05.15.20
SEC Launches PPP Loan Sweep of Public Companies
by: Melanie Waddell
The SEC will review public companies that received money from loans under the Paycheck Protection Program (PPP). Ivan Knauer, partner at Snell & Wilmer LLP, said advisors that have applied for and received money from the PPP program should ”not be surprised if OCIE examiners raised questions about this during their next examination. But as of now, it appears the inquiry by the enforcement division is focused on public companies.” The SEC's Management Division recently updated guidance that states registered investment advisors taking PPP loans must reveal that information on their Form ADVs if the loan “constitute material facts relating to your advisory relationship with clients.”
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