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…

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…