Notice of Special Meeting of the Board of Trustees of the Greensboro Jewish Federation
on Tuesday, April 7 at 5:30 PM
The CARES Act allocated $350 billion in funding to help keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small business & nonprofits. Organizations may qualify to have a portion of their loan forgiven if they meet certain requirements. The loans can be used for operational costs including:
· payroll expenses
· health benefits, paid, sick, medical/family leave and insurance premiums
· mortgage interest
· rent payments
· interest on debt incurred before the covered period
An ad hoc committee consisting of David Rosenstein, Marilyn Chandler, Keith Rosen, Tom Cone, Freddy Robinson, Susan Gutterman, Gary Simmons, Michele Perrell, Marc Isaacson, and Sue Simmons has preliminarily concluded that it would be prudent in light of the Coronavirus emergency to establish access to a loan or line of credit under these programs or through our existing banking relationships. The current analysis is that we can weather the next quarter or two without significant financial impact, but given the uncertainty of future cash flow and the needs of our community, we believe that planning for the worst is appropriate.
I am therefore providing this Notice of Special Meeting of the Board of Trustees for Tuesday, April 7 at 5:30 PM for the purposes of:
1. Providing information regarding the utility of loan arrangements as described above in order to facilitate the financial health of the Greensboro Jewish Federation in response to the Coronavirus emergency, and
2. Proposing a motion to delegate to the Officers of the Greensboro Jewish Federation permission to authorize such borrowing from lending facilities as may be appropriate.
The meeting will be held electronically through Zoom. Please use the following link to access the meeting: https://us04web.zoom.us/j/832907869