PPP Loan Application for OMF

I m ok with this - thanks Cathie for the analysis.

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Guy Martin  Executive Director  OASIS Open

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On May 20, 2021, at 1:25 PM, Cathie Mayo < 
> wrote:
Hi,
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 new member Populus in May.   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,    but the funds will certainly help carry them through.   OMF 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 happens   in July.
I have also used the ERC credit on the salaries for Jasha, Michael and Angela.  This will give them $21k a   qtr to help offset some of the expenses.
Please review the documents and let me know if you would like to schedule a call to discuss it.    I have the reduction in revenue calculation attached for reference.

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Cathie Mayo  Controller  OASIS Open
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<Paycheck Protection Program_ Borrower Application Form Revised January 8, 2021.pdf>  <OMF PPP Decline in Gross Receipts 2019 vs 2020.pdf>