Posts by Coleman Report

June 26, 2020 By Caity WituckiContributing Editor, Fraud Friday Fraud Friday — Texas Man Gets PPP Loan for Defunct Wedding Planning Business The wedding planning business his wife owned went bust in 2018, but that did not stop Fahad H. Shah from allegedly using the company’s name to apply for a $3 million PPP loan.…

June 25, 2020  By Caity Witucki Contributing Editor, Coleman Movers & Shakers Coleman Movers & Shakers — Mario Campbell, Jim Frey, Anthony Niciejewski, and Herold Jemison Gulf Coast Small Business Lending Announces Opening of 2 Pennsylvania Offices, Hiring of Mario Campbell and Jim Frey Earlier this month Gulf Coast Small Business Lending (GCSBL) announced the…

June 24, 2020 By Caity WituckiContributing Editor, C-Suite Wednesday C-Suite Wednesday –  FDIC to Mitigate the Deposit Insurance Assessment Effect of Participation in PPP On Monday, The FDIC approved a final rule to ensure banks will not be subject to significantly higher deposit insurance assessments for participating in the Paycheck Protection Program (PPP), the Paycheck…

June 23 2020 By Caity Witucki Contributing Editor, Hot Topic Tuesday Hot Topic Tuesday — SBA and Treasury to Publish Names of Some PPP Loan Recipients On June 19, 2020, the SBA and U.S. Department of Treasury announced their intent to release PPP data in order to ensure transparency and effectiveness in the program. According…

June 22, 2020 By: Caity WituckiContributing Editor, Main Street Monday Main Street Monday –  U.S. Census Bureau Survey Shows Small Business Conditions Improving in June The U.S. Census Bureau recently conducted a follow-up to its survey on the impact of COVID-19 on small businesses. The thousands of responses that the U.S. Census Bureau received from…

June 19, 2020 CPR Report: Actual 7(a) Prepays Decrease By Bob Judge Editor, CPR Report In May, total prepays, including paid excess principal (ACPR), came in at 12.13%, a .11% increase from last month’s reading of 12.12%. After correcting for the excess principal being released from the MRF, pool prepays (CCPR) came in at 11.13%,…

June 19, 2020 By Caity WituckiContributing Editor, Fraud Friday Fraud Friday — Illinois Tech CEO Charged with PPP Loan Fraud  On Monday, Chicago area tech CEO, Rahul Shah, was charged with PPP loan fraud. Prosecutors allege that Shah sought over $400,000 in forgivable loans that greatly exaggerated his company’s payroll costs.  According to the complaint,…

June 18, 2020  By Caity Witucki Contributing Editor, Coleman Movers & Shakers Coleman Movers & Shakers — Dennis Hudson, National Main Street Center, and Lendio Dennis Hudson Retiring as CEO of Seacoast Banking Corp.  Seacoast Banking Corp. announced in a recent press release that Dennis Hudson will be retiring from his position as President and…

June 17, 2020 By Caity WituckiContributing Editor, C-Suite Wednesday C-Suite Wednesday –  SBA Issues New PPP Forgiveness Forms and Interim Final Rule Today, the U.S. Small Business Administration, in consultation with the U.S. Department of the Treasury, posted its 19th Interim Final Rule (IFR) regarding the Paycheck Protection Program (PPP). The IFR is scheduled to…

June 16, 2020 By Caity Witucki Contributing Editor, Hot Topic Tuesday Hot Topic Tuesday — SBA and Treasury Announce Revised Guidance Regarding PPP Last Friday, The U.S. Small Business Administration, in consultation with the U.S. Department of the Treasury, issued new and revised guidance for the Paycheck Protection Program (PPP).  This guidance implements the Paycheck…