THE INFORMATION THAT FOLLOWS SHOULD BE CONDSIDERED “CONFIDENTIAL”, FOR BOARD ONLY.

 

Good afternoon:

 

This morning we received an email from the loan processor that the ARRL application for an SBA Payroll Protection Program (PPP) loan has been accepted. The loan amount, calculated by formula, is $1,048,000. We are awaiting the loan documents to review and sign and will do this as quickly as possible once they are in our possession. Once that is completed we expect to receive the funds.

 

This widely publicized program, which was recently re-funded by Congress, was fraught with confusion and frustration, not surprising for a law that was a bit of a political football and was passed without a lot of detailed guidance. It took hours and hours of Diane Middleton’s time and patience to shepherd this through the process to get us to this result.

 

I strongly urge that this be treated as confidential financial information because, as you are aware, there are many people who think they are better suited to decide which companies are “worthy” of receiving these funds, even if all requirements have been met. In short, I’m not going to make this a story on the ARRL web site as I don’t want this to become a talking point on social media. It will likely be disclosed eventually in our audited financial statements for the year but hopefully, this situation and its ramifications will have cooled off somewhat by then.

 

Diane and I are available to answer any questions if we are able.

 

73,

Barry, N1VXY

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