The Associated Builders and Contractors' Construction Backlog Indicator declined to 7.8 months in April, reaching a nearly eight-year low. A survey of the group's members found that midsize contractors experienced the biggest year-over-year decrease in backlog.
The Small Business Administration has determined that firms with Paycheck Protection Program loans of less than $2 million will be considered as certified to have sought the funds in good faith. Firms borrowing more than $2 million will undergo SBA review, and companies deemed not certified can avoid enforcement actions if they repay their outstanding loan balance.
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Contractors can reduce the risk they face when pursuing loans through the Paycheck Protection Program by taking steps such as ensuring that their company is within the latest size and affiliation requirements, an attorney said. They also need to keep documentation of their eligibility and ascertain the accuracy of their statements, certifications and application attachments, the attorney said.
The massive amount of lending through the Paycheck Protection Program is likely to lead to False Claims Act lawsuits filed by whistleblowers, an attorney writes. One way businesses can protect themselves against such litigation is to diligently maintain records of the expenses for which they are pursuing loan forgiveness, the attorney writes.
A federal court recently excluded the testimony of an expert proffered by a subcontractor that defaulted on a roofing project. The court struck the expert's testimony after a surety noted that the expert had not visited the project site in question and had not examined the surety's records regarding the general contractor's claim.
NASBP Blog: Proposed JOBS Credit Act would significantly expand CARES Act employee retention tax credits
The Jumpstarting Our Businesses' Success Credit Act of 2020 is under consideration in the US House of Representatives. A group of attorneys from McDermott Will & Emery outline the proposed changes to the employee retention tax credits already available under the CARES Act. They offer insight to how the JOBS Credit Act could increase the amount and availability of these credits and expand their scope. Read more.
May 27 NASBP Virtual Seminar: Making human connections more important than ever
Robbins, left, and Doscher (NASBP)
Join us for the next NASBP Virtual Seminar at 2 p.m. Eastern on Wednesday, May 27. "Riding the Wave of Change: The Hi-Tech Human Connection" with Carol Doscher, President and CEO of Graceworks, and Kurt Robbins, Freedom Finder at Graceworks, will offer insights to making human connections without being together in person. They will give tips for helping listeners stay engaged, guidance for conference and video calls, and show how body language is essential -- even when you can't see the people you're talking with! Register for this stand-alone Virtual Seminar or register for the NASBP 2020 Virtual Seminar Annual Subscription, the entire set of NASBP Virtual Seminars for 2020, and save! This NASBP Virtual Seminar is sponsored by Old Republic Surety. Register.
Register now for NASBP's Summer Surety School Level I, Level II and Commercial Surety
Join NASBP from Aug. 2 to 7 for the Summer Session of the NASBP William J. Angell Surety School in Rosemont, Ill. The William J. Angell Surety School is the premier educational event for surety professionals. This Summer Session of the School will offer Levels I and II as well as the Commercial Surety School.
Level I offers an introduction to the surety industry and familiarization with the function and process of bonding. Level II provides an understanding of the producer, surety and contractor relationship as well as techniques for gathering contractor information and preparation of the case submission to the surety. The Commercial Surety School provides a deep dive into commercial surety legal requirements, underwriting processes, participant roles and risks across an array of industries encompassing numerous types of bonds. For more information, email NASBP. Register now.
Companies whose employees are returning to work should establish a detailed plan and communicate "often and openly" with employees, an employment attorney says. Among the issues to consider are when and how to bring employees back to the workplace, whether salary adjustments need to be made, and how to protect confidential information, she says.
A single feat of daring can alter the whole conception of what is possible.
Graham Greene, writer
Founded in 1942, NASBP is the association of and resource for surety bond producers and allied professionals. NASBP producers specialize in providing surety bonds for construction contracts and other purposes to companies and individuals needing the assurance offered by surety bonds.