5/28/2020 1:27:20 PM
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Section 5: OPA Board Subject: Parks and Board Out of Control Msg# 1084378
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Slobodan
You've got your opinion. But our lawyers, bankers and the SBA had a different opinion. You may see that referred to among the coverage in May issue of Ocean Pines Progress. Articles relevant to the PPP loan on its pages 6, 8, 9, 10, 12, 13 and 29. I can't recall the specific page, but you'll see those opinions of our lawyers, bankers and the SBA discussed, if you read those articles. URL is Click Here Seems like the SBA's views are the most persuasive, in finalizing this issue. Also the SBA's announcement creating a safe harbor for loans below $2 million appear equivalent to a "case closed" situation. Seems time to move on. PS That same paper, Ocean Pines Progress, published your START organization request, (page 30) seeking additional backing & donations towards the lawsuit, intended to validate the Petition and Referendum request. This legal action seeks to validate the petition regarding a new $1 million limitation over the OPA's board approval powers to undertake major capital projects, without approvals from the membership. Good Luck with that action. Tom |
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For reference, the above message is a reply to a message where: I for one am not ashamed that OP took the PPP and again applaud the board for their due diligence Your above statement reminds me of one important fact. For me the first and foremost issue has always been the "compliance." Steve Phillips and Doug Parks certified that OPA met the necessary CARES Act and SBA eligibility (the type of biz that can apply). My research points to a very different conclusion. OPA is a nonprofit 501(c)(4) non-stock corporation. Because the Board upheld its position that OPA qualified at the time of filing (April 7th) application I gave special focus to published information prior to April 7th. Here is just one example published on March 30th. Loans for Nonprofits Paycheck Protection Program |
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