December 29, 2020 Caity RoachEditor Hot Topic Tuesday — Dates You Need to Know for PPP 3.0 In addition to allowing particularly impacted businesses to obtain a second draw PPP loan, The Consolidated Appropriations Act of 2021, makes several changes to PPP, EIDL, 7(a), and 504 deadlines.  Here are the dates you should know before…

December 28, 2020 Caity RoachEditor Main Street Monday — Key Provisions in the New Economic Recovery Act Sunday night the President signed the $900 billion coronavirus economic aid bill which passed in both the House of Representatives (359-53) and the Senate (92-6) on December 21, 2020. The legislation, the Consolidated Appropriations Act, 2021, includes over…

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,…