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Subject: Re: [oodf-board] Re: PPP Loan Application for OMF


 I don't see any problem with this. Obviously, if they have not already done so, OMF/Michael/their board will need to confirm they still wish to apply, and can make the minimum payroll commitment.
ÂÂÂ Is there enough time to hold this until Scott returns, or should Cathie go ahead and ask them now?
Â
ÂÂÂ ALSO, if you proceed, I assume we (via Scott) would be the authorized signer for the OODF series?
ÂÂÂ I suggest that, if so, we have one of the OMF officers countersign it immediately below - so that it's clear OASIS didn't act on its own, but did so with OMF's management's support.
ÂÂÂ Also, if the application is for OMF and not Samvera, then even if we use consolidated FEINs, the signature page should for the OMF series -that is,
"OASIS Open Development Foundation, LLC, Open Mobility Foundation Series."
ÂÂÂ or if space constrained,
"OASIS Open Development Foundation, LLC, OMF Series."

Little stuff like that, what lawyers call the "corporate formalities", is how we comply with our liability-protection imperatives to correctly distinguish between entities..

Same reason Guy should sign any OOEF (Stichting) legal documents as "Secretary, OASIS Open Europe Foundation," NOT "Executive Director, OASIS."

cordially Jamie

James Bryce Clark, General Counsel, OASIS Open, setting the standard for open collaboration


On Thu, May 20, 2021 at 1:39 PM Guy Martin <guy.martin@oasis-open.org> wrote:
Iâm ok with this - thanks Cathie for the analysis.

--

GuyÂMartin

Executive Director
OASIS Open
ÂÂÂ
+1 408-489-1681
www.oasis-open.org
calendly.com/guy-martin

On May 20, 2021, at 1:25 PM, Cathie Mayo <cathie.mayo@oasis-open.org> wrote:

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


--

CathieÂMayo

Controller
OASIS Open
NEW ADDRESS
400 Tradecenter
Suite 5900
Woburn, MA 01801
ÂÂÂ
+1 781-425-5073Â(main)Â Â
+1 781-569-5113 (direct)
cathie.mayo@oasis-open.org
www.oasis-open.org
<Paycheck Protection Program_ Borrower Application Form Revised January 8, 2021.pdf><OMF PPP Decline in Gross Receipts 2019 vs 2020.pdf>



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