Coleman Report

July 28, 2020 By Caity WituckiContributing Editor, Hot Topic Tuesday Hot Topic Tuesday — House Committee Looks to Improve SBA’s IT Systems On July 22, 2020, the House Small Business Committee held a hearing to learn more about the SBA’s information technology (IT) systems, IT modernization efforts, and cybersecurity strategies. “Ineffective IT systems have been…

July 27, 2020 By: Caity WituckiContributing Editor, Main Street Monday Main Street Monday – Better Business Bureau Survey Reveals Small Business Growth Opportunities The stories of resilient, honest, and innovative business owners across the U.S. continue to inspire and create hope for a brighter future in a post-COVID world. To help capture these success stories…

July 23, 2020 By Caity WituckiContributing Editor BREAKING NEWS — SBA Announces PPP Forgiveness Guidelines  According to an SBA Procedural Notice released today, the PPP Forgiveness Platform will go live and begin accepting lender submissions on August 10, 2020. Lenders may utilize the PPP Forgiveness Platform to accept loan forgiveness decisions, supporting documentation, and requests…

July 24, 2020 By Caity WituckiContributing Editor, Fraud Friday  Fraud Friday — Texas Man uses $1.1 Million  PPP Loan on Cryptocurrency Last week, Texas resident, Joshua Thomas Argires, was taken into custody on allegations that he fraudulently obtained more than $1.1 million in PPP loans which he then invested in cryptocurrency and used on personal…

July 23, 2020 By Bob JudgeEditor, CPR Report CPR Report: Actual SBA 7(a) Prepays Decrease In June, total prepays, including paid excess principal (ACPR), came in at 5.13%, a 58% decrease from last month’s reading of 12.13%. After correcting for the excess principal being released from the MRF, pool prepays (CCPR) came in at 4.46%,…

New SBA COVID Guidelines in Underwriting the 7(a) and 504 Construction Loan Home Speakers Agenda Registration Learn SBA-compliance requirements for underwriting and documenting your borrowers’ SBA construction loans and protect your SBA guaranty. 75-minutes of Online Training for your staff A Coleman Webinar Date: Wednesday, August 5, 2020 Time: 2:00 p.m. Eastern Download a Registration…

July 23, 2020  By Caity Witucki Contributing Editor, Coleman Movers & Shakers Coleman Movers & Shakers — Matthew A. Robinson, Pedro Bryant, Lee Elmslie, and Mike Taylor Matthew A. Robinson Joins First Bank of the Lake as  Senior Sales Specialist Matthew A. Robinson has joined First Bank of the Lake’s Clearwater, Florida Small Business Administration…

July 22, 2020 By Caity WituckiContributing Editor, C-Suite Wednesday C-Suite Wednesday – SBA Funds Over $518 Billion in PPP Loans On July 17, 2020, the House of Representatives Committee on Small Business held a hearing with Steven Mnuchin, the United States Secretary of the Treasury, and Jovita Carranza, Administrator of the Small Business Administration, to…

July 21, 2020 By Caity WituckiContributing Editor, Hot Topic Tuesday Hot Topic Tuesday — House Committee Discusses PPP Forgiveness On Friday, July 17, 2020, the House Committee on Small Business held a hearing entitled “Oversight of the Small Business Administration and Department of Treasury Pandemic Programs.” At the hearing, SBA Administrator, Jovita Carranza, and Treasury…

July 20, 2020 By: Caity WituckiContributing Editor, Main Street Monday Main Street Monday – Small Business Optimism Improves in Anticipation of Better Economic Outlook According to a recent study conducted by NFIB, small business owner optimism increased by 6.2 points in June to 100.6. Notably, the study found that owners anticipate improving sales as the…