Diane Thompson

Thanks to everyone.

Do we need to produce a Summary of Material Modifications for a 401(k) plan when the trustees are changing?

Thanks for the info. Gives me a good starting point for my research.

Father is a trustee on a corporate 401(k) plan. Son (over age 18) is an investment advisor and is interested in being the investment advisor for the plan. As the son would be a party in interest, would this be a prohibited transaction? Is there prohibited transaction exemption for this situation? Thanks for any help you can give.

Thanks for the reply. Interestingly enough, I actually got through to the SBA on their 1-800 help line today. I posed that question to the customer service rep. She put me on hold to ask her supervisor. She came back with "her supervisor said to go ahead and apply at both financial institutions and just accept the one that processes first". Some days it just doesn't pay.....

Due to the specific allocation of funds to community-based lenders, small and mid-sized banks an credit unions, it that the better place to apply for a PPP loan? Clients are telling me that their applications are in a queue at big banks to send when SBA opens again. Should they pull the application at the big bank and apply to the specifically allocated financial institutions?