Coleman Report

August 4, 2020 By Bob Coleman Editor, SBA Hot Topic Tuesday SBA Hot Topic Tuesday — PPP Forgiveness FAQs as of August 4, 2020 Today, the Small Business Administration (SBA), in consultation with the Department of the Treasury, provided guidance to address borrower and lender questions concerning forgiveness of Paycheck Protection Program (PPP) loans. The…

August 3, 2020 By: Caity WituckiContributing Editor, Main Street Monday Main Street Monday – NFIB Survey Finds The Majority of Small Businesses Have Used Their Entire PPP Loan According to a recent NFIB Research Center survey on the state of small business and the Paycheck Protection Program (PPP), most small business owners (71%) have used…

July 31, 2020 By Caity WituckiContributing Editor, Fraud Friday Fraud Friday — Florida Man uses $3.9 Million PPP Loan on Lamborghini  On Monday, Florida resident, David Tyler Hines, was taken into custody on allegations that he fraudulently obtained $3.9 million in Paycheck Protection Program (PPP) loans which he then used to purchase a 2020 Lamborghini…

July 30, 2020  By Caity Witucki Contributing Editor, Coleman Movers & Shakers Coleman Movers & Shakers — Greg Pitner, Hollie Blagg, and SBA Senior Executives Greg Pitner Joins First Internet Bank Greg Pitner joins First Internet Bank’s Small Business Administration (SBA) Lending team as VP, Senior Business Development Officer. As an SBA business development officer,…

July 29, 2020 By: Caity WituckiContributing Editor, C-Suite Wednesday C-Suite Wednesday – Lenders Anticipate Changes to PPP Forgiveness and SBA Coronavirus Relief Over the past month and a half, congressional leaders have proposed numerous changes to PPP forgiveness and SBA coronavirus relief. According to the latest polls conducted during the Coleman Report Live daily show,…

July 28, 2020 By Caity WituckiContributing Editor, Hot Topic Tuesday Hot Topic Tuesday — Senate Introduces Continuing Small Business Recovery and Paycheck Protection Program Act Yesterday, U.S. Senator Marco Rubio, Chairman of the Senate Committee on Small Business and Entrepreneurship, and Senator Susan Collins , a senior member of the Senate Committee on Appropriations and…

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…