Fraud Friday – Two Bank Managers Sentenced to Six and Thirty Months for Loan Fraud
October 15, 2021 Delaney SextonContributing Editor Fraud Friday – Two Bank Managers Sentenced to Six and Thirty Months for Loan Fraud “Bank employee Herode Chancy used fake businesses, doctored bank statements, and stolen identities in an effort to obtain over $1 million in commercial loans. Now Chancy has rightly been sentenced to prison for his…
Read MoreColeman Movers & Shakers – Drew Saito, Mira Srinivasan, and Chris Hemmings
October 14, 2021 Delaney SextonContributing Editor Coleman Movers & Shakers – Drew Saito, Mira Srinivasan, and Chris Hemmings Locality Bank IO Announced Drew Saito as a Co-Founder and Chief Lending Officer “The growing Locality Bank team has the experience to revive community banking in South Florida,” says Keith Costello, CEO & Co-Founder of Locality Bank…
Read MoreC-Suite Wednesday – The Consumer Financial Protection Bureau’s Proposed Loan Data Collection Rule
October 13, 2021 Delaney SextonContributing Editor C-Suite Wednesday – The Consumer Financial Protection Bureau’s Proposed Loan Data Collection Rule The Consumer Financial Protection Bureau (CFPB) issued a notice of proposed rulemaking on September 1st, and on October 8th, they published their proposed rule to implement Section 1071 of the Dodd-Frank Wall Street Reform and Consumer…
Read MoreHot Topic Tuesday – 74% of Total PPP Loan Dollar Amount has Applied for Forgiveness
October 12, 2021 Delaney SextonContributing Editor Hot Topic Tuesday – 74% of Total PPP Loan Dollar Amount has Applied for Forgiveness Since the Paycheck Protection Program’s starting date on April 3rd, 2020, the SBA has aided millions of small businesses affected by the COVID-19 pandemic and provided nearly $800 billion to USA’s Main Street. By…
Read MoreMain Street Monday – SBA Disbursed $4.5 Billion More in EIDL Grants to Sole Proprietors and Independent Contractors than Policy Allowed
October 11, 2021 Delaney SextonContributing Editor Main Street Monday – SBA Disbursed $4.5 Billion More in EIDL Grants to Sole Proprietors and Independent Contractors than Policy Allowed “We found SBA did not establish a proper internal control environment at the onset of the program to prevent sole proprietors and independent contractors without employees from receiving…
Read MoreFraud Friday – Seeman Holtz Obtained a $4.27 Million PPP Loan Before Multiple Fraud Lawsuits
October 8, 2021 Delaney SextonContributing Editor Fraud Friday – Seeman Holtz Obtained a $4.27 Million PPP Loan Before Multiple Fraud Lawsuits Seeman Holtz Property and Casualty LLC was approved for a PPP loan in April 2020. The Florida-based insurance and financial firm applied for the PPP loan through a bank in Massachusetts, Needham Bank. Soon…
Read MoreYour SBA Loan Has Been Screened Out, Now What? — Webinar 8/3
Avoid SBA Primary Screen-Out Reasons Wednesday, August 3, 2022 Time: 2:00pm ETA 75-minute Coleman Webinar with staff e-certification Download a Registration Form The SBA loan application has been assembled and entered into ETran. Days go by and suddenly BAM! — SBA sends you a “screen out” email saying the processing of the loan has ceased.…
Read MoreC-Suite Wednesday – California Department of Financial Protection and Innovation Proposed Rulemaking for Lending Pilot Program
October 6, 2021 Delaney SextonContributing Editor C-Suite Wednesday – California Department of Financial Protection and Innovation Proposed Rulemaking for Lending Pilot Program The California Department of Financial Protection and Innovation (DFPI) released a notice of proposed rulemaking on August 6th, 2021 for their Pilot Program for Increased Access to Responsible Small Dollar Loans. These updates…
Read MoreHot Topic Tuesday – SBA Update on FY21 7(a) Fees for Loans Approved After CARES Funding Depleted
October 5, 2021 Delaney SextonContributing Editor Hot Topic Tuesday – SBA Update on FY21 7(a) Fees for Loans Approved After CARES Funding Depleted The SBA New York District Office sent an update on the 7(a) fee waivers and Section 1112 payments for new 7(a) loans in the fiscal year 2021. All 7(a) fee waivers and…
Read MoreMain Street Monday – Restaurants and Bars Have Lost Almost $300 Billion During the Pandemic
October 4, 2021 Delaney SextonContributing Editor Main Street Monday – Restaurants and Bars Have Lost Almost $300 Billion During the Pandemic The COVID-19 pandemic has had detrimental effects on the restaurant industry. The Restaurant Revitalization Fund promoted hope in restaurant owners that they would secure the necessary funding to continue operations. Small business owners applied…
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