Coleman Report

May 26, 2020 By Caity Witucki Contributing Editor, Hot Topic Tuesday Hot Topic Tuesday — SBA and Treasury Issue Additional Guidance on PPP Loan Forgiveness On May 22, 2020 the Small Business Administration and Treasury Department quietly issued additional forgiveness guidance for the Paycheck Protection Program (PPP) in an interim final rule. The new interim…

1502 Reporting Guidelines – A Coleman Webinar Home Speakers Agenda Registration 75 minutes of Online Training for your staff A Coleman Webinar Date: Thursday, May 28, 2020 Time: 2:00 p.m. Eastern Download a Registration Form 1502 Reporting SBA Procedural Notice 5000-20028 was released on May 21, 2020 which detailed the guidelines for PPP Loan Reporting…

May 22, 2020 By Caity Witucki Contributing Editor, Fraud Friday Fraud Friday – Kerri Agee Allegedly Provides False Financials Prior banc-serv Sale On June 24, 2016, the former chief executive officer and founder of banc-serv, Kerri Agee (aka Kerri Agee-Smith), sold her full interest in banc-serv to a subsidiary of Newtek Business Services Corp. for…

PPP Lenders: Explore options to sell your PPP loans or to engage a servicer The PPP origination process – from application to closing – was a sprint unlike any you have experienced in your career. Based upon the forgiveness guidance (or lack thereof), loan servicing could make origination look like a walk in the park.…

May 21, 2020  By Caity Witucki Contributing Editor, Coleman Movers & Shakers Coleman Movers & Shakers — Steve Penza, C.J. Sentell, and The Regions Foundation Steve Penza Joins First Port City Bank’s Government Guaranteed Lending Division First Port City Bank is pleased to announce its hiring of Steve Penza as Government Guaranteed Lender. In his…

May 19, 2020  By Caity Witucki Contributing Editor Treasury Secretary Steven Mnuchin Discusses 1502 Extension During this morning’s Quarterly CARES Act Report to Congress, Arkansas Senator, Tom Cotton, urged Treasury Secretary, Steven Mnuchin, to provide participating Paycheck Protection Program (PPP) lenders with additional guidance on SBA Form 1502 reporting and push back the May, 22,…

May 19, 2020  By Caity Witucki Contributing Editor, Hot Topic Tuesday Hot Topic Tuesday —  Rubio and Mnuchin Call for Significant PPP Revisions  Last weekend, the Wall Street Journal reported that lawmakers and government officials are planning to make significant revisions to the Paycheck Protection Program (PPP). These proposed changes come in response to criticism…

May 20, 2020 By Caity Witucki Contributing Editor, C-Suite Wednesday C-Suite Wednesday –  Congressional Committee Reviews CARES Act On May 19, 2020 the U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing to evaluate the Coronavirus Aid, Relief, and Economic Security (CARES) Act. At the hearing, lawmakers discussed whether the spirit of…

May 18, 2020 By Caity Witucki Contributing Editor, Fraud Friday Main Street Monday — Small Businesses Prepare for Further COVID-19 Impacts On May 12, 2020, Veem, a global payment network for small-to-midsize businesses, released its inaugural report, “State of Small Business: Challenges and Paths Forward.” The report provides a snapshot of sentiment among 690 U.S.…

May 15, 2020 By Caity Witucki Contributing Editor, Fraud Friday Fraud Friday — Reality TV Star Uses PPP Loan to Purchase Luxury Jewelry Reality TV personality, Maurice Fayne, who stars in 9 episodes of Love & Hip Hop: Atlanta, has been arrested on federal bank fraud charges arising from a $2 million Paycheck Protection Program…