@oasis-open.org> wrote:I've not got a full cohesive answer from all angles. AmongÂothers, a very interesting view should come from our audit team which has a specialist for PPP on staff who can hopefully give insight into the payoff risks. As I mentioned the loan only becomes a grant after a period of performance. Taking on the liabilityÂfor the loan without strong assurance the repayment will be waived won't help you becauseÂyou have to hold aside assets to serve the liabilityÂin the event it is not waived. That only gets you paperwork and bureaucracyÂwithout much upside.I'll keep plugging for you,Scott...On Mon, Apr 5, 2021 at 1:47 PM Jascha Franklin-Hodge <jascha@openmobilityfoundation.org> wrote:Hi, Scott.Hope you had a good weekend. Checking in to see if you'd had the chance to chat with anyone re: OMF and PPP eligibility.Thanks,Jascha Franklin-HodgeExecutive Director--
ScottÂMcGrath
Chief Operating Officer
OASIS Open
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+1 781-569-5115 Desk
+1 781-929-7308 Mobile
scott.mcgrath@oasis-open.org
www.oasis-open.org --
ScottÂMcGrath
Chief Operating Officer
OASIS Open
  Â
+1 781-569-5115 Desk
+1 781-929-7308 Mobile
scott.mcgrath@oasis-open.org
www.oasis-open.org