Posts by Coleman Report

May 6, 2020 By: Caity WituckiContributing Editor, C-Suite Wednesday C-Suite Wednesday – Fintechs Take Lead in Establishing PPP Loan Forgiveness Apps The Paycheck Protection Program (PPP) was designed to extend a lifeline to small businesses affected by the coronavirus pandemic, allowing them to keep employees on the payroll. However, as reports of publicly traded companies…

May 7, 2020  By Caity Witucki Contributing Editor, Coleman Movers & Shakers Coleman Movers & Shakers — Pam Scott, Rich Viall, and Greylock Federal Credit Union Pam Scott Joins First Internet Bank’s SBA Lending Team This week, First Internet Bank announced that Pam Scott joined its Small Business Administration (SBA) Lending team as Vice President,…

May 5, 2020 By: Caity WituckiContributing Editor, Hot Topic Tuesday Hot Topic Tuesday –  SBA Administrator and Treasury Secretary Issue Joint Statement on the Second Round of PPP FundingOn Sunday, SBA Administrator, Jovita Carranza and Treasury Secretary Steven T. Mnuchin issued a joint statement regarding the success of the second round of funding for the…

May 4, 2020  By Caity WituckiContributing Editor, Main Street Monday Main Street Monday — Small Business Restaurants Adapt Amid Capacity Restrictions When Texas Governor, Greg Abbott announced that restaurants could begin reopening in May with some capacity restrictions, small business restauranteers in the area began brainstorming about ways they would need to adapt their business…

May 1, 2020 By Caity WituckiContributing Editor, Fraud Friday  Fraud Friday — Former FBI Agent Attempts to Conceal Organized Crime Income on Loan Application Former FBI Agent, Babak Broumand, was arrested last week on federal criminal charges alleging that he accepted cash bribes from the Armenian mob in exchange for sensitive information. Broumand then allegedly…

April 29, 2020  By Caity Witucki Contributing Editor BREAKING NEWS — SBA and Treasury Announce Reserved Processing Time for Lending Institutions with Less than $1 Billion in Assets To ensure fair and equal access to the Paycheck Protection Program (PPP), the SBA and U.S. Treasury has announced a reserved processing time for lending institutions with…

April 30, 2020  By Caity Witucki Contributing Editor, Coleman Movers & Shakers Coleman Movers & Shakers — Wintrust, ChoiceOne, First Bank & Trust Company, and Crestmark Wintrust Aids Over 8,900 Small Businesses Through the Paycheck Protection Program Wintrust Financial Corporation announced last week that it funded nearly $3.3 billion in loans to approximately 8,900 small…

April 28, 2020 By: Caity WituckiContributing Editor, Hot Topic Tuesday Hot Topic Tuesday – Calculating the Maximum PPP Loan Amount for Different Types of Businesses On Monday, the U.S. Department of Treasury released an Interim Final Rule authorizing all lenders eligible to originate loans under the Paycheck Protection Program (PPP) to use an alternative criterion…

April 29, 2020 By: Caity WituckiContributing Editor, C-Suite Wednesday C-Suite Wednesday –  Guidance on Participation Sales for Paycheck Protection Program Loans On Monday, the SBA issued a procedural notice to all SBA employees and Paycheck Protection Program (PPP) lenders providing guidance on participation sales for PPP loans.  According to the guidance in Procedural Notice 5000-20021,…

April 27, 2020 By: Caity WituckiContributing Editor, Main Street Monday Main Street Monday – Distribution of Initial PPP Funding Among Small BusinessesLast week, USAFacts released a report detailing how the initial funding of the first round of Paycheck Protection Program (PPP) loans was distributed among small businesses across the country. The study took into consideration…