Coleman Report

March 16, 2021 Caity Roach Editor Hot Topic Tuesday— SBA’s Annual Financial Report Highlights Progress Toward Agency Goals  Although the coronavirus pandemic has deeply impacted the SBA’s progress toward its FY 2021 Agency Priority Goals, the SBA has made great headway by meeting and exceeding some of its 2020 objectives. According to the SBA’s Annual…

March 15, 2021 Caity Roach Editor Main Street Monday – New SBA 504 Refinancing Rules Allow Borrowers to Maximize their CRE Equity Withdrawals  The Economic Aid Act temporarily gives Certified Development Companies (CDCs) unilateral authority to refinance the first lien on an existing 504 Project. Also known as the “Third Party Loan,” the first and…

March 12, 2021 Caity Roach Editor Fraud Friday – Three London Bankers Arrested for £6 Million Bounce Back Loan Fraud Scheme “Ensuring the integrity of the financial sector is a vital part of our work to tackle illicit finance,” says the Head of Financial Investigation at the UK National Crime Agency (NCA). “Criminal exploitation of…

March 11, 2021 Caity Roach Editor Coleman Movers & Shakers – Jason Parsons, Patrick McEvoy, and Shawn Ecksel Jason Parsons to Head Security National Bank SBA Department “Jason’s deep knowledge and wealth of experience in SBA lending will be a great asset to our bank, and a benefit for our clients,” says Conner Price, Texas…

March 10, 2021 Caity Roach Editor C-Suite Wednesday — Half of PPP Lenders Say The Hold Code Resolution Process is Improving According to the latest polls conducted during the Coleman Report Live daily show, 4 out of 5 SBA lenders are still experiencing hold code errors on 1-20% of their PPP loan portfolio. Compared to…

March 9, 2021 Caity Roach Editor SBA Hot Topic Tuesday— Revisions to the Loan Amount Calculation For Schedule C Borrowers Last week, the SBA, in consultation with the White House and Treasury, issued an interim final rule which allows individuals who file an IRS Form 1040 (Schedule C) to calculate their maximum PPP loan amount…

March 8, 2021 Caity Roach Editor Main Street Monday— Equifax 2021 Small Business Lending Activity Report According to Equifax’s most recent small business lending activity report, 7(a) and 504 lending returned to near pre-pandemic levels late last year. However, since December SBA lending activity has steadily fallen to rates similar to that of 2017.  Here…

March 5, 2021 Caity RoachEditor Fraud Friday – Less than 0.1% of PPP Funds Went to Fraudsters Federal officials say PPP fraudsters spent millions of dollars on extravagant shopping sprees using taxpayer-provided money. To date, authorities have seized two Lamborghini Huracan sports cars, a Rolex Presidential watch, a 5.73-carat diamond ring, a diamond bracelet, two…

March 4, 2021 Caity RoachEditor Coleman Mover & Shakers – Julie Verratti, Mark Raffield, and Andrew Jadatz Julie Verratti Named SBA Associate Administrator of Field Operations Julie Verratti, owner and operator of Denizens Brewing Co., will serve as Associate Administrator of Field Operations for the U.S. Small Business Administration under President Joe Biden. In her…