October 6, 2023 Delaney SextonContributing Editor Fraud Friday – OIG Advises Against Ending Collections on EIDLs $100,000 or Less The Office of Inspector General issued a management advisory highlighting their concerns with the SBA ending active collections on COVID-19 Economic Injury Disaster Loans with an outstanding balance of $100,000 or less. Three major concerns include:…

October 4, 2023 Delaney SextonContributing Editor Coleman Report – Fiscal Year 2023 Ends With $34 Billion Reaching Small Businesses During fiscal year 2023, more than 63,000 small business loans were approved through the SBA’s most significant programs. Nearly $34 billion was extended to America’s small businesses through the 7(a) loan program and the 504 loan…

October 2, 2023 Delaney SextonContributing Editor Movers & Shakers Monday – Richard Allen, Timothy Tunney, and HilltopSecurities Team Franklin Savings Bank Promotes Richard Allen to VP, Senior Commercial Loan Officer “Rich’s extensive experience and profound understanding of the local market have proven invaluable to both our clients and our organization,” Derek Hayes, SVP and Director…

September 28, 2023 Delaney SextonContributing Editor Fraud Friday – House Committee Meets with Private Sector to Discuss Returning Pandemic Loan Fraud Funds “When the pandemic started, the SBA took on an outsized role in restarting our nation’s economy. The PPP and EIDL programs were vital to saving small businesses, but that fact does not excuse…

September 25, 2023 Delaney SextonContributing Editor Movers & Shakers Monday – Kaley Lilley and Jesse Bro PlainsCapital Bank Welcomes Kaley Lilley as SVP, Commercial Loan Officer “Since starting her career in commercial lending, Kaley has demonstrated her ability to build strong client relationships in both Houston and Austin,” says Austin Region Chairman Paul Holubec. “We’re…

September 22, 2023 Delaney SextonContributing Editor Fraud Friday – Software Development CEO Sentenced for PPP Fraud & Failure to Pay Employment Taxes A CEO of multiple software development and IT services companies received a 2 year prison sentence after pleading guilty earlier this year to one count of conspiracy to commit bank fraud and one…

A SOP 5010 released on a dare from the House Small Business Committee last May was quickly followed by Congressional and industry criticism. SBA appeared to backtrack and promised to consider revisions and issue technical corrections. A Coleman WebinarWednesday, October 18, 2023 75-minute training with e-certificationRegister Online Here Never happened! Months went by and the…

Currently for the 7(a) and 504 business loan programs, SBA considers an applicant ineligible if the business has an Associate who is incarcerated, on probation, on parole, or is under indictment for a felony or any crime involving or relating to financial misconduct or a false statement, and for Microloans, in addition to incarcerated, an…

September 18, 2023 Delaney SextonContributing Editor Monday Movers & Shakers – Meghan Hormann, Josh Orloff, Marcella Alaniz, and Momentus Capital Meghan Hormann Joins VelocitySBA as National Sales Manager “We’re very excited to bring in Meghan to lead and grow our sales organization,” says President Charles Rho. “She has a wealth of experience in SBA lending,…