Your 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…
Read MoreFraud Friday – Two Former New York Bank Employees and an Accountant Charged with Loan Fraud
October 1, 2021 Delaney SextonContributing Editor Fraud Friday – Two Former New York Bank Employees and an Accountant Charged with Loan Fraud “Fraudulent schemes exploiting the Paycheck Protection Program are unfortunately all too commonplace. Okeke, Wint, and Campbell, as charged today, join the ranks of others before them who took it upon themselves to personally…
Read MoreSBA Statistics – 7(a) and 504 Lending Report for Fiscal Year 2021
September 30, 2021 Delaney SextonContributing Editor SBA Statistics – 7(a) and 504 Lending Report for Fiscal Year 2021 Today marks the end of FY21. After a record-breaking year for lending, here is the data as of September 24th. 504 LendingFor the first time ever, the 504 loan program ran out of funds before the end…
Read MoreC-Suite Wednesday – $25 Billion of the $3.5 Trillion Build Better Back Act is Allocated for Small Businesses
September 29, 2021 Delaney SextonContributing Editor C-Suite Wednesday – $25 Billion of the $3.5 Trillion Build Better Back Act is Allocated for Small Businesses The $3.5 trillion budget package has had multiple provisions approved by the House Small Business Committee. If passed, the provisions would include $25 billion to support small businesses over the next…
Read MoreHot Topic Tuesday – Update on 7(a) Fee Waivers
September 28, 2021 Delaney SextonContributing Editor Hot Topic Tuesday – Update on 7(a) Fee Waivers On September 24th, a lender received an email from the Citrus Heights SBA field office declaring that the 7(a) fee waivers from the CARES Act had been exhausted as of September 23rd: “PLEASE NOTE – As of 9/23/21 funding from…
Read MoreMain Street Monday – 7(a) Fee Waivers are Finished for the Fiscal Year
September 27, 2021 Delaney SextonContributing Editor Main Street Monday – 7(a) Fee Waivers are Finished for the Fiscal Year As of September 23rd, funding from the CARES Act was exhausted. 7(a) loans will now be charged with a guaranty fee and servicing fee going forward. A lender received an email from the Citrus Heights Loan…
Read MoreFraud Friday – Former Kansas Lawmaker Pleads Not Guilty to 19 COVID Fraud Charges
September 24, 2021 Delaney SextonContributing Editor Fraud Friday – Former Kansas Lawmaker Pleads Not Guilty to 19 COVID Fraud Charges Michael Capps was indicted on September 9th for PPP and EIDL fraud. The former member of the Kansas House of Representatives’ charges include: • one count of making a false statement to a bank for…
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