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Of the firms that received loans from the Paycheck Protection Program (PPP) exceeding $150,000, more than a thousand are financial advisors. That’s according to data from Small Business Administration and Department of Treasury. So reports Forbes.

dollar 3706548 640 smallFinancial Advisor Magazine says more than 1,400 registered investment advisors (RIAs) took PPP loans. That includes 28 of the top 100 advisory firms and who have assets under management of between $1.8 billion to $12.4 billion.

Some of the biggest loans are as follows: 

  • SVA Wealth Management (Madison, WI) took two loans for different parts of the business totaling between $3 million and $7 million. 
  • Steward Partners (Washington D.C.) took a loan of between $5 million and $10 million.
  • Carson Wealth (Omaha, NE) received a loan of between $2 million and $5 million.

The largest RIAs most frequently took loan amount of between $350,000 and $1 million. They include:

  • Sawtooth Solutions (Minneapolis, MN)
  • Independent Advisor Alliance (Charlotte, NC)
  • Focus Financial Network (Minneapolis, MN)

Ten advisors look loans of between $150,000 and $350,000, including:

  • LAMCO (Lake Mary, FL)
  • Smith Shellnut Wilson (Ridgeland, MS)
  • InterOcean Capital (Chicago) 

Four firms took loans of between $1 million and $2 million, including:

  • RegentAtlantic (Morristown, NJ)
  • SignatureFD (Atlanta, GA)

Read the full article from Forbes.

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