Coleman Report

June 22, 2020 By: Caity WituckiContributing Editor, Main Street Monday Main Street Monday –  U.S. Census Bureau Survey Shows Small Business Conditions Improving in June The U.S. Census Bureau recently conducted a follow-up to its survey on the impact of COVID-19 on small businesses. The thousands of responses that the U.S. Census Bureau received from…

June 19, 2020 CPR Report: Actual 7(a) Prepays Decrease By Bob Judge Editor, CPR Report In May, total prepays, including paid excess principal (ACPR), came in at 12.13%, a .11% increase from last month’s reading of 12.12%. After correcting for the excess principal being released from the MRF, pool prepays (CCPR) came in at 11.13%,…

June 19, 2020 By Caity WituckiContributing Editor, Fraud Friday Fraud Friday — Illinois Tech CEO Charged with PPP Loan Fraud  On Monday, Chicago area tech CEO, Rahul Shah, was charged with PPP loan fraud. Prosecutors allege that Shah sought over $400,000 in forgivable loans that greatly exaggerated his company’s payroll costs.  According to the complaint,…

June 18, 2020  By Caity Witucki Contributing Editor, Coleman Movers & Shakers Coleman Movers & Shakers — Dennis Hudson, National Main Street Center, and Lendio Dennis Hudson Retiring as CEO of Seacoast Banking Corp.  Seacoast Banking Corp. announced in a recent press release that Dennis Hudson will be retiring from his position as President and…

June 17, 2020 By Caity WituckiContributing Editor, C-Suite Wednesday C-Suite Wednesday –  SBA Issues New PPP Forgiveness Forms and Interim Final Rule Today, the U.S. Small Business Administration, in consultation with the U.S. Department of the Treasury, posted its 19th Interim Final Rule (IFR) regarding the Paycheck Protection Program (PPP). The IFR is scheduled to…

June 16, 2020 By Caity Witucki Contributing Editor, Hot Topic Tuesday Hot Topic Tuesday — SBA and Treasury Announce Revised Guidance Regarding PPP Last Friday, The U.S. Small Business Administration, in consultation with the U.S. Department of the Treasury, issued new and revised guidance for the Paycheck Protection Program (PPP).  This guidance implements the Paycheck…

June 15, 2020 By: Caity Witucki Contributing Editor, Main Street Monday Main Street Monday –  Small Business Optimism Rebounds According to the most recent National Federation of Independent Business (NFIB) report, small business optimism increased 3.5 points in May to 94.4, a strong improvement from April’s 90.9 reading. Additionally, 8 out of 10 of NFIB’s…

June 12, 2020 By Caity Witucki Contributing Editor, Fraud Friday  Fraud Friday — Bank President Guilty of Bank Fraud and Arson Violations On June 5, 2020, Anita Gail Moody, the former president of Enloe State Bank, pleaded guilty in federal court to participating in a multimillion dollar fraud scheme and setting fire to financial documents…

June 11, 2020  By Caity Witucki Contributing Editor, Coleman Movers & Shakers Coleman Movers & Shakers — Jim Barnett, Hercules Capital, and Fernanda Pedraza Summit State Bank Welcomes Jim Barnett as Vice President and Small Business Lending Officer Jim Barnett has joined Summit State Bank’s SBA team as Vice President and Small Business Lending Officer.…

June 10, 2020 By Caity Witucki Contributing Editor, C-Suite Wednesday C-Suite Wednesday –  PPP Loan Risk Management In March, the lending industry responded to the federal government’s urgent request to facilitate the funding of Paycheck Protection Program (PPP) loans. Most participating lenders went above and beyond to get money out to small businesses affected by…