Coleman Report
Hot Topic Tuesday – 74% of Total PPP Loan Dollar Amount has Applied for Forgiveness
October 12, 2021 Delaney SextonContributing Editor Hot Topic Tuesday – 74% of Total PPP Loan Dollar Amount has Applied for Forgiveness Since the Paycheck Protection Program’s starting date on April 3rd, 2020, the SBA has aided millions of small businesses affected by the COVID-19 pandemic and provided nearly $800 billion to USA’s Main Street. By…
Read MoreMain Street Monday – SBA Disbursed $4.5 Billion More in EIDL Grants to Sole Proprietors and Independent Contractors than Policy Allowed
October 11, 2021 Delaney SextonContributing Editor Main Street Monday – SBA Disbursed $4.5 Billion More in EIDL Grants to Sole Proprietors and Independent Contractors than Policy Allowed “We found SBA did not establish a proper internal control environment at the onset of the program to prevent sole proprietors and independent contractors without employees from receiving…
Read MoreFraud Friday – Seeman Holtz Obtained a $4.27 Million PPP Loan Before Multiple Fraud Lawsuits
October 8, 2021 Delaney SextonContributing Editor Fraud Friday – Seeman Holtz Obtained a $4.27 Million PPP Loan Before Multiple Fraud Lawsuits Seeman Holtz Property and Casualty LLC was approved for a PPP loan in April 2020. The Florida-based insurance and financial firm applied for the PPP loan through a bank in Massachusetts, Needham Bank. Soon…
Read MoreColeman Movers & Shakers – Jon Voeller, Annie Olds, and Dante Fazzina
October 7, 2021 Delaney SextonContributing Editor Coleman Movers & Shakers – Jon Voeller, Annie Olds, and Dante Fazzina Gulf Coast Small Business Lending Announces Jon Voeller as SVP, Business Development Officer “We are experiencing tremendous growth and are especially pleased to have Jon, a proven and experienced SBA professional, join our growing Gulf Coast Small…
Read MoreSBA Screen Outs Your Loan — Do You Know the Quick Fixes? — Webinar 10/20
Avoid SBA 7(a) and 504 Primary Screen-Out Reasons Wednesday, October 20, 2021 Time: 2:00pm ETA 75-minute Coleman Webinar with staff e-certification Download a Registration Form This Coleman webinar answers an important SBA loan origination question — what to do with Screen Outs? Lenders, and borrowers, need to know the various deadlines for filing paperwork. And,…
Read MoreC-Suite Wednesday – California Department of Financial Protection and Innovation Proposed Rulemaking for Lending Pilot Program
October 6, 2021 Delaney SextonContributing Editor C-Suite Wednesday – California Department of Financial Protection and Innovation Proposed Rulemaking for Lending Pilot Program The California Department of Financial Protection and Innovation (DFPI) released a notice of proposed rulemaking on August 6th, 2021 for their Pilot Program for Increased Access to Responsible Small Dollar Loans. These updates…
Read MoreHot Topic Tuesday – SBA Update on FY21 7(a) Fees for Loans Approved After CARES Funding Depleted
October 5, 2021 Delaney SextonContributing Editor Hot Topic Tuesday – SBA Update on FY21 7(a) Fees for Loans Approved After CARES Funding Depleted The SBA New York District Office sent an update on the 7(a) fee waivers and Section 1112 payments for new 7(a) loans in the fiscal year 2021. All 7(a) fee waivers and…
Read MoreMain Street Monday – Restaurants and Bars Have Lost Almost $300 Billion During the Pandemic
October 4, 2021 Delaney SextonContributing Editor Main Street Monday – Restaurants and Bars Have Lost Almost $300 Billion During the Pandemic The COVID-19 pandemic has had detrimental effects on the restaurant industry. The Restaurant Revitalization Fund promoted hope in restaurant owners that they would secure the necessary funding to continue operations. Small business owners applied…
Read MoreFraud Friday – Two Former New York Bank Employees and an Accountant Charged with Loan Fraud
October 1, 2021 Delaney SextonContributing Editor Fraud Friday – Two Former New York Bank Employees and an Accountant Charged with Loan Fraud “Fraudulent schemes exploiting the Paycheck Protection Program are unfortunately all too commonplace. Okeke, Wint, and Campbell, as charged today, join the ranks of others before them who took it upon themselves to personally…
Read MoreSBA Statistics – 7(a) and 504 Lending Report for Fiscal Year 2021
September 30, 2021 Delaney SextonContributing Editor SBA Statistics – 7(a) and 504 Lending Report for Fiscal Year 2021 Today marks the end of FY21. After a record-breaking year for lending, here is the data as of September 24th. 504 LendingFor the first time ever, the 504 loan program ran out of funds before the end…
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