Coleman Report

April 2, 2020 By: Caity WituckiContributing Editor BREAKING NEWS – SBA Provides Additional  Guidance on Paycheck Protection Program On April 2, 2020 around 7:00 PM Eastern, the Small Business Administration (SBA) issued additional guidance for SBA lenders.  Quick Takeaways: The Interest Rate on PPP loans has been changed from 0.5% to 1% (page 11). Borrowers…

April 2, 2020 SBA Administrator: We Are Looking For Employees to Be Ready, Not Lost By Bob ColemanEditor, Coleman Report Treasury Secretary Mnuchin and SBA Administrator held a press conference Thursday evening with President Donald Trump at the White House to discuss the SBA Paycheck Protection Program being launched Friday, April 3, 2020. “We’re concerned…

April 2, 2020 By Caity WituckiContributing Editor Senate Committee on Small Business and Entrepreneurship Publishes Small Business Owner’s Guide to the CARES Act Navigating the programs and initiatives in the Coronavirus Aid, Relief, and Economic Security (CARES) Act may be difficult for small business owners. To avoid confusion, the U.S. Senate Committee on Small Business…

April 2, 2020  By Caity Witucki Contributing Editor, Coleman Movers & Shakers Coleman Movers & Shakers — Lendio, American Bank of Commerce, U.S. Banks Raise Money to Fight Pandemic Lendio to Hire 200 Agents to Match Small Businesses With CARES Act Loans Lendio, a small business loan marketplace, recently announced its plans to hire up…

April 1, 2020 By: Caity WituckiContributing Editor, C-Suite Wednesday C-Suite Wednesday – The Difference Between PPP, EBL and EIDL The $2 trillion coronavirus relief package signed by the President last week includes nearly $350 billion for a federal small business loan program called the Paycheck Protection Program (PPP). PPP loans are separate from existing federal…

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…