PPP Loan Forgiveness and Calculating the 1st and 2nd Draws Final Guidance Analysis of Final Rules Issued by SBA 13 CFR Parts 113, 120 and 121 (82 pages Released January 7, 2021) 13 CFR Parts 120 and 121 (42 pages Released January 7, 2021) SBA Forms Released January 11, 2021 Home Speakers Agenda Registration What you…

December 23, 2020 Caity Roach Editor C-Suite Wednesday— Small Business Lending Activity on a Bumpy Road to Recovery While small business lending activity rose moderately in October (1.7% M/M), preliminary November data collected by PayNet suggests a bumpy road ahead for Main Street as COVID-19 cases rise once again. Although overall unemployment claims continue to…

December 22, 2020 By Bob Coleman Editor Top Ten Things We Know as of Today. SBA 7(a) Guaranty to be raised to 90% PPP Forgiveness will be a one-page certification by borrower for loans less than $150,000 EIDL advances of $10,000 will NOT be recouped in PPP forgiveness No tax implications to PPP borrowers on…

December 22, 2020 Caity Roach Editor Hot Topic Tuesday – SBA Update from 504 Lenders Connect Conference  Last week, at the 504 Lenders Connect Quarterly Conference, a panel of SBA staff members provided an update on recent agency notices and upcoming procedural changes. Here is a summary of the key topics discussed at the conference:…

December 21, 2020 Caity RoachEditor Main Street Monday — Americans Are Starting New Businesses at Record Pace 2020 saw a large spike in new business applications. New figures from a study by LendingTree indicate that in the first 13 weeks of the year, an average of nearly 74,000 businesses applied for employer identification numbers (EINs)…

December 18, 2020 Caity RoachEditor Secondary Market Update — CARES Act Causes SBA Loan Default Rates to Drop Yesterday was the first day of Coleman and Government Loan Solutions’ 13th Annual 2020 SBA Secondary Market Summit. Session 1 included keynote presentations by Bob Judge, Chris Hurn, Jon Winick, and Coleman staff. Here are the highlights…

December 18, 2020 Caity RoachEditor Fraud Friday — Chase Business Relationship Manager Steals $1.25 Million Dollars from 82-Year-Old Customer Jacob Roach, a former Tucson-based business relationship manager at a Chase Bank has been sentenced to 40 months in federal prison for stealing a total of $1.25 million from an 82-year-old bank customer.  On October 4,…

December 17, 2020 Caity RoachEditor Coleman Movers & Shakers — Krista Snelling, Rob Pickerell, and Rob Chateauneuf Santa Cruz County Bank Announces Appointment of Krista Snelling President and Chief Executive Officer “We are pleased to announce the appointment of Krista Snelling as President and CEO of Santa Cruz County Bank to become effective March 1,…

December 16, 2020 Caity Roach Editor C-Suite Wednesday — FSOC Recommendations May Mean More Oversight for SBA   “The outbreak of the COVID-19 pandemic is the biggest external shock to hit the post-war U.S. economy,” says the Financial Stability Oversight Council (FSOC) in its 2020 annual report. “As businesses and establishments shut down in March and…

December 14, 2020 Caity Roach Editor Hot Topic Tuesday — ICBA Continues to Push for Removal of EIDL Advance Deduction Independent Community Bankers of America (ICBA), in conjunction with 44 state banking associations, continues to push Congress to pass legislation that would effectively remove the $10,000 Economic Injury Disaster Loan (EIDL) Advance grant deduction from…