October 21, 2021 Delaney SextonContributing Editor Coleman Movers & Shakers – John Hays, Jesus Zavala, and NADCO Board of Directors Plumas Bank Announces John Hays as SVP, Regional Ag Business Lending Officer Executive Vice President and Chief Banking Officer, BJ North, remarks, “John is a proven leader in the ag industry and a trusted advisor…

October 20, 2021 Delaney SextonContributing Editor C-Suite Wednesday – OIG Cites $90 Billion in Potentially Fraudulent PPP and EIDL Loans ”In March 2020, the Coronavirus Disease 2019 (COVID-19) pandemic catapulted the U.S. Small Business Administration (SBA) into the spotlight as the primary agency responsible for providing nationwide assistance to small businesses. Since then, SBA has…

October 19, 2021 Delaney SextonContributing Editor Hot Topic Tuesday – The 7(a) and 504 Program Funded Over $44.75 Billion in Loans On October 12th, the SBA held a 7(a) Quarterly Connect Call that reviewed the final lending statistics for the fiscal year 2021. By September 30, 2021, almost 52,000 7(a) loans were approved (51,856) which…

October 18, 2021 Delaney SextonContributing Editor Main Street Monday – 42% of Small Businesses Raised Employee Compensation in September “Small business owners are doing their best to meet the needs of customers but are unable to hire workers or receive the needed supplies and inventories,” says NFIB Chief Economist Bill Dunkelberg. In the NFIB’s September…

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…

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…

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…

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…

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…

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…