Coleman Report

Deferring and Servicing SBA 7(a) and 504 Loans — The Brand New Rules Home Speakers Agenda Registration Date: Wednesday, April 8, 2020 Time: 2:00 p.m. Eastern Download a Registration Form 7(a) Business Loans In accordance with SOP 50 57 2 and 13 C.F.R § 120.530, Lenders may assist borrowers experiencing temporary cash flow issues by…

March 31, 2020 By Bob Coleman Editor, Coleman Report BREAKING NEWS: SBA Releases PPP Overview – Lender Information – Application – Borrower Information SBA released guidance on the new Paycheck Protection Program loans including version 1 of the Borrower PPP Application. An overview of the program is included along with a lender information fact sheet.…

March 31, 2020 By Caity WituckiContributing Editor, SBA Hot Topic Tuesday SBA Hot Topic Tuesday — White House Expects to Launch $2 Trillion Coronavirus Economic Aid Package This Week On Friday, President Donald Trump signed into law a historic $2 trillion stimulus package to support the U.S. economy in its fight against the devastating spread…

March 30, 2020  By Caity Witucki Contributing Editor, Main Street Monday Main Street Monday – 11% of Restaurants Anticipate Permanently Closing due to COVID-19 At the beginning of 2020, restaurants were the 5th most popular small business industry, employing nearly 10% of the U.S. workforce. However, according to new research from the National Restaurant Association,…

March 27, 2020 By Caity WituckiContributing Editor BREAKING NEWS – House Approves $2 Trillion Coronavirus Economic Aid Package  This afternoon, the House approved the $2 trillion Senate-passed CARES act by voice vote, despite Rep. Thomas Massie’s attempt to require a recorded vote.  After the Chair took a voice vote, Rep. Thomas Massie requested a recorded…

March 27, 2020  By Caity WituckiContributing Editor, Fraud Friday Fraud Friday – Luxury Car Dealer Charged in $2.6 Million Loan Fraud Ring Last week, the California Department of Insurance (CDI) took Yeghishe Msryan, into custody after he was arrested in Poland and extradited back to Los Angeles for his alleged involvement in an organized fraud…

March 26, 2020  By Caity Witucki Contributing Editor, Coleman Movers & Shakers Coleman Movers & Shakers — Rhonda Pointon, Brent Donnelly, and Webster Bank Rhonda Pointon Becomes President and CEO of NADCO On Tuesday, NADCO introduced Rhonda Pointon as its new President and CEO. Pointon has served in the SBA lending industry for over 30…

March 25, 2020  By Caity Witucki Contributing Editor BREAKING NEWS — Senate Passes CARES Act Unanimously The U.S. Senate voted unanimously on Wednesday night to approve S.3548, the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The bill was introduced last week by senator Mitch McConnell and includes nearly $300 billion in SBA 7(a) loan…

March 25, 2020  By Caity Witucki Contributing Editor BREAKING NEWS — Trump Says he is Prepared to Sign the CARES Act “Immediately” During a White House briefing Wednesday evening, President Trump announced that he is prepared to sign the CARES Act immediately.  “Democrats and Republicans in the Senate are very close to passing the emergency…

SBA Lending and the $2 Trillion Stimulus Package — What it Means for SBA Lenders Home Speakers Agenda Registration SBA Lending and the $2 Trillion Stimulus Package — What it Means for SBA Lenders 75 minutes of Online Training for your staff A Coleman Webinar Date: Wednesday, April 1, 2020 Time: 2:00 p.m. Eastern Download…