A small, publicly traded mutual fund firm will no longer be receiving funds from a certain federal stimulus package.
| Marc Mayer|
Manning & Napier, Inc.
On Thursday, leadership at Manning and Napier
that they withdrew their loan applications from the U.S. Small Business Administration's (SBA's
) Paycheck Protection Program (PPP
). The Fairport, New York-based company's reversal came after SBA changed its PPP guidance
amid public outcry over some PPP recipients. (SBA now makes it sound like publicly traded companies like Manning, even if they're small, are unlikely to qualify for PPP.)
The New York Post
picked on Manning's about face as controversy over other PPP loan recipients continues.
Manning's change of heart on PPP came a day after its team revealed
that two Manning subsidiaries, Manning & Napier Advisors and Rainier Investment Management, had applied for $6.7 million in PPP loan assistance and that they expected to receive the funds in the coming weeks.
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