Coleman Report

May 1, 2020 By Caity WituckiContributing Editor, Fraud Friday  Fraud Friday — Former FBI Agent Attempts to Conceal Organized Crime Income on Loan Application Former FBI Agent, Babak Broumand, was arrested last week on federal criminal charges alleging that he accepted cash bribes from the Armenian mob in exchange for sensitive information. Broumand then allegedly…

April 29, 2020  By Caity Witucki Contributing Editor BREAKING NEWS — SBA and Treasury Announce Reserved Processing Time for Lending Institutions with Less than $1 Billion in Assets To ensure fair and equal access to the Paycheck Protection Program (PPP), the SBA and U.S. Treasury has announced a reserved processing time for lending institutions with…

April 30, 2020  By Caity Witucki Contributing Editor, Coleman Movers & Shakers Coleman Movers & Shakers — Wintrust, ChoiceOne, First Bank & Trust Company, and Crestmark Wintrust Aids Over 8,900 Small Businesses Through the Paycheck Protection Program Wintrust Financial Corporation announced last week that it funded nearly $3.3 billion in loans to approximately 8,900 small…

April 28, 2020 By: Caity WituckiContributing Editor, Hot Topic Tuesday Hot Topic Tuesday – Calculating the Maximum PPP Loan Amount for Different Types of Businesses On Monday, the U.S. Department of Treasury released an Interim Final Rule authorizing all lenders eligible to originate loans under the Paycheck Protection Program (PPP) to use an alternative criterion…

April 29, 2020 By: Caity WituckiContributing Editor, C-Suite Wednesday C-Suite Wednesday –  Guidance on Participation Sales for Paycheck Protection Program Loans On Monday, the SBA issued a procedural notice to all SBA employees and Paycheck Protection Program (PPP) lenders providing guidance on participation sales for PPP loans.  According to the guidance in Procedural Notice 5000-20021,…

April 27, 2020 By: Caity WituckiContributing Editor, Main Street Monday Main Street Monday – Distribution of Initial PPP Funding Among Small BusinessesLast week, USAFacts released a report detailing how the initial funding of the first round of Paycheck Protection Program (PPP) loans was distributed among small businesses across the country. The study took into consideration…

April 24, 2020  By Caity Witucki Contributing Editor BREAKING NEWS — PPP to Resume Monday at 10:30AM EDT SBA Administrator, Jovita Carranza, and U.S. Treasury Secretary, Steven T. Mnuchin, announced today that the SBA will resume accepting PPP loan applications on Monday, April 27 at 10:30AM EDT. “The PPP has supported more than 1.66 million…

April 24, 2020  By Caity Witucki Contributing Editor, Fraud Friday Fraud Friday —  Department of Justice Prepares for Coronavirus Stimulus Fraud On April 21, 2020 the U.S. Department of Justice issued a statement warning about the potential for economic stimulus fraud schemes. According to the statement, U.S. law enforcement personnel have already received numerous reports…

April 23, 2020  By Caity Witucki Contributing Editor BREAKING NEWS — The House Passes Paycheck Protection Program and Health Care Enhancement Act On Thursday, April 23, 2020, the U.S. House of Representatives approved  the Paycheck Protection Program and Health Care Enhancement Act. The bill provides a $484 billion expansion to the Coronavirus Aid, Relief, and…

April 22, 2020  By Caity Witucki Contributing Editor President Trump Applauds Banks for Contributing to the Success of PPP On Wednesday, April 22, 2020, President Trump thanked the SBA lending community for contributing to the  success of the first round of  Paycheck Protection Program (PPP) loans. “In our first round of funding, we provided nearly…