August 14, 2020 By Bob ColemanEditor, Fraud Friday Bookkeeper Gets 41 Months in Jail for Ripping off Employer The former bookkeeper for a Valdosta, Georgia physical therapy business Heather Gray, 33, was sentenced last week to 41 months in prison after pleading guilty to two counts of bank fraud. Heather was also ordered to pay…

August 13, 2020 By Bob ColemanEditor, Movers & Shakers Western Alliance Bank Hires Diane Gallion to Lead New SBA Enterprise Lending GroupWestern Alliance Bank today announced the hiring of Diane Gallion to lead its newly formed SBA Enterprise Lending Group. In her new role, Gallion will be responsible for leading and growing the bank’s SBA…

August 12, 2020 C-Suite Wednesday — 10 7(a) Loan Underwriting Guidelines during the COVID Pandemic By Bob Coleman Editor, C-Suite Wednesday SBA recently released guidance on underwriting 7(a) loans during the COVID pandemic. Here are the 10 SBA 7(a) loan underwriting guidelines per SBA Procedural Notice 5000-20042 dated August 7, 2020. (1) Does the applicant have…

August 10, 2020 By Bob ColemanEditor, Main Street Monday 75% of SBA Loan Borrowers Have Negative Outlook For Rebounded Confidence In today’s Coleman Report Live!, SBA lenders responded dismally to a poll question on the confidence of their borrowers. An overwhelming majority (75%) of respondents reported their borrowers have little confidence in an upcoming rebound…

August 7, 2020 By Bob ColemanEditor, Fraud Friday Alabama Community Bank President Sentenced to One-Year in Jail for Fraud A fraudulent loan scheme by 60-year old Jimmy Monk for illegally issuing numerous loans from existing PrimeSouth bank client accounts without their knowledge has landed the former CEO one-year in federal prison. Monk pled guilty to…

August 6, 2020 By Bob ColemanEditor, Coleman Movers & Shakers Coleman Movers & Shakers – Tom Wiker, Elliott Levine, Thomas Dolan Tom Wiker and Elliott Levine Join Harvest Business Finance as Business Development Officers “While other lenders were on hold during the recent crisis, Harvest has been bringing on more talented Business Development personnel nationwide.…

August 5, 2020 C-Suite Wednesday – Only 52% of SBA Lenders Are Accepting PPP Loan Applications By Bob Coleman Editor, C-Suite Wednesday Over the last two weeks as the Paycheck Protection Program nears the August 8th extension deadline, Senate leaders have proposed numerous changes to PPP forgiveness and SBA COVID-19 relief, giving many industry professionals…

August 4, 2020 By Bob Coleman Editor, SBA Hot Topic Tuesday SBA Hot Topic Tuesday — PPP Forgiveness FAQs as of August 4, 2020 Today, the Small Business Administration (SBA), in consultation with the Department of the Treasury, provided guidance to address borrower and lender questions concerning forgiveness of Paycheck Protection Program (PPP) loans. The…

August 3, 2020 By: Caity WituckiContributing Editor, Main Street Monday Main Street Monday – NFIB Survey Finds The Majority of Small Businesses Have Used Their Entire PPP Loan According to a recent NFIB Research Center survey on the state of small business and the Paycheck Protection Program (PPP), most small business owners (71%) have used…

July 31, 2020 By Caity WituckiContributing Editor, Fraud Friday Fraud Friday — Florida Man uses $3.9 Million PPP Loan on Lamborghini  On Monday, Florida resident, David Tyler Hines, was taken into custody on allegations that he fraudulently obtained $3.9 million in Paycheck Protection Program (PPP) loans which he then used to purchase a 2020 Lamborghini…