Posts by Coleman Report

May 29, 2020 By Caity Witucki Contributing Editor, Fraud Friday Fraud Friday — Texas Man Submits Over 400 Fake Employee Names on PPP Application Last week, Texas resident, Samuel Yates, was arrested on Paycheck Protection Program (PPP) loan fraud charges. Prosecutors allege that Yates sought millions of dollars in forgivable loans guaranteed by the SBA…

May 28, 2020  By Caity Witucki Contributing Editor, Coleman Movers & Shakers Coleman Movers & Shakers — Wes Taylor, Dustin Phillips, Jerry Talbert, and Derrick Andrews  Wes Taylor Promoted to SVP of Consumer and Small Business Lending at Wilson Bank & Trust. Wes Taylor has been promoted to an expanded role at Wilson Bank &…

May 28, 2020 By Caity Witucki Contributing Editor Paycheck Protection Program Research Status Deadline  The SBA has marked some Paycheck Protection Program (PPP) loans in E-Tran as requiring further research. Loans are placed in research status if they contain inaccurate or conflicting information. These loans must be reviewed by lenders by 8:00 pm EDT, Thursday,…

May 27, 2020  By Caity Witucki Contributing Editor, C-Suite Wednesday C-Suite Wednesday — Interim Final Rule Issued on PPP Lender Responsibilities On May 22, 2020 the Small Business Administration and Treasury Department issued an interim final rule on Paycheck Protection Program (PPP) procedures. This interim final rule is intended to inform borrowers and lenders of the…

May 26, 2020 By Caity Witucki Contributing Editor, Hot Topic Tuesday Hot Topic Tuesday — SBA and Treasury Issue Additional Guidance on PPP Loan Forgiveness On May 22, 2020 the Small Business Administration and Treasury Department quietly issued additional forgiveness guidance for the Paycheck Protection Program (PPP) in an interim final rule. The new interim…

1502 Reporting Guidelines – A Coleman Webinar Home Speakers Agenda Registration 75 minutes of Online Training for your staff A Coleman Webinar Date: Thursday, May 28, 2020 Time: 2:00 p.m. Eastern Download a Registration Form 1502 Reporting SBA Procedural Notice 5000-20028 was released on May 21, 2020 which detailed the guidelines for PPP Loan Reporting…

May 22, 2020 By Caity Witucki Contributing Editor, Fraud Friday Fraud Friday – Kerri Agee Allegedly Provides False Financials Prior banc-serv Sale On June 24, 2016, the former chief executive officer and founder of banc-serv, Kerri Agee (aka Kerri Agee-Smith), sold her full interest in banc-serv to a subsidiary of Newtek Business Services Corp. for…

PPP Lenders: Explore options to sell your PPP loans or to engage a servicer The PPP origination process – from application to closing – was a sprint unlike any you have experienced in your career. Based upon the forgiveness guidance (or lack thereof), loan servicing could make origination look like a walk in the park.…

May 21, 2020  By Caity Witucki Contributing Editor, Coleman Movers & Shakers Coleman Movers & Shakers — Steve Penza, C.J. Sentell, and The Regions Foundation Steve Penza Joins First Port City Bank’s Government Guaranteed Lending Division First Port City Bank is pleased to announce its hiring of Steve Penza as Government Guaranteed Lender. In his…

May 19, 2020  By Caity Witucki Contributing Editor Treasury Secretary Steven Mnuchin Discusses 1502 Extension During this morning’s Quarterly CARES Act Report to Congress, Arkansas Senator, Tom Cotton, urged Treasury Secretary, Steven Mnuchin, to provide participating Paycheck Protection Program (PPP) lenders with additional guidance on SBA Form 1502 reporting and push back the May, 22,…