Coleman Report

July 3, 2020 By Caity WituckiContributing Editor, Fraud Friday Fraud Friday — Couple Attempts to Flee the Country After Obtaining $1.5 Million in Fraudulent PPP Loans On Saturday, June 20, 2020, Monica Magdalena Jaworska and her husband Tarik Jaafar were arrested at the JFK Airport in New York. According to federal prosecutors, the couple had…

July 1, 2020  By Caity Witucki Contributing Editor BREAKING NEWS — Senate and House Pass PPP Extension by Unanimous Consent Wednesday night, the House of Representatives quickly passed a bill, extending the window for business owners to apply for PPP loans to August 8, 2020.  The legislation passed in both the House and the Senate…

July 2, 2020  By Caity Witucki Contributing Editor, Coleman Movers & Shakers   Coleman Movers & Shakers — Bruce C. Boddie, Todd Shutley, and East Cambridge Savings Bank Bruce C. Boddie Joins First Bank of the Lake  Bruce C. Boddie has joined First Bank of the Lake’s Small Business Administration (SBA) Lending team as Senior…

July 1, 2020 By Caity WituckiContributing Editor, C-Suite Wednesday C-Suite Wednesday –  OCC Says PPP Poses Compliance Risk On Monday, the Office of the Comptroller of the Currency (OCC) reported that financial institution profitability is at risk due to a decline in economic conditions brought on by the coronavirus pandemic. According to the report, financial…

June 30, 2020 By: Caity WituckiContributing Editor, Hot Topic Tuesday Hot Topic Tuesday –  GAO Report on Lack of PPP Oversight Last Thursday, the Government Accountability Office (GAO) released a report urging the SBA and other government agencies to enact PPP loan fraud risk management policies. In the report, the GAO said that “because of…

June 29, 2020 By: Caity WituckiContributing Editor, Main Street Monday Main Street Monday –  June Coronavirus Economic Impact Report Utilizing Yelp’s impressive collection of economic data, the company’s Economic Advantage team has been able to track the coronavirus’ impact on millions of local businesses in real-time. Yelp’s most recent Coronavirus Economic Impact Report from June…

June 26, 2020 By Caity WituckiContributing Editor, Fraud Friday Fraud Friday — Texas Man Gets PPP Loan for Defunct Wedding Planning Business The wedding planning business his wife owned went bust in 2018, but that did not stop Fahad H. Shah from allegedly using the company’s name to apply for a $3 million PPP loan.…

June 25, 2020  By Caity Witucki Contributing Editor, Coleman Movers & Shakers Coleman Movers & Shakers — Mario Campbell, Jim Frey, Anthony Niciejewski, and Herold Jemison Gulf Coast Small Business Lending Announces Opening of 2 Pennsylvania Offices, Hiring of Mario Campbell and Jim Frey Earlier this month Gulf Coast Small Business Lending (GCSBL) announced the…

June 24, 2020 By Caity WituckiContributing Editor, C-Suite Wednesday C-Suite Wednesday –  FDIC to Mitigate the Deposit Insurance Assessment Effect of Participation in PPP On Monday, The FDIC approved a final rule to ensure banks will not be subject to significantly higher deposit insurance assessments for participating in the Paycheck Protection Program (PPP), the Paycheck…

June 23 2020 By Caity Witucki Contributing Editor, Hot Topic Tuesday Hot Topic Tuesday — SBA and Treasury to Publish Names of Some PPP Loan Recipients On June 19, 2020, the SBA and U.S. Department of Treasury announced their intent to release PPP data in order to ensure transparency and effectiveness in the program. According…