Manning & Napier, Inc. Responds to Changes in Paycheck Protection Program Guidelines
Manning & Napier, Inc. Class A (MN)
Last manning & napier, inc. class a earnings: 2/5 04:05 pm
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manning.com
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Source: PR Newswire
FAIRPORT, N.Y., April 23, 2020 /PRNewswire/ -- Manning & Napier, Inc. (NYSE: MN), ("Manning & Napier" or "the Company") today responded to changes in the Paycheck Protection Program guidelines: In early April, two of the Company's subsidiaries, Manning & Napier Advisors, LLC and Rainier Investment Management, LLC applied for an aggregate $6.7 million of loan assistance under the Paycheck Protection Program ("PPP") as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which funds it has not received. The proceeds were intended to help support payroll costs and rent expense between now and June 30, 2020. The criteria for funding at the time that Manning & Napier applied for the loan were based on three broad conditions. First, that the Company has fewer than 500 employees. Second, that current economic uncertainty made the loan necessary to support the ongoing operations of the applicant. Third, that over seventy-five percent (75%) of the funds would be used to ret
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