Coleman Report
Key Player In Fraud Investigation Taken into Custody After Seeking to Exhume Bank President’s Body
October 23, 2020 Caity RoachContributing Editor Fraud Friday — Key Player In Fraud Investigation Taken into Custody After Seeking to Exhume Bank President’s Body Former Washington Federal Bank President and fraud suspect, John F. Gembara, was found dead on December 3, 2017, in the home of a customer who owed the bank $2.8 million. Gembara’s…
Read MoreColeman Movers & Shakers — Julie Fuller Jones, Lori Milton, and Giovanna Piovanetti
October 22, 2020 Caity RoachContributing Editor Coleman Movers & Shakers — Julie Fuller Jones, Lori Milton, and Giovanna Piovanetti Julie Fuller Jones Selected to Lead Encore Bank’s New SBA Lending Division “Julie has a proven record of building and leading small business lending divisions,” says Encore Bank Senior Executive Vice President and Chief Operations Officer,…
Read MoreC-Suite Wednesday — Small Business Lending Falls as Economic Recovery Slows
October 21, 2020 Caity Roach Contributing Editor C-Suite Wednesday — Small Business Lending Falls as Economic Recovery Slows For the first time since April, PayNet’s Small Business Lending Index declined 13.5 points (-9.1%) to 134.7 in August, signaling that the summer small business lending surge caused by PPP may be slowing down. Despite the drop,…
Read MoreOIG Says Managing COVID-19 Stimulus is the Greatest Challenge Facing SBA in FY 21
October 20, 2020 Caity RoachContributing Editor Hot Topic Tuesday — OIG Says Managing COVID-19 Stimulus is the Greatest Challenge Facing SBA in FY 21 On October 16, 2020 the SBA OIG published its annual report on the top management and performance challenges facing the SBA in the new fiscal year. “This report discusses several challenges…
Read MoreA Coleman Special Report — Lenders May Rely on Borrower Representations for PPP Loans Less than $50,000
By Bob Coleman Editor, Coleman Report A Coleman Special Report — Lenders May Rely on Borrower Representations for PPP Loans Less than $50,000 Effective October 14: The lender does not need to independently verify the borrower’s reported information if the borrower submits documentation supporting its request for loan forgiveness and attests that it accurately verified…
Read MoreMain Street Monday — 23% of Small Businesses Plan on Hiring in the Next Three Months
October 19, 2020 Caity RoachContributing Editor Main Street Monday — 23% of Small Businesses Plan on Hiring in the Next Three Months “[Business] plans are back to levels observed in the first quarter when the economy was busy extending the longest expansion in history,” says NFIB Chief Economist, William C.Dunkelberg. “Owners are now anticipating that the…
Read MoreFraud Friday — Former Office Manager Defrauds Employer
October 16, 2020 Caity RoachContributing Editor Fraud Friday — Former Office Manager Defrauds Employer Richard Walker, a former part-time office manager of an Orlando based business, has been sentenced to five years and five months in federal prison for embezzling and diverting over $900,000 to himself and his two businesses, RBD Distributors LLC and Shotgun…
Read MoreColeman Movers & Shakers — Rhiannon Hernandez, Dave Klooster, and Ernie Beaudet
October 15, 2020 Caity RoachContributing Editor Coleman Movers & Shakers — Rhiannon Hernandez, Dave Klooster, and Ernie Beaudet Rhiannon Hernandez joins Needham Bank as Vice President, SBA Relationship Manager “The Small Business Lending team is an important and growing sector of our business at Needham Bank,” says Michael Semizoglou, Small Business Team Leader. “Rhiannon has…
Read MoreHot Topic Tuesday — Bloomberg Analysis Finds PPP Scammers Targeted Fintechs
October 14, 2020 Caity RoachContributing Editor Hot Topic Tuesday — Bloomberg Analysis Finds PPP Scammers Targeted Fintechs In an effort to distribute PPP funds to struggling small businesses faster and more efficiently, the SBA gave fintechs the green light to participate in the program on April 14, 2020. However, the SBA’s need for speed may…
Read MoreHot Topic Tuesday — The 3508S is a Step in the Right Direction
September 8, 2020 By Caity Roach Contributing Editor, Hot Topic Tuesday Hot Topic Tuesday — The 3508S is a Step in the Right Direction On October 8, 2020, the SBA, in consultation with the Treasury Department, released a simpler loan forgiveness application for PPP loans of $50,000 or less. The new form is intended to…
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