Coleman Report

June 9, 2020 By Caity Witucki Contributing Editor, Hot Topic Tuesday Hot Topic Tuesday —  SBA and Treasury Issue Statement on the Paycheck Protection Program Flexibility Act On June 8, 2020, SBA Administrator, Jovita Carranza, and U.S. Treasury Secretary, Steven T. Mnuchin, issued a joint statement regarding the implementation of the new Paycheck Protection Program…

June 8, 2020 By: Caity Witucki Contributing Editor, Main Street Monday Main Street Monday –  Nearly 8 in 10 Small Businesses Reopen According to the latest MetLife & U.S. Chamber of Commerce Small Business Coronavirus Impact Report, nearly 8 in 10 American small businesses report they have reopened in some capacity and many are showing…

June 4, 2020  By Caity Witucki Contributing Editor, Coleman Movers & Shakers Coleman Movers & Shakers — Commencement Bank, Joseph Coleman Patti M. Anderson, and Brad Abel Commencement Bank Opens New Government Guaranteed Lending Department Commencement Bank announces the launch of its new Government Guaranteed Lending Division. Although the Bank has always offered government guaranteed…

June 3, 2020 By Caity Witucki Contributing Editor, C-Suite Wednesday C-Suite Wednesday –  House Calls for a Simplified PPP Forgiveness Application On May 28, 2020, Kentucky Congressman, Andy Barr, and Arkansas Congressman, French Hill, submitted a formal letter to the U.S. Department of Treasury and the U.S. Small Business Administration urging them to simplify the…

June 2, 2020 By Caity Witucki Contributing Editor, Hot Topic Tuesday Hot Topic Tuesday — SBA and Treasury Set Aside $10 Billion for CDFIs to Participate in PPP Minority-owned small businesses were hit the hardest by the pandemic’s initial economic fallout. Early reports suggest that over 90% of minority and women-owned small businesses were not…

June 1, 2020 By: Caity Witucki Contributing Editor, Main Street Monday Main Street Monday –  Main Street America Compiles Reopening Guidelines Main Street America recently conducted a follow-up to its survey on the impact of COVID-19 on small businesses to better understand the continued challenges businesses face as the health crisis evolves. The hundreds of…

May 29, 2020 By Caity Witucki Contributing Editor, Fraud Friday Fraud Friday — Texas Man Submits Over 400 Fake Employee Names on PPP Application Last week, Texas resident, Samuel Yates, was arrested on Paycheck Protection Program (PPP) loan fraud charges. Prosecutors allege that Yates sought millions of dollars in forgivable loans guaranteed by the SBA…

May 28, 2020  By Caity Witucki Contributing Editor, Coleman Movers & Shakers Coleman Movers & Shakers — Wes Taylor, Dustin Phillips, Jerry Talbert, and Derrick Andrews  Wes Taylor Promoted to SVP of Consumer and Small Business Lending at Wilson Bank & Trust. Wes Taylor has been promoted to an expanded role at Wilson Bank &…

May 28, 2020 By Caity Witucki Contributing Editor Paycheck Protection Program Research Status Deadline  The SBA has marked some Paycheck Protection Program (PPP) loans in E-Tran as requiring further research. Loans are placed in research status if they contain inaccurate or conflicting information. These loans must be reviewed by lenders by 8:00 pm EDT, Thursday,…

May 27, 2020  By Caity Witucki Contributing Editor, C-Suite Wednesday C-Suite Wednesday — Interim Final Rule Issued on PPP Lender Responsibilities On May 22, 2020 the Small Business Administration and Treasury Department issued an interim final rule on Paycheck Protection Program (PPP) procedures. This interim final rule is intended to inform borrowers and lenders of the…