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. This discussion should be acknowledged in board records.
As FYI, the PPP is different from the Employee Retention Credit, which we applied for OMF without advanced discussion, as the ERC does not create the 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 <
> wrote:
Hi Scott and Jascha,
Please see the attached report for OMF for April 2021. I included some notes on the report detailing more information
on new and renewing members for the month as well as the ERC credit information. Please let me know if you have
any questions or comments.
On another note, new regulations announced in January allows for 501c6 non profit organizations to apply for funding under the
Paycheck Protection Program (PPP). The loan program is backed by the SBA to help organizations retain their employees during the COVID-19 crisis.
SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses. Other information on the
loan, should it not meet eligibility for forgiveness are: interest rate is 1%, maturity 60 months, and loan payments are deferred for 10 months
after the "covered period".
The amount that OMF is eligible for based on 2019 payroll information is $26,217. Please review the draft
PPP application for further terms and conditions.
This should be discussed with the Board of Directors.
The program ends on MAY 31, 2021.
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