March 10, 2021 Caity Roach Editor C-Suite Wednesday — Half of PPP Lenders Say The Hold Code Resolution Process is Improving According to the latest polls conducted during the Coleman Report Live daily show, 4 out of 5 SBA lenders are still experiencing hold code errors on 1-20% of their PPP loan portfolio. Compared to…

March 9, 2021 Caity Roach Editor SBA Hot Topic Tuesday— Revisions to the Loan Amount Calculation For Schedule C Borrowers Last week, the SBA, in consultation with the White House and Treasury, issued an interim final rule which allows individuals who file an IRS Form 1040 (Schedule C) to calculate their maximum PPP loan amount…

March 8, 2021 Caity Roach Editor Main Street Monday— Equifax 2021 Small Business Lending Activity Report According to Equifax’s most recent small business lending activity report, 7(a) and 504 lending returned to near pre-pandemic levels late last year. However, since December SBA lending activity has steadily fallen to rates similar to that of 2017.  Here…

March 5, 2021 Caity RoachEditor Fraud Friday – Less than 0.1% of PPP Funds Went to Fraudsters Federal officials say PPP fraudsters spent millions of dollars on extravagant shopping sprees using taxpayer-provided money. To date, authorities have seized two Lamborghini Huracan sports cars, a Rolex Presidential watch, a 5.73-carat diamond ring, a diamond bracelet, two…

March 4, 2021 Caity RoachEditor Coleman Mover & Shakers – Julie Verratti, Mark Raffield, and Andrew Jadatz Julie Verratti Named SBA Associate Administrator of Field Operations Julie Verratti, owner and operator of Denizens Brewing Co., will serve as Associate Administrator of Field Operations for the U.S. Small Business Administration under President Joe Biden. In her…

March 3, 2021 Caity RoachEditor C-Suite Wednesday — SBA Announces 504 Refinancing Rules for 2021 Yesterday, the SBA issued a Procedural Notice which implements a provision in the Economic Aid Act allowing Certified Development Companies (CDCs) to refinance certain Third Party 504 Loans. According to the notice, from December 27, 2020 to December 26, 2021,…

March 2, 2021 Caity RoachEditor SBA Hot Topic Tuesday – 62% of Loan Closers Find Themselves More Productive in The Office Polls conducted during the Coleman Report Live daily show provide valuable insight into the ways that the SBA lending industry has changed during the pandemic. According to the latest polls, more than half of…

March 1, 2021 Caity RoachEditor News Blast – Letter Urging Congress to Extend PPP Until June 30, 2021 Womply, a software and API company serving small businesses and app developers, is calling on American lawmakers and policymakers to extend the Paycheck Protection Program through March 31, 2021. “There is simply not enough time in the…

March 1, 2021 Caity RoachEditor Main Street Monday – SBA Adapts Their IT Systems to Provide COVID-19 Relief  Legislation in response to the COVID-19 pandemic has left the SBA scrambling to make changes to its E-Tran loan system and program portals. Unfortunately, some of these changes did not come fast enough. According to FedScoop, a…

February 26, 2021 By Caity Witucki Contributing Editor, Fraud Friday Fraud Friday — Former Bank President Sentenced to 8 Years for Embezzling $11 Million “Criminal conduct that affects the financial health of a small, local lender can send a negative ripple effect throughout the entire community,” says United States Attorney, Nicholas Ganjei. “The Eastern District…