Wealth managers are some of the many firms that have benefited from the Small Business Administration’s Paycheck Protection Program.
Wealth managers are some of the many firms that have benefited from the Small Business Administration’s Paycheck Protection Program that was designed to aid small companies struggling during the pandemic.
The loans, which are backed by taxpayer dollars, have helped many Wall Street firms. More than 280 investment banks applied for loans of more than $150,000, Barron’s reported. Ritholtz Wealth Management, of New York, an RIA with $1.3 billion in assets, also received aid. The firm employs 32 employees; half are client facing advisors and 16 are salaried staff members, according to Barry Ritholtz, chairman, CIO and co-founder. Ritholtz said the firm applied in April “when the world was ending” for a PPP loan to cover those staff positions, including researchers, web designers, and conference organizers who are not financial advisors.
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