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The argument some RIAs are making—that the PPP loan is a business loan, no different than any other, and comes with risk, and is not bailout money—just doesn't wash.
The new legislation will lengthen the amount of time in which businesses can spend the loan, as well as the amount of time in which they have to pay the loan back if it is not forgivable.
According to FINRA, Merrill Lynch failed to properly supervise its thundering herd so that clients received sales charge waivers and fee rebates, impacting 13,000 accounts.
After the Office of Management and Budget reviews the proposal, it will be published and subject to a comment period, leaving the Trump administration with a tight window to implement it before the presidential election.