Landings Association Returned Paycheck Protection Program Funds
After careful consideration and deliberation, the Board of Directors of The Landings Association (TLA) voted to return the Paycheck Protection Program (PPP) funds, and those funds were returned yesterday.
As noted in last week’s email, the Association applied for the PPP loan in consultation with our accounting firm. The intent of the Association was and is to protect the property owners by accessing available sources of capital to keep employees on the payroll and providing community services.
The Association made the prudent business decision to apply for the PPP loan on April 3rd under the conditions at that time. Delinquent annual Assessments had increased from the previous year, the Marinas were closed with no certain reopening date, and other revenue streams to support continued employment for TLA’s 80 employees were decreasing.
The Association's financial forecast has somewhat stabilized over the past month. Remaining delinquent Assessments are down, and the Marinas have now reopened. Therefore, the Board determined that the appropriate course of action at this time was to return the PPP funds.
We acknowledge the voices of many in the community who believe the funds should have been returned, as well as many who believe TLA should have kept the funds. There were numerous variables involved and even more unknowns about how the future will play out. The Board based the decision on the current impact of COVID-19 on the Association's finances.
On a final note, the return of the funds does not mean TLA will come through this unscathed. We do continue to project lower revenues and higher expenses in certain areas related to COVID-19. We will continue to update year-end estimates and aggressively work to minimize impacts, and will continue to keep the community apprised
2020 Landings Association Board
John Holmquist, President
Jim Morgan, Vice President
|Tony Martin, Treasurer||Judy Monaco, Secretary|
|Hal Duensing, Director||Eric Larson, Director|
|Diane Thompson, Director||Jim Van Epps, Director|
|Mark Winters, Director||Hank Policinski, Ex-Officio|
This article was originally published by The Landings Association on their website. Visit landings.org to read the original article. https://landings.org/news/2020/05/08/landings-association-returned-paycheck-protection-program-funds