Wealth management firms among those that have taken PPP loans during coronavirus pandemic

“Anybody who feels they need it can go borrow it,” he added. “So what’s the issue?”

The leftover funds now total about $132 billion, according to information the SBA released on Monday.

Who receives the money shouldn’t get as much attention as who asks for forgiveness, Brown said. His firm never had any intention of asking for forgiveness, he said.

The reason Brown’s firm took the loan was because the terms were so attractive: six months’ grace period before any repayment was due and a 1% interest rate. Following the controversy, Brown said his firm would have been better off taking a regular line of credit from a bank, which they ultimately did.

Daniel Wiener, chairman of Adviser Investments, said his firm also applied for a PPP loan and was approved. But Wiener and his firm had a change of heart before taking the loan. Now, Wiener has become a vocal critic of registered investment advisory firms taking the money, which he said were doing so “hand over fist.”

Article source: https://www.cnbc.com/2020/07/06/wealth-management-firms-have-taken-ppp-loans-amid-coronavirus-pandemic.html