Coronavirus Resources & Info



NASBP_COVID_Resources.png Resources for NASBP Members and their Clients


With the uncertainty of the novel coronavirus and of its impact on the surety industry, NASBP wants to ensure that NASBP members have the most up-to-date and relevant information that pertains to their businesses and clients.

Below are resources with relevant COVID-19 information for your business including:
  • New NASBP Toolkit 2.0 -- Resources for Stakeholders & Surety Professionals
  • NASBP Blogs
  • NASBP Virtual Seminars
  • NASBP Podcast "Let's Get Surety"
  • NASBP SmartBrief enewsletter articles
  • SBA Paycheck Protection Program Loans and CARES Act information
  • Electronic execution of surety bonding information, and more
Please check this webpage often, because NASBP will be updating it regularly with additional information and articles.


NASBP Producer Communications Toolkit 2.0New NASBP Producer Communications Toolkit 2.0 is now available! Go to the Be Guaranteed to Succeed website to access materials to help our industry talk about surety in a new and compelling way during these unprecedented times. Direct stakeholders to the pulldown menu at "Resources"-- these are specific to their needs. Remember, you'll need your NASBP login to access the Toolkit PDF that provides you links to new social media content, updated messaging to talk about surety with stakeholders, and a plethora of other resources. Make sure to check it out today!








The September NASBP Virtual Event: Preparing for the Future Nationally and Regionally was held on Wednesday, September 23. A recording will be available soon at the NASBP Virtual Events page. (Requires NASBP login.)

For information on the operating status of NASBP, click here.

For information on the NASBP Mid-Year Board Meeting, click here



NASBP Blog Logo
Check out our latest blogs, with suggestions from NASBP Advisory Council Attorneys and CPAs, and others, on how to handle coronavirus-related delays, costs, and possible economic slowdown.

View all of the coronavirus-related NASBP blogs here. See all NASBP Blogs here.


Force Majeure and Contract Considerations
COVID-Confusion: Force Majeure and Executive Orders Published September 25, 2020

Change Orders During the COVID-19 Pandemic—Managing Unexpected Construction Costs and Time Overruns Published July 20, 2020

COVID-19 Related Renovations: Key Terms Owners Should Include in All Construction Contracts Published June 24, 2020

Seeking Certainty in Uncertain Times: Employing Cost-Plus Construction Contracts in 2020 Published June 24, 2020

Best Practice with Notices for Force Majeure Events Published June 11, 2020

Find more NASBP Blogs on Force Majeure and Contract Consideration here.


State Considerations
COVID-19 and the Future of Transportation in California Published July 30, 2020

Now Effective: Virginia's Emergency Temporary Standard for Workplace Safety Due to COVID-19 Published July 28, 2020

Virginia Adopts First-in-the-Nation Workplace Safety Standards for COVID-19 Pandemic Published July 16, 2020

NYC Resumes Full Construction as Focus Turns to Jobsite Safety and Disease Control Published June 10, 2020

Find more Coronavirus-related NASBP blogs on State Considerations here.


Employer/Employee Assistance
PPP Update: Loan Forgiveness and Paying Off Your Loan Published November 12, 2020

SBA Publishes PPP Necessity Questionnaires Published November 11, 2020

PPP Loans Over $2 Million and the PPP Necessity Questionnaires Published November 6, 2020

Ten Things to Know About the PPP Loan Forgiveness Applications Updated November 5, 2020

Why You May Want to Wait to File for PPP Loan Forgiveness and Other Tips Updated November 5, 2020

SBA Questions Borrowers about the Necessity of Their PPP Loans Published November 4, 2020

SBA Begins Effort to Assess Economic Necessity for PPP Loans over $2 Million Published November 3, 2020

SBA Begins Issuing Loan Necessity Questionnaires to Certain PPP Borrowers Published November 3, 2020

Treasury and Small Business Administration Make $50,000 and Under PPP Loans Easy to Forgive Published October 9, 2020

Families First Coronavirus Response Act: Q&A Published October 2, 2020

Find more Coronavirus-related NASBP blogs on Employer/Employee Assistance here.


Financial Considerations
Valuation of Construction Companies During the COVID-19 Pandemic Published November 2, 2020

Construction Industry Economics Respecting COVID-19 Mixed but Positively Trending Published September 30, 2020

IRS Position on the Deductibility of Expenses Paid with PPP Loan Proceeds Published May 10, 2020

Tools for a Construction Lenders Toolbox in the COVID-19 Era Published May 5, 2020

Find more Coronavirus-related NASBP blogs on Financial Considerations here.


Health & Well-being
May Is Mental Health Awareness Month: Together We Can STAND Up for Suicide Prevention Published May 19, 2020

Why Employee Assistance Programs Are Valuable During & After COVID-19 Published May 7, 2020

How to Help Your Employees Cope with the Stress of COVID-19 Published April 1, 2020

Understanding What Your Clients Are Going Through and How You Can Respond--Understanding the Cycle of Disruption, Anxiety, and Grief Published March 27, 2020


Other
Crisis-Era Message to Contractors: A Series from Dr. Tom Schleifer
Multiple published dates

Subtle (and Not So Subtle) Effects of COVID-19 on the Construction Industry Published September 10, 2020

The Next Wave: COVID-19 Workers Compensation and General Liability Claims Likely to Spike Published August 25, 2020

COVID-19: EPC and EPCM in Large Construction Projects Post COVID-19 Published July 29, 2020

International Construction: Navigating the Risk of Payment Disputes Abroad in the Era of COVID-19 Published July 1, 2020

Coexisting with COVID-19: Navigating Obstacles and Opportunities with Construction Fundamentals Published June 2020

Top 10 Action Items for Contractors Reopening Their Offices Published June 2, 2020

Find more Coronavirus-related NASBP blogs on other topics here.



NASBP SmartBrief Logo


Sign-up for NASBP SmartBrief to get the week’s latest news on the coronavirus.

NASBP SmartBrief
, NASBP’s FREE e-newsletter, conveniently brings the news that matters to surety professionals, project owners, public officials, subcontractors, contracting officers and others every week.

Below are recent SmartBrief editions with coronavirus coverage.

November 18 NASBP SmartBrief
November 11 NASBP SmartBrief
November 4 NASBP SmartBrief
October 28 NASBP SmartBrief
October 21 NASBP SmartBrief
October 14 NASBP SmartBrief
October 7 NASBP SmartBrief
September 30 NASBP SmartBrief
September 23 NASBP SmartBrief

For older issues of NASBP SmartBrief, visit the Archive.

Electronic Execution of Surety BondingNASBP AND SFAA URGE EMERGENCY ACTION REQUIRING ACCEPTANCE OF ELECTRONIC EXECUTION OF SURETY BONDING DURING THE COVID-19 PANDEMIC

Surety Industry Letters Sent to Federal, State, and Local Entities
The National Association of Surety Bond Producers (NASBP) and the Surety & Fidelity Association of America (SFAA) jointly have urged federal, state, and local officials, without delay, to issue emergency action regarding acceptance of the electronic execution and delivery of construction surety bonds and commercial surety bonds. 

View the press release: FINAL_Post_RequestForEmergencyActionRelease_4_6_20.pdf
View the white paper: SFAA-NASBP_Request_for_Emergency_Action_Federal_Memo.pdf
View the letter sent to Congressional leaders: SFAA-NASBP_Congressional_Request_for_Emergency_Order.pdf
View the letter sent to Federal Agency leaders: SFAA-NASBP_Federal_Request_for_Emergency_Action.pdf
View the letter sent to state governors: SFAA-NASBP_State_Request_for_Emergency_Action.pdf
View the accompanying white paper sent to state governors: SFAA-NASBP_Request_for_Emergency_Action_State_Memo.pdf
View the letter sent to municipal leaders: SFAA-NASBP_Municipal_Request_for_Emergency_Action.pdf
View the letter to the Chief Acquisition Officers Council: CAOC_Letter_42020.pdf


Government Agency Notices
Small Business Administration Procedural Notice
: Acceptance_of_Electronic_Signatures_in_the_Surety_Bond_Guarantee_Program__SBG_.pdf

U.S. Department of Defense issues Class Deviation

https://www.acq.osd.mil/dpap/policy/policyvault/USA000941-20-DPC.pdf 
Read the joint NASBP and SFAA press release: DOD_Joint_release_SFAA_NASBP_Final_5_5_20.pdf

General Services Adminstration issues order:GSA_CD-2020-05_-_Digital_Signatures_for_Bonds.pdf

Read the joint NASBP and SFAA press release: FINAL_GSA_Press_release.pdf


Let's Get Surety logo

NASBP Podcast
"Let's Get Surety"





Listen to coronavirus-related episodes of NASBP's new podcast "Let's Get Surety: Let Me Hear Your Bonding Talk." Our host Kat Shamapande will be joined by co-hosts and engaging guests to discuss the intersection of surety, the construction industry, and the coronavirus pandemic.

Coping with Stress with Dr. Will
Guest: Dr. Will Miller, Keynote Speaker at the NASBP November Virtual Event

A Look at the Commercial Surety Market During These Uncertain and Unprecedented Times
Guest: Brian Dahlke, Vice President, Commercial Surety—Major Markets, Crum & Forster

Managing Risks in a Rapidly Changing Insurance Market
Guest: David Dolnick, Founder, CEO, & Principal Consultant, Dolnick Risk Advisors

What to Consider Before Applying for PPP Loan Forgiveness
Guest: Martin McCarthy, NASBP CPA Advisory Council Participant and Managing Partner of McCarthy & Company

Advising Construction Clients: A Conversation with a Surety Bond Producer and a CPA
Guests:
NASBP Past President Bob Shaw, President of Skillings Shaw & Associates, Inc.
David Jean, a participant on the NASBP CPA Advisory Council and Principal at the CPA firm of Albin, Randall & Bennett 


Paycheck Protection Program and Surety Bonding—Part 2 of 2
Guest: Jack Callahan CPA, Partner – Construction Industry Leader at CohnReznick

Paycheck Protection Program: Flexibility, Updates, and Guidance—Part 1 of 2
Guest: Jack Callahan CPA, Partner–Construction Industry Leader at CohnReznick j

Surviving Crisis and Business Downturns in the Construction Industry
Guest: Dr. Tom Schleifer, retired construction executive, Arizona State University professor, and author of the blog, “Let’s Talk Business,” See his series of insights published as a NASBP Blog.  

The Paycheck Protection Program (PPP) from a CPA's Perspective
Guest: Julian Xavier, CliftonLarsonAllen

Stimulus Law Paycheck Protection Program and False Claims Act Risk
Guest: David Robbins, Crowell & Moring (now with Jenner & Block)

Seamlessly Managing the New Normal in the Workplace
Guests: Lori Demeyer and Kim Orsolits with CliftonLarsonAllen

Federal Construction Contracts and Excusable Delays
Guests: John Sebastian and Brian Padove, attorneys with Watt, Tieder, Hoffar & Fitzgerald, LLP

Taking a Closer Look at Force Majeure Clauses in Today's Environment
Guest: Mike Zisa, Chair of the Surety and Construction Related Insurance Defense Practice Group at Peckar & Abramson 

Making the Case for the Value of Electronic Bonding
Guest: Corban Enns, Area Vice President, Surety Solutions a Gallagher Company

Surety in This New World: Focusing on the People and Moving Forward
Guest: Peter Quinn, Senior Vice President of Major Markets – Surety at Crum & Forster

Steps for Contractors to Take Now and Rundown of Federal Relief Programs To-date due to COVID-19
Guest: Jack Callahan CPA, Partner - Construction Industry Leader at CohnReznick




Capital_Hill_Money.jpg
Paycheck Protection Program and other
CARES Act Information




The SBA is not accepting Paycheck Protection Program applications at this time. NASBP will provide updates as they occur. 

For those proceeding with PPP Loan Forgiveness, below are links to the forgiveness application forms, as well as instructions:

Update October 13, 2020:
SBA and Treasury have released updated guidance regarding the deadline for borrowers to apply for forgiveness in the
Forgiveness Frequently Asked Questions – General Loan Forgiveness FAQ # 4 (page 2) has been added (Released 10/13/20)
  • Question: The PPP loan forgiveness application forms (3508, 3508EZ, and 3508S) display an expiration date of 10/31/2020 in the upper-right corner. Is October 31, 2020 the deadline for borrowers to apply for forgiveness?

    Answer: No. Borrowers may submit a loan forgiveness application any time before the maturity date of the loan, which is either two or five years from loan origination. However, if a borrower does not apply for loan forgiveness within 10 months after the last day of the borrower’s loan forgiveness covered period, loan payments are no longer deferred and the borrower must begin making payments on the loan. For example, a borrower whose covered period ends on October 30, 2020 has until August 30, 2021 to apply for forgiveness before loan repayment begins. The expiration date in the upper-right corner of the posted PPP loan forgiveness application forms is displayed for purposes of SBA’s compliance with the Paperwork Reduction Act, and reflects the temporary expiration date for approved use of the forms. This date will be extended, and when approved, the same forms with the new expiration date will be posted.

Update October 8, 2020:
The SBA and Treasury Department have released a simpler loan forgiveness application for PPP loans of $50,000 or less. Read the full press release here.
- View the simpler loan forgiveness application
- View the instruction for completing the simpler loan forgiveness application
- View the Interim Final Rule on the simpler forgiveness process for loans of $50,000 or less.

Update October 2, 2020:
SBA Procedural Notice—PPP Loans & Changes of Ownership - The purpose of this Notice is to provide information concerning the required procedures for changes of ownership of an entity that has received Paycheck Protection Program (PPP) funds. View the PDF here.

IRS Announcement: Information Reporting Requirements for Paycheck Protection Program Loans Forgiven under the CARES Act Announcement 2020-12
When all or a portion of the stated principal amount of a covered loan is forgiven because the eligible recipient satisfies the forgiveness requirements under section 1106 of the CARES Act, an applicable entity is not required to, for federal income tax purposes only, and should not, file a Form 1099-C information return with the IRS or provide a payee statement to the eligible recipient under section 6050P of the Code as a result of the qualifying forgiveness. The filing of such information returns with the IRS could result in the issuance of underreporter notices (IRS Letter CP2000) to eligible recipients, and the furnishing of such payee statements to eligible recipients could cause confusion. This announcement is intended to prevent any such confusion.


The SBA has released the following notice reminding Paycheck Protection Program lenders that under current law, SBA will not be able to process any new PPP loan applications as of Saturday, August 8, 2020 at 11:59 p.m. EDT.  

At that time, PPP lenders will no longer be able to load PPP applications into the Capital Access Financial System (i.e. CAFS, E-Tran, or the Lender Gateway). 

View all Paycheck Protection Program updates, information, and relevant NASBP Blogs here.