Insurance Claim, PPP, and Other News

April 7, 2020

Interesting times that we are living in ….. certainly, things going on that I have never seen. So, it’s been a month since my last note, so I thought that this one is overdue. Where to start …?

As far as the Moonspinner business is concerned, the beaches are still closed, and basically so are we. We have had many reservation cancellations. Jackie and her ladies have worked with our customers to maintain a good relationship, and so as this COVID-19 issue dissipates, I still hope for a reasonably good summer.

The CARES Act includes a provision for a Payroll Protection Program (PPP) whereby small businesses – such as the Moonspinner – can apply for an SBA loan, and that loan can be forgiven if the qualifications are met. Last week, the Board of Directors unanimously responded to my email in favor of making an application for this loan, and that was completed and submitted to Trustmark on Monday, April 6. Thanks to Matthew Nelson for putting together the financial information needed for the application; and thanks to our Treasurer, Debbi Jennings, who put together the application and submitted it. At this time, we are maintaining our staff. We have a good group, and these folks would be difficult to replace, so we definitely need to keep them if possible.

The insurance company has asked additional questions in response to my Examination in February, so we are still gathering information for them in support of our Hurricane Michael insurance claim.

The work is still ongoing to finalize the roof project, which we still expect to begin this fall.

We have received and approved the Moonspinner 2019 Audit. The audit looks good, and we had a good year in 2019.

Last week, I signed the federal and state tax returns and mailed them. There was no money due on either return. The due date on both returns was still April 15 – not delayed like our personal tax returns.

The new landscaping company has begun work, and I am looking forward to seeing improvements there.

It’s about 7 weeks until Memorial Day weekend, and I believe the beaches will be back open by then, and we will slowly get back in business.

That’s all I have for now ….. more updates when there is something to report.

Thanks for listening,

Bob Reeves

HOA Board President

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