Coleman Report

April 13, 2020 By: Caity WituckiContributing Editor, Main Street Monday Main Street Monday – Abrupt Turn in Small Business Optimism Ends 39-Month Historic Run Despite growing concerns surrounding the COVID-19 outbreak, small business optimism remained high throughout most of March. According to the National Federation of Independent Business (NFIB), small-business-optimism was just a few points…

April 10, 2020 By Caity WituckiContributing Editor, Fraud Friday  Fraud Friday – Former Outcome Health Executives Indicted for $1 Billion Fraud Scheme Outcome Health’s former executives, Rishi Shah, Shradha Agarwal, Brad Purdy and Ashik Desai are facing criminal charges for their alleged involvement in a $1 billion financial fraud scheme. Two Outcome Health employees have…

April 10, 2020 By: Caity WituckiContributing Editor Senate Blocks $250 Billion PPP Loan Expansion  On Thursday, the Senate blocked efforts to expand the $349 billion small business stimulus lending program by an additional $250 billion.Senate Majority Leader Mitch McConnell tried to approve the measure by a unanimous vote. However, Senator Ben Cardin, objected to the…

Submitting and Funding PPP (Paycheck Protection Program) Loans – Round 2 Funding Home Speakers Agenda Registration What it Means for SBA Lenders 75 minutes of Online Training for your staff A Coleman Webinar Date: Wednesday, April 22, 2020 Time: 2:00 p.m. Eastern Download a Registration Form Paycheck Protection Program Loans The initial $350 billion in…

April 8, 2020 By: Caity WituckiContributing Editor, C-Suite Wednesday C-Suite Wednesday – Federal Reserve Announces Plan to Ease PPP Lending Conditions On Monday, April 6, 2020, around 2:00 PM Eastern, the Federal Reserve announced its intent to support the new Paycheck Protection Program (PPP) by making it easier for banks to lend to smaller companies.…

April 9, 2020  By Caity Witucki Contributing Editor, Coleman Movers & Shakers Coleman Movers & Shakers — Eddie Tuvin, Jeffrey Boyce, and Fifth Third Bank Eddie Tuvin Joins FSC First as Chief Lending Officer Edward (Eddie) Tuvin has been promoted to Chief Lending Officer at FSC First Bank. Prior to his appointment, Tuvin served as…

April 7, 2020  By Caity WituckiContributing Editor, SBA Hot Topic Tuesday SBA Hot Topic Tuesday — SBA OIG Releases White Paper on Prior Audits of Economic Stimulus Loans  To ensure program integrity and mitigate the risk of financial loss for federally backed COVID-19 related loans, the Coronavirus Aid, Relief, and Economic Security (CARES) Act includes…

April 6, 2020 By: Caity WituckiContributing Editor, Main Street Monday Main Street Monday – 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’s impact on millions of local businesses in real-time. Yelp’s most recent Coronavirus Economic Impact Report from April…

April 3, 2020 By Caity WituckiContributing Editor, Fraud Friday Fraud Friday – French Restaurant Owner Faces Numerous Fraud Charges Last month, Barbara Meyzen, the former owner of La Crémaillère, an upscale french restaurant located in Banksville, New York, pleaded guilty to multiple counts of bank fraud. According to the criminal complaint, from August 2015 to…

April 2, 2020 By: Caity WituckiContributing Editor BREAKING NEWS – SBA Provides Additional  Guidance on Paycheck Protection Program On April 2, 2020 around 7:00 PM Eastern, the Small Business Administration (SBA) issued additional guidance for SBA lenders.  Quick Takeaways: The Interest Rate on PPP loans has been changed from 0.5% to 1% (page 11). Borrowers…