Coleman Report

July 1, 2020 By Caity WituckiContributing Editor, C-Suite Wednesday C-Suite Wednesday –  OCC Says PPP Poses Compliance Risk On Monday, the Office of the Comptroller of the Currency (OCC) reported that financial institution profitability is at risk due to a decline in economic conditions brought on by the coronavirus pandemic. According to the report, financial…

June 30, 2020 By: Caity WituckiContributing Editor, Hot Topic Tuesday Hot Topic Tuesday –  GAO Report on Lack of PPP Oversight Last Thursday, the Government Accountability Office (GAO) released a report urging the SBA and other government agencies to enact PPP loan fraud risk management policies. In the report, the GAO said that “because of…

June 29, 2020 By: Caity WituckiContributing Editor, Main Street Monday Main Street Monday –  June 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’ impact on millions of local businesses in real-time. Yelp’s most recent Coronavirus Economic Impact Report from June…

June 26, 2020 By Caity WituckiContributing Editor, Fraud Friday Fraud Friday — Texas Man Gets PPP Loan for Defunct Wedding Planning Business The wedding planning business his wife owned went bust in 2018, but that did not stop Fahad H. Shah from allegedly using the company’s name to apply for a $3 million PPP loan.…

June 25, 2020  By Caity Witucki Contributing Editor, Coleman Movers & Shakers Coleman Movers & Shakers — Mario Campbell, Jim Frey, Anthony Niciejewski, and Herold Jemison Gulf Coast Small Business Lending Announces Opening of 2 Pennsylvania Offices, Hiring of Mario Campbell and Jim Frey Earlier this month Gulf Coast Small Business Lending (GCSBL) announced the…

June 24, 2020 By Caity WituckiContributing Editor, C-Suite Wednesday C-Suite Wednesday –  FDIC to Mitigate the Deposit Insurance Assessment Effect of Participation in PPP On Monday, The FDIC approved a final rule to ensure banks will not be subject to significantly higher deposit insurance assessments for participating in the Paycheck Protection Program (PPP), the Paycheck…

June 23 2020 By Caity Witucki Contributing Editor, Hot Topic Tuesday Hot Topic Tuesday — SBA and Treasury to Publish Names of Some PPP Loan Recipients On June 19, 2020, the SBA and U.S. Department of Treasury announced their intent to release PPP data in order to ensure transparency and effectiveness in the program. According…

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,…