May 13, 2020
UPDATE: SEC Provides Guidance on Advisory Firms Accepting PPP Loans
WHAT’S GOING ON?
Many investment advisers have applied for or accepted a Paycheck Protection Program (“PPP”) loan for their firm. Recently, the SEC provided guidance and updates to frequently asked questions (“FAQs”).
The updates include potential disclosure obligations relating to the Paycheck Protection Program:
PPP Reporting Obligations
WHAT DOES THIS MEAN FOR ME?
We have worked with advisory clients to navigate this process for their firm. If your firm decides to accept the PPP Loan, it important that certain disclosures and documentation are considered as part of this loan acceptance. Please contact Fairview to discuss if you have not done so already.