Hi,Â
I would like to suggest that we apply for PPP funding for OMF. The deadline was extended to May 31, 2021
and both Spin and Lacuna have confirmed renewals for June. They also had a newÂmember Populus in May.Â
We are still waiting for Bird, Blue Systems and Ford to confirm. The loan amount is 2.5 x monthly payroll costs
but can only be calculated on Jasha's wages as he was the only employee in 2019. The loan request is for 26,217,ÂÂ
but the funds will certainly helpÂcarry them through. ÂOMF would need to maintain employee levels for a minimum
of 8 weeks in order to qualify for forgiveness. We can certainly hold the funds aside to see what happensÂ
in July. Â
I have also used the ERC credit on the salaries for Jasha, Michael and Angela. This will give them $21k aÂ
qtr to help offset some of the expenses.ÂÂ
Please review the documents and let me know if you wouldÂlike to schedule a call to discuss it.ÂÂ
I have the reduction in revenue calculation attached for reference.Â
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