Coleman Report

December 10, 2024 Delaney SextonContributing Editor SBA Publishes Procedural Updates, Effective Immediately On Monday, SBA published a procedural notice with a variety of updates for the 7(a) and 504 programs. The changes primarily focus on the SOP 50 10 7.1, but there are changes to look out for that apply to the SOP 50 55.…

December 9, 2024 Bob ColemanFounder & Publisher Former Georgia US Senator Kelly Loeffler has been nominated by President-Elect Trump to be the new head of the Small Business Administration Kelly was chosen by Governor Brian Kemp in 2020 to fill the seat of Senator Johnny Isakson, a great Main Street advocate who retired for health…

December 6, 2024 Delaney SextonContributing Editor An Arkansas Man Will Spend 16 Years in Prison for $16 Million EIDL Fraud – Fraud Friday Yesterday, Tyler Keith Andrews was handed down a lengthy sentence for fraudulently applying for COVID-19 EIDLs and helping others apply for funding. District Judge Thomas O. Rice sentenced Andrews to a year…

December 5, 2024 Bob ColemanFounder & Publisher Movers & Shakers Thursday — Needham Bank Names Jonah Bowman VP, Small Business Production Manager “Jonah’s lending experience and skills in developing efficient processes will be a great help as we enhance our lending capabilities,” says Brian, Senior Vice President, Director of Middle Market. “His ability to streamline…

December 3, 2024 Bob ColemanFounder & Publisher Community Advantage Loans Increased to $500,000, Make Program Permanent Says White House From Friday’s Nov 29 press releases, “Today, the SBA is announcing an increase of the maximum loan amount backed by their Community Advantage Small Business Lending Companies (CA SBLCs) from $350,000 to $500,000 for active lenders…

December 2, 2024 Bob ColemanFounder & Publisher Main Street Monday — Over 275 Illinois State Employees Committed PPP Loan Fraud The PPP loan fraud investigation by the state of Illinois continues to grow, with now more than 275 employees accused of fraud. Employees lied about being self-employed and provided false information about their income to…

November 29, 2024 Delaney SextonContributing Editor Blueacorn Founders Indicted for Facilitating PPP Fraud & Illegal Kickbacks – Fraud Friday Two years after a scathing congressional report, the Department of Justice handed down charges to Blueacorn founders Nathan Reis and former ABC news anchor Stephanie Hockridge. They have pleaded not guilty to five counts of fraud…

November 26, 2024 Bob ColemanFounder & Publisher SBA Hot Topic Tuesday — NADCO Honors Mountain America as #1 SBA 7(a) Credit Union for FY 2024 “Supporting small businesses is a true honor for us as they play a crucial role in enriching our communities,” says Michael Griffiths, Senior Vice President of Business Lending at Mountain…

November 25, 2024 Bob ColemanFounder & Publisher Main Street Monday — Differences in Small Bank vs Large Bank Small Business Lending Data Collection From the FDIC October 2024 Small Business Lending Survey – See HERE While banks use various methods to assess small businesses, small and large banks are believed to have distinct advantages in…

November 22, 2024 Delaney SextonContributing Editor Man Indicted for Using His Deceased Business Partner’s Identity for Fraud Scheme – Fraud Friday Stephen Gurba was charged with five counts of wire fraud, false statements, and aggravated identity theft after he submitted EIDL applications containing the information of his former business partner. He will have to forfeit…