Wealth Management

Special ask: please help us filling out the survey about your application by sharing COVID Loan Tracker with your business network.

As many of you know, we started a site called COVID Loan Tracker yesterday to help small business owners track applications and loan issuance so they can know when money starts to flow.

FINSUM readers gave an enormous response with over 200 small business owners in our space filling out the survey. Overall , as of 7:30 am we have had 440 small businesses report on CTL in the first 18 hours, representing up to $650,000,000 in loan applications across 47 states. Below are the findings:

0% have received PPP loans (i.e. money actually deposited)

0% have received EDL grants (i.e. money actually deposited)

39% are LLCs

28% are S-corporations

Average PPP loan request: $427,000

Average employees per application: 14

96% of applications are for less than $50,000

18% applied for more than $250,000

2% applied for $1m or more

49% applied through small and/or regional banks

16% applied through JP Morgan Chase

The conclusion is that money is clearly not flowing yet (at least at any meaningful level). Please share CTL with your networks so we can aggregate more data to keep small business owners informed and empower the media with data to keep the government accountable.

Dear readers, like you we are concerned for the longevity of small businesses across the country and are eager to receive the Payment Protection Program (PPP) loans and EIDL grants that hundreds of thousands of small business owners have applied for across the US. Seemingly everyone who has applied is frustrated and confused because of all the issues that the SBA, lenders, and the government are having in issuing the loans. We know thousands of financial advisors are also small business owners and have applied for these loans. Because of this, we have started a site – covidloantracker.com – to track the application and issuance of PPP and other loans. This will help business owners understand when and how many loans are actually being paid and will hold media and the government accountable to provide the aid they have promised. Our aim to is to share this site with as many small business owners as possible and then share results with the media on a daily basis as a way to track what percentage of applicants have received their loans.

Please visit covidloantracker.com and fill out the 60 second form.

(New York)

Advisors need to be careful of how they market and sell annuities to clients. The market is rife with annuities demand as the big losses and volatility of the last month have sent many looking for guaranteed retirement income. That said, advisors need to make sure they walk a fine line in selling annuities. In particular, be mindful of wording you use. Particularly, avoid fear-based selling tactics, and even the word “crisis”—though that could be appropriate in some circumstances. Also, don’t only focus on one aspect of the annuity you are selling, as that can easily be misconstrued as misleading selling.


FINSUM: Some selling techniques are always wrong, but in this scary environment, even the most disciplined advisors could accidentally overstep the line in their approach.

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