August 28, 2020  By Caity Roach (née Witucki)Contributing Editor, Fraud Friday Fraud Friday— Bank of America Manager Arrested for Embezzling $1.5 Million Former Bank of America client relationship manager, Waqas Ali, was arrested last week for allegedly embezzling $1.5 million from one of his clients and using a portion of those funds to purchase a…

August 27, 2020  By Caity Roach (née Witucki)Contributing Editor, Coleman Movers & Shakers Coleman Movers & Shakers — Ana Parra, Micah Glenn,  and T.J. Miller Ana Parra to Serve as Program Director at Women’s Business Center in South Carolina  Parra joins CommunityWorks from a local marketing agency. She is an experienced communications professional with over…

August 26, 2020 By: Caity Roach (née Witucki)Contributing Editor, C-Suite Wednesday C-Suite Wednesday — 52% of SBA Lenders Anticipate Another Stimulus Package Over the past three months, congressional leaders have proposed numerous coronavirus relief bills with funding for small businesses. However, negotiations broke down before Congress left for summer recess, leaving small businesses and business…

August 25, 2020 By: Caity Roach (née Witucki)Contributing Editor, Hot Topic Tuesday Hot Topic Tuesday – SBA Update from 2020 Lenders Connect Conference  Last week, at the Lenders Connect 2020 Virtual SBA Lending Conference, a panel of SBA staff members provided an update on current and upcoming SBA projects. According to Deputy Associate Administrator, Bill…

August 24, 2020 By: Caity Roach (née Witucki)Contributing Editor, Main Street Monday Main Street Monday – 1 in 3 Firms Will Close Without Increased Sales According to a recent study conducted by the Federal Reserve, one-third of service firms and factories will run out of money in less than a year if their sales do…

August 21, 2020  By Caity Roach (née Witucki)Contributing Editor, Fraud Friday Fraud Friday— California Man Flees to Belarus After Being Indicted for Loan Fraud California businessman, Arman Manukyan, was formally charged last week for allegedly obtaining more than $860,000 in fraudulent PPP loan funds for two shell companies and transferring the bulk of his illicit…

August 20, 2020  By Caity Roach (née Witucki)Contributing Editor, Coleman Movers & Shakers Coleman Movers & Shakers — First Internet Bank, Gary L. Siddens, Jr., and Craig Buse First Internet Bank Continues SBA Expansion Last week, First Internet Bank announced that two new Senior Business Development Officers joined its SBA Lending team. With the additions…

August 19, 2020 By Caity Roach (née Witucki)Contributing Editor, C-Suite Wednesday C-Suite Wednesday –  SBA Lenders Unsure About PPP Rules and Procedures According to the latest polls conducted during the Coleman Report Live daily show 32% of SBA lenders felt unsure about the rules regarding the disclosure of agent fees on SBA Form 159. In…

August 18, 2020 By: Caity Roach (née Witucki)Contributing Editor, Hot Topic Tuesday Hot Topic Tuesday – SBA Issues Interim Final Rule on Loan Review On August 11, 2020, the SBA released a new interim final rule (IFR). This IFR establishes a new subpart L for 13 CFR part 134, establishing rules of practice for appeals…

August 17, 2020 By: Caity Roach (née Witucki)Contributing Editor, Main Street Monday Main Street Monday – Restaurant Industry Bankruptcies According to the Journal of Hospitality Financial Management (JHFM), the foodservice industry continues to experience significant setbacks due to event cancellations and consumer trends caused by the coronavirus pandemic. Already, numerous restaurants have had to file…