The Oklahoma Municipal League has a FAQ list concerning "Payroll Protection Program" loans, which is a $350 billion program which is part of the pandemic relief package passed by Congress. Based on the information in the FAQ list, I don't see a way for municipalities to participate in the program. Even if they could under federal law, the Oklahoma Constitution would only allow debt for the fiscal year, which would not be much help. The municipal beneficiary public works authority may qualify, however.
Does anyone believe municipalities can participate in PPP loans? Under what conditions?
Does anyone have any experience with PPP loans for a municipal public works authority?
Thanks!
Mark H. Ramsey
For the Firm
Taylor, Foster, Mallett,
Downs, Ramsey & Russell, P.C.
P.O. Box 309
Claremore, OK 74018
918-343-4100
918-343-4900 fax
mramsey@soonerlaw.commailto:apixley@soonerlaw.com
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If my sources are correct that money is essentially already gone. The program was terribly run and disorganized. From what I could tell if an applicant has an EIN and an employee they could apply.
-mat
On Apr 16, 2020, at 09:23, Mark Ramsey MRamsey@soonerlaw.com wrote:
The Oklahoma Municipal League has a FAQ list concerning “Payroll Protection Program” loans, which is a $350 billion program which is part of the pandemic relief package passed by Congress. Based on the information in the FAQ list, I don’t see a way for municipalities to participate in the program. Even if they could under federal law, the Oklahoma Constitution would only allow debt for the fiscal year, which would not be much help. The municipal beneficiary public works authority may qualify, however.
Does anyone believe municipalities can participate in PPP loans? Under what conditions?
Does anyone have any experience with PPP loans for a municipal public works authority?
Thanks!
Mark H. Ramsey
For the Firm
Taylor, Foster, Mallett,
Downs, Ramsey & Russell, P.C.
P.O. Box 309
Claremore, OK 74018
918-343-4100
918-343-4900 fax
mramsey@soonerlaw.com
The information contained in this electronic mail transmission (including any accompanying attachments) is intended solely for its authorized recipient(s), and may be confidential and/or legally privileged. If you are not an intended recipient, or responsible for delivering some or all of this transmission to an intended recipient, you have received this transmission in error and are hereby notified that you are strictly prohibited from reading, copying, printing, distributing or disclosing any of the information contained in it. In that event, please contact us immediately by telephone (918) 343-4100 or by electronic mail at postmaster@soonerlaw.com and delete the original and all copies of this transmission (including any attachments) without reading or saving in any manner. Thank you.
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Thanks, Mat. I’ve heard Congress is considering adding another $250 billion to the program.
From: Mat Thomas mat@mthomaslaw.net
Sent: Thursday, April 16, 2020 9:26 AM
To: Mark Ramsey MRamsey@soonerlaw.com
Cc: oama@lists.imla.org
Subject: Re: [Oama] Federal PPP Loans
If my sources are correct that money is essentially already gone. The program was terribly run and disorganized. From what I could tell if an applicant has an EIN and an employee they could apply.
-mat
On Apr 16, 2020, at 09:23, Mark Ramsey <MRamsey@soonerlaw.commailto:MRamsey@soonerlaw.com> wrote:
The Oklahoma Municipal League has a FAQ list concerning “Payroll Protection Program” loans, which is a $350 billion program which is part of the pandemic relief package passed by Congress. Based on the information in the FAQ list, I don’t see a way for municipalities to participate in the program. Even if they could under federal law, the Oklahoma Constitution would only allow debt for the fiscal year, which would not be much help. The municipal beneficiary public works authority may qualify, however.
Does anyone believe municipalities can participate in PPP loans? Under what conditions?
Does anyone have any experience with PPP loans for a municipal public works authority?
Thanks!
Mark H. Ramsey
For the Firm
Taylor, Foster, Mallett,
Downs, Ramsey & Russell, P.C.
P.O. Box 309
Claremore, OK 74018
918-343-4100
918-343-4900 fax
mramsey@soonerlaw.commailto:apixley@soonerlaw.com
The information contained in this electronic mail transmission (including any accompanying attachments) is intended solely for its authorized recipient(s), and may be confidential and/or legally privileged. If you are not an intended recipient, or responsible for delivering some or all of this transmission to an intended recipient, you have received this transmission in error and are hereby notified that you are strictly prohibited from reading, copying, printing, distributing or disclosing any of the information contained in it. In that event, please contact us immediately by telephone (918) 343-4100 or by electronic mail at postmaster@soonerlaw.commailto:postmaster@soonerlaw.com and delete the original and all copies of this transmission (including any attachments) without reading or saving in any manner. Thank you.
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I don’t know if anything that would prevent a town. But it’s a mess. Get a good local banker that can guide you.
-mat
On Apr 16, 2020, at 09:29, Mark Ramsey MRamsey@soonerlaw.com wrote:
Thanks, Mat. I’ve heard Congress is considering adding another $250 billion to the program.
From: Mat Thomas mat@mthomaslaw.net
Sent: Thursday, April 16, 2020 9:26 AM
To: Mark Ramsey MRamsey@soonerlaw.com
Cc: oama@lists.imla.org
Subject: Re: [Oama] Federal PPP Loans
If my sources are correct that money is essentially already gone. The program was terribly run and disorganized. From what I could tell if an applicant has an EIN and an employee they could apply.
-mat
On Apr 16, 2020, at 09:23, Mark Ramsey MRamsey@soonerlaw.com wrote:
The Oklahoma Municipal League has a FAQ list concerning “Payroll Protection Program” loans, which is a $350 billion program which is part of the pandemic relief package passed by Congress. Based on the information in the FAQ list, I don’t see a way for municipalities to participate in the program. Even if they could under federal law, the Oklahoma Constitution would only allow debt for the fiscal year, which would not be much help. The municipal beneficiary public works authority may qualify, however.
Does anyone believe municipalities can participate in PPP loans? Under what conditions?
Does anyone have any experience with PPP loans for a municipal public works authority?
Thanks!
Mark H. Ramsey
For the Firm
Taylor, Foster, Mallett,
Downs, Ramsey & Russell, P.C.
P.O. Box 309
Claremore, OK 74018
918-343-4100
918-343-4900 fax
mramsey@soonerlaw.com
The information contained in this electronic mail transmission (including any accompanying attachments) is intended solely for its authorized recipient(s), and may be confidential and/or legally privileged. If you are not an intended recipient, or responsible for delivering some or all of this transmission to an intended recipient, you have received this transmission in error and are hereby notified that you are strictly prohibited from reading, copying, printing, distributing or disclosing any of the information contained in it. In that event, please contact us immediately by telephone (918) 343-4100 or by electronic mail at postmaster@soonerlaw.com and delete the original and all copies of this transmission (including any attachments) without reading or saving in any manner. Thank you.
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This does not answer the question about the PPP but it looks like municipalities may be eligible for some local government grant programs. If I hear more about it I will pass it on.
Suzie
OMAG’s COVID-19 Info Page: https://www.omag.org/covid19-faq
Suzanne D. Paulson
General Counsel
spaulson@omag.orgmailto:spaulson@omag.org
[OMAG-Logo]
3650 S. Boulevard
Edmond, OK 73013
Phone: 405.657.1444
Fax: 405.657.1401
OMAG Web Sitehttp://www.omag.org/
Follow us on:
[cid:image002.png@01D613D3.03E7D300]https://www.facebook.com/pages/Oklahoma-Municipal-Assurance-Group/217733311740931?ref=stream [cid:image003.png@01D613D3.03E7D300] https://twitter.com/omag1977 [cid:image004.png@01D613D3.03E7D300] http://www.linkedin.com/company/oklahoma-municipal-assurance-group
From: Oama oama-bounces@lists.imla.org On Behalf Of Mat Thomas
Sent: Thursday, April 16, 2020 9:32 AM
To: Mark Ramsey MRamsey@soonerlaw.com
Cc: oama@lists.imla.org
Subject: Re: [Oama] Federal PPP Loans
I don’t know if anything that would prevent a town. But it’s a mess. Get a good local banker that can guide you.
-mat
On Apr 16, 2020, at 09:29, Mark Ramsey <MRamsey@soonerlaw.commailto:MRamsey@soonerlaw.com> wrote:
Thanks, Mat. I’ve heard Congress is considering adding another $250 billion to the program.
From: Mat Thomas <mat@mthomaslaw.netmailto:mat@mthomaslaw.net>
Sent: Thursday, April 16, 2020 9:26 AM
To: Mark Ramsey <MRamsey@soonerlaw.commailto:MRamsey@soonerlaw.com>
Cc: oama@lists.imla.orgmailto:oama@lists.imla.org
Subject: Re: [Oama] Federal PPP Loans
If my sources are correct that money is essentially already gone. The program was terribly run and disorganized. From what I could tell if an applicant has an EIN and an employee they could apply.
-mat
On Apr 16, 2020, at 09:23, Mark Ramsey <MRamsey@soonerlaw.commailto:MRamsey@soonerlaw.com> wrote:
The Oklahoma Municipal League has a FAQ list concerning “Payroll Protection Program” loans, which is a $350 billion program which is part of the pandemic relief package passed by Congress. Based on the information in the FAQ list, I don’t see a way for municipalities to participate in the program. Even if they could under federal law, the Oklahoma Constitution would only allow debt for the fiscal year, which would not be much help. The municipal beneficiary public works authority may qualify, however.
Does anyone believe municipalities can participate in PPP loans? Under what conditions?
Does anyone have any experience with PPP loans for a municipal public works authority?
Thanks!
Mark H. Ramsey
For the Firm
Taylor, Foster, Mallett,
Downs, Ramsey & Russell, P.C.
P.O. Box 309
Claremore, OK 74018
918-343-4100
918-343-4900 fax
mramsey@soonerlaw.commailto:apixley@soonerlaw.com
The information contained in this electronic mail transmission (including any accompanying attachments) is intended solely for its authorized recipient(s), and may be confidential and/or legally privileged. If you are not an intended recipient, or responsible for delivering some or all of this transmission to an intended recipient, you have received this transmission in error and are hereby notified that you are strictly prohibited from reading, copying, printing, distributing or disclosing any of the information contained in it. In that event, please contact us immediately by telephone (918) 343-4100 or by electronic mail at postmaster@soonerlaw.commailto:postmaster@soonerlaw.com and delete the original and all copies of this transmission (including any attachments) without reading or saving in any manner. Thank you.
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