Coleman Report

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…

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…