Re: OMF Operations Report for April 2021 & PPP Loan Options

Hi Jascha, Michael

When discussing the PPP with the board please make sure they are aware of the liability this loan creates for repayment, acknowledging there are eligibility requirements for loan forgiveness.Â This discussionÂshould be acknowledged in board records.

As FYI, the PPP is different from the Employee Retention Credit, which we appliedÂfor OMF without advanced discussion, as the ERC does not createÂthe liability for repayment as does the PPP.

I hope these programs help you folks,

Scott...

On Mon, May 24, 2021 at 3:44 PM Cathie Mayo <cathie.mayo@oasis-open.org> wrote:

Hi Scott and Jascha,Â

Please see the attached report for OMF for April 2021.Â I included some notes on the report detailing more informationÂ
on new and renewing members for the month as well as the ERC credit information.Â Please let me know if you haveÂ
any questions or comments.Â Â

On another note, new regulations announced in January allows for 501c6 non profit organizations to apply for funding under theÂ
Paycheck Protection Program (PPP).Â The loan program is backed by the SBA to help organizations retain their employees during the COVID-19 crisis.Â
SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses. Other information on theÂ
loan, should it not meet eligibility for forgiveness are: interest rate is 1%, maturity 60 months, and loan payments are deferred for 10 monthsÂ
after the "covered period".Â ÂThe amount that OMF is eligible for based on 2019 payroll information is $26,217.Â Please review the draftÂ
PPP application for further terms and conditions.Â ÂThis should be discussed with the Board of Directors.Â The program ends on MAY 31, 2021.Â
Â

--

CathieÂMayo
Controller
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CathieÂMayo

ScottÂMcGrath