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:
  • NASBP Blogs
  • NASBP Virtual Seminars
  • NASBP Podcast "Let's Get Surety"
  • NASBP SmartBrief enewsletter articles
  • 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 NASBP Virtual Event: Being Present and Connecting Surety in a Virtual World was held on Wednesday, July 22nd. If you missed it, a recording is available here. (Requires NASBP login.)

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

For information on the NASBP Regional Meetings, 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. See all NASBP Blogs here.


Force Majeure and Contract Considerations
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

Unknown Territory: Allocating Risk in International Construction Contracts in the Time of COVID-19 and Beyond Published June 17, 2020 

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

Construction Project Shutdowns: Know Your General Contract Terms for Force Majeure, Suspension, and Termination Published April 9, 2020

COVID-19 and the Construction Industry: Looking Beyond Force Majeure to Recover Time and Costs for Delay Published April 9, 2020

Force Majeure Clauses and COVID-19 Published April 2, 2020

Federal Construction Contracts vs. COVID-19: An "Excused" Delay? Published Spring 2020

Force Majeure: Navigating the Impact of the Coronavirus Pandemic on Contract Performance Obligations Published Spring 2020


COVID-19 Force Majeure Notices for U.S. Construction: What's the Value of a General Notice? Published March 2020

A Force Majeure Trap Within Construction Contracts Published March 31, 2020

Force Majeure, Construction Delays, Labor Shortages and COVID-19 Published March 30, 2020

Is the Coronavirus Event a Force Majeure or Changed Condition Event? Published March 26, 2020

COVID-19 Impacts on Federal Government Contracts--Protecting Your Rights Associated with Delays & Suspensions of Work Published March 26, 2020

Coronavirus and Force Majeure Provisions in Construction Contracts: May I Be Excused? Published March 24, 2020

Potential Surety Coronavirus Defenses Published March 24, 2020

COVID-19 Impact on Federal Contracts: Confirming Acceptability of Performance Delays Published March 23, 2020

Planning Now to Prove Your COVID-19 Damages and Delays Later Published March 22, 2020

Signing a Construction Contract in the Middle of the Coronavirus Pandemic . . . Two Contract Clauses to Consider Published March 19, 2020

Construction Project Team Considerations Regarding COVID-19 Published March 19, 2020


Coronavirus and Construction Contracts Published March 18, 2020

Coronavirus Is Here: What Does That Mean for Your Project and Your Business? Published March 13, 2020

Coronavirus (COVID-19)—Guidance for Contractors Published March 13, 2020


State Considerations
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

COVID-19 Shutdown Orders Allow Construction Work to Proceed in Some States but Limit It in Others—May 27 Update Published May 28, 2020

New Jersey Allows Re-Opening of Non-Essential Retail and Construction Business, and In-Vehicle Gatherings, with Restrictions Published May 15, 2020

COVID-19 Update: What You Need to Know as New Jersey and New York Construction Projects Begin to Reopen Published May 15, 2020

Remediation of Contaminated Sites Executive Orders and NJDEP Updates on Extensions and Proposed Rules Published April 29, 2020

Washington State Reopens Some Construction, with Restrictions Published April 27 2020

Bay Area Further Restricts Construction in Response to COVID-19 Published April 22, 2020

COVID-19 Update—New Jersey and New York Executive Orders' Impact on Construction Projects Published April 10, 2020

Update to Empire State Development's Guidance to New York Governor's Executive Order No. 202.6 as it Relates to the Real Estate Industry: What Real Estate Services Are Considered Essential Businesses? Published April 10, 2020

Washington State Construction Storm Water General Permit Compliance in the Midst of a Global Pandemic Published April 7, 2020

New York—Limiting Construction Risk from the COVID-19 Outbreak Through Force Majeure Clauses Published April 3, 2020

COVID-19 and Florida Construction: Lessons from the Frontlines in New York, New Jersey, and Around the U.S. Published April 3, 2020

Stay-At-Home Orders and Work Restrictions with 50 State Matrix Published April 3, 2020

NYC DOB Tells Contractors How to Safely Wind Down Construction Sites Published April 1, 2020

Coronavirus Update: Is Your Construction Site Still Open? Updated March 30, 2020 (DC, DE, MD, NJ, NY, PA, VA)

Is the Coronavirus Event a Force Majeure or Changed Condition Event? Published March 26, 2020 (TX)

How Coronavirus Is Affecting the Construction Industry: An Evolving Tracker of Construction Shutdowns Across the United States Updated March 24, 2020; Originally Published March 20, 2020



Employer/Employee Assistance
Update on the Ten Things to Know About the PPP Loan Forgiveness Applications Revised July 23, 2020

PPP Applications Extended Until August 8, 2020; Borrower Details Released & Revisions to Forgiveness Application Timing Published July 6, 2020

CARES Act Questions for the Real Estate and Construction Industry Updated July 6, 2020

Early Cases Demonstrate the Justice Department's Commitment to Aggressively Prosecute PPP Loan Fraud Published June 29, 2020

The Risks Are Real: What We Know and Can Predict About CARES Act Financial Fraud Enforcement Published June 26, 2020

DOJ Announces Trio of PPP Fraud Prosecutions Published June 26, 2020

Small Business Administration Releases Additional Paycheck Protection Program Guidance Published June 19, 2020

What to Know for Businesses Completing the Revised PPP Loan Forgiveness Applications Published June 18, 2020

SBA Issues Updated Paycheck Protection Program Loan Forgiveness Application and Issues new "EZ" Application Form Published June 17, 2020

Borrower Beware: Prepare Now to Defend Your Company's PPP Loan from SBA Review or a Possible False Claims Act or Criminal Investigation Published June 15, 2020

PPP Loan Applications Must Be Approved by June 30, 2020, and Other Program Updates Published June 10, 2020

Additional Clarification of Paycheck Protection Program Changes Published June 9, 2020

Payroll Protection Program Flexibility Act Provides Employers with More Options Published June 10, 2020

Payroll Protection Program Expanded to Aid Small Business, but Workforce Questions Remain Published June 5, 2020

Major Changes in the Paycheck Protection Program Published June 5, 2020

Legislation Approved to Extend the Covered Period for PPP for PPP Loan Forgiveness and Make Other Significant Changes Published June 4, 2020

Proposed Legislation May Extend Period for PPP Loan Forgiveness—Meanwhile, SBA Releases Yet More Guidance Published May 29, 2020

SBA issues Interim Final Rule on PPP Loan Forgiveness Published May 17, 2020

PPP Loans: An Update to the Good Faith Certification Published May 15, 2020

SBA Issues Promised Good Faith Certification Guidance Published May 13, 2020

SBA Updates "Economic Uncertainy" Certification Guidance Published May 13, 2020

Paycheck Protection Program Loan Good Faith Certification Guidance Updated Published May 13, 2020

What Contractors Need to Know About the Paycheck Protection Program Published May 13, 2020

Proposed JOBS Credit Act Would Significantly Expand the CARES Act Employee Retention Tax Credits Published May 12, 2020

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

Paycheck Protection Program Loan Safe Harbor Extended to May 14, 2020 Published May 6, 2020

Who CARES About My PPP Loan? Everyone. Published May 1, 2020

Paycheck Protection Program: After the Pay Comes the Chase Published April 29, 2020

False Claims Act and Other Potential Liability for Misuse of Paycheck Protection Program Loans Published April 28, 2020

Paycheck Protection Program: Understanding the Rules and Potential Options May Be Required to Maximize Loan Forgiveness Published April 27 2020

Ineligible PPP Borrowers Granted Safe Harbor Period to Return Money by May 7  Published April 24, 2020

SBA Issues New Guidance Regarding PPP—"Good Faith Rules and What You Should Know" Published April 24, 2020

How to Prepare for Replenishment of Paycheck Protection Program Funds and EIDL Expected This Week Published April 23, 2020

Paycheck Protection Program Provides Forgivable SBA Loans Published April 1, 2020 The SBA is now accepting Paycheck Protection Program applications from participating lenders. NASBP willl provide updates as they occur.  

CISA Issues Guidance on Identifying Critical Infrastructure Workers: Does Your Work Fall Within These Sectors? Published March 31, 2020

SBA Issues Paycheck Protection Program Guidance Published March 31, 2020 The SBA is now accepting Paycheck Protection Program applications from participating lenders . NASBP will provide updates as they occur.  

UPDATE: OMB, CISA, and DoD Issue New Guidelines Addressing Coronavirus Impacts on Federal Contractors Updated March 25, 2020; Originally Published March 23, 2020

SBA Loan Program for Businesses Economically Impacted by Coronavirus Published March 20, 2020 The SBA is now accepting Paycheck Protection Program applications from participating lenders. NASBP will provide updates as they occur.  


Pandemic Doesn't Have to Mean Pandemonium in the Workplace Published March 12, 2020


Financial Considerations
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

Commercial and Construction Disputes Arising from COVID-19 Published April 14, 2020

A Contractor's Guide During the Coronavirus Pandemic 2.0 Published April 8, 2020

Government Response to Coronavirus May Impact Contractors' Working Capital--Be Prepared for the Implications Published March 30, 2020

Finding Stability in a Time of Crisis Published March 26, 2020

A Contractor's Guide for Protection During the Coronavirus Pandemic Published March 23, 2020

Surety Professionals Should Act Now to Help Contractors Prepare for an Economic Downturn Due to the Coronavirus Published March 18, 2020



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

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

Treasury Publishes FAQs—Coronavirus Relief Fund Payments for State, Local, and Tribal Governments Published June 2, 2020

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

Now is the Time for Construction Impact Claims Published June 2, 2020

Action Items for Recipients of PPP Loans to Mitigate Risk Related to Fraud Allegations Published June 1, 2020

COVID-19 Workforce Shortages Threatening Your Construction Project? Review Your Indemnity Rights Published May 27, 2020

Potential Changes in Office, Retail, and Residential Construction in the Post-COVID-19 Market Published May 27, 2020

A Look at COVID-19 Impacts on the Construction Industry Published May 26, 2020

The PPP Litigation Wave Is Coming: Anticipated "Qui Tam" Lawsuits Under the False Claims Act Published May 14, 2020

Going Back to Work—Starting or Restarting a Construction Project During the Pandemic Published May 2020

UPDATED Federal Stimulus Today, Federal Investigation Tomorrow: What TARP Can Tell Us About the Coming Wave of CARES Act Enforcement Published May 13, 2020

DOJ Brings First Payroll Protection Program-Related Criminal Case Published May 6, 2020

More Money More Whistleblowers? False Claims Act Risks in the Aftermath of the COVID-19 Pandemic Published April 27, 2020

COVID-19 Response Oversight: What to Expect from the Federal Inspectors General Published April 27, 2020

Impacts of COVID-19 on U.S. Infrastructure Projects Published April 23, 2020

Commercial and Construction Disputes Arising from COVID-19 Published April 14, 2020

Delays in Completion Coverage and the Coronavirus Published April 13, 2020

Stop Work Orders and Construction Project Site Abandonment Series: Part 2 - Construction Site Abandonment Published April 7, 2020

The Intertwined Business Worlds of Construction & Surety: Can the Surety Industry Weather the COVID-19 Storm? 
Published April 2, 2020

COVID-19 Update for Energy and Infrastructure Companies and Projects Published April 1, 2020

So the Government Shut Down Your Construction Project—What Next? Published March 31, 2020

Stop Work Orders and Construction Project Site Abandonment Series: Part 1 - Stop Work Orders Published March 31, 2020

Responsibility for Site Safety in a Coronavirus World Published March 31, 2020

Thinking About Public-Private Partnerships During an Economic Crisis Published March 26, 2020




Brian S. Wood of Smith Currie offers this guidance to contractors and subcontractors related to their construction contracts, "Practical Considerations for Dealing with COVID-19" (March 18, 2020).


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

Update May 21, 2020:
SBA Procedural Notice informs all SBA employees and Surety Companies and Surety Agents involved in the Surety Bond Guarantee Program (SBG) that effective immediately they may utilize utilize electronic signatures in accordance with the performance standards outlined in this Notice on SBA Forms and other SBG documents requiring signatures. Read the Notice and standards required here:
Acceptance_of_Electronic_Signatures_in_the_Surety_Bond_Guarantee_Program__SBG_.pdf

Update April 30, 2020:
U.S. Department of Defense issues Class Deviation—Original Documents, Signatures, Seals, and Notarization. Contracting officers shall utilize the deviations from the Federal Acquisition Regulation (FAR) and the Defense Federal Acquisition Regulation Supplement (DFARS) to provide flexibility with regard to original documents, manual signatures, seals, and notarization in order to facilitate certain essential contracting procedures. 
Among the documents included in the Class Deviation to the Federal Acquisition Regulation and to the Defense Federal Acquisition Regulation supplement are federal bonds and related forms, including SF 24, Bid Bond, SF 25, Performance Bond, and SF 25A, Payment BondRead the 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

Update April 20, 2020:
Letter to Chief Acquisition Officers Council: CAOC_Letter_42020.pdf

Update April 10, 2020: 
GSA issues order to accept e-signatures for surety bonds during the COVID-19 Pandemic. Read the order:GSA_CD-2020-05_-_Digital_Signatures_for_Bonds.pdf

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

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


NASBP and SFAA have composed a white paper describing the need for federal, state, and local officials to take immediate action regarding the acceptance of electronic bonds, including use of electronic signatures, seals, and powers of attorney, accompanying federal contracts. See the paper here: 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


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.

Paycheck Protection Program and Surety Bonding—Part 2 of 2
On this episode, Jack Callahan CPA, Partner – Construction Industry Leader at CohnReznick joins us for the second of a two-part series on the Paycheck Protection Program (PPP). In this episode Callahan discusses what the PPP means for bonding companies. He examines how contractors PPP loan debt and deferred payroll taxes will appear on their financial statements and may show the need to re-evaluate the ratios that are used to examine a contractor’s financials. He also goes over loan forgiveness and the possibility of the public shaming of contractors who have taken advantage of PPP loans similar to that we have seen of other businesses like Shake Shack. 

Paycheck Protection Program: Flexibility, Updates, and Guidance—Part 1 of 2
On this episode, Jack Callahan CPA, Partner–Construction Industry Leader at CohnReznick joins us in this first of a two-part series on the Paycheck Protection Program (PPP). On this first of two episodes, we discuss the updates and changes that have come out as of June 26, 2020. Callahan chats about the changes to the covered period, Loan Forgiveness and EZ Forgiveness Applications, changes in the ratio of forgivable costs, deferral of payroll taxes, FTE Reduction Exceptions, and Safe Harbors, and the changes on the maturity of the loan. He also discusses the importance of documentation and audits. This is important information for everyone who has been able to take advantage of the PPP loans and their team of advisors!

Surviving Crisis and Business Downturns in the Construction Industry
In this episode, guest Dr. Tom Schleifer, retired construction executive, Arizona State University professor, and author of the blog, “Let’s Talk Business,” shares insights into how construction firms can survive the current COVID-19 crisis and resulting economic downturn hitting the construction industry. He cautions contractors to be wary of the wait and see a model of managing the current downturn, and to take a hard look now at cutting expenses to better weather this downturn. He discusses his analysis of data coming in now and compares it to the data and models from past economic downturns in the construction industry. See his series of insights published as a NASBP Blog.  

The Paycheck Protection Program (PPP) from a CPA's Perspective
In this episode, guest Julian Xavier with CLA shares some insights into the COVID-19 stimulus law Paycheck Protection Program (PPP) from a CPA’s perspective. He shares a high-level overview of the PPP loan, what happens once you receive the funds, what’s covered, or not covered, FTE requirements, the importance of tracking the funds, safe harbor, and steps for forgiveness. Julian helps to sort through the many questions around the Paycheck Protection Program as we await more guidance!

Stimulus Law Paycheck Protection Program and False Claims Act Risk
In this episode, guest David Robbins with Crowell & Moring share some insights into the COVID-19 stimulus law Paycheck Protection Program (PPP) and the False Claims Act Risk. He shares insight regarding the safe harbor time frame ending on May 7th, what to expect from impending audits and enforcement, and lessons learned from past disasters and the first round of PPP fund disbursements. You can also listen to the NASBP Virtual Seminar that David presents for a deeper dive into this important and timely topic, “False Claims Act and Enforcement Risks of the Paycheck Protection Program (PPP).”

Seamlessly Managing the New Normal in the Workplace
In this episode, guests Lori Demeyer and Kim Orsolits with CLA share some insights into managing the workplace without pandemonium during the COVID-19 pandemic and moving forward in the new world. They will share HR insight and advice for policy review, tailor-made plans that work best for each workplace, resources to help employees manage higher levels of stress, and planning for both coming into our offices or job sites and teleworking. 

Federal Construction Contracts and Excusable Delays
On this episode guests John Sebastian and Brian Padove attorneys with Watt, Tieder, Hoffar & Fitzgerald, LLP will discuss Federal Construction Contracts and more specifically the Federal Acquisition Regulation or FAR in light of the COVID-19 pandemic. They will share insights into, when and how to provide notice, the burden of proof, suspension of work, and the sovereign acts doctrine. As well as stressing the importance of reviewing your current contract documents and taking the pandemic into consideration as you move forward with new contracts during these uncertain times.

Taking a Closer Look at Force Majeure Clauses in Today's Environment
On this episode, Mike Zisa, Chair of the Surety and Construction Related Insurance Defense Practice Group at Peckar & Abramson shares insights into understanding force majeure clauses during the COVID-19 pandemic. The conversation touches on reviewing contracts, communications with owners, giving notice, and documentation. Additionally, Zisa highlights that there may be other avenues for recovery in existing contracts, so careful contract review is warranted.

Making the Case for the Value of Electronic Bonding
On this episode, Corban Enns, Area Vice President, Surety Solutions a Gallagher Company, shares experiences with and insights into the electronic bonding system NMLS and what helped lead stakeholders to transition to and value electronic bonds. We also discuss how the NMLS could be an example that could be used to streamline other types of bonds processes, especially in light of the remote work world in which we find ourselves.

Surety in This New World: Focusing on the People and Moving Forward
In this episode, Peter Quinn, Senior Vice President of Major Markets – Surety at Crum & Forster, shares how he and the team at Crum & Forster are getting back to business and keeping the focus on people and relationships during these unprecedented times. We discuss working and meeting remotely, digital seals and more.

Steps for Contractors to Take Now and Rundown of Federal Relief Programs To-date due to COVID-19
On this episode, Jack Callahan CPA, Partner - Construction Industry Leader at CohnReznick joins us to share action items that contractors should be considering now due to the current COVID-19 pandemic. If you are interested in getting more in-depth information you should check out the NASBP Blog Jack contributed titled, “Finding Stability In A Time of Crisis” and the NASBP Virtual Seminar, “Contractors Guide: What You Should Know As You Manage Through the Covid-19 Environment”.




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Paycheck Protection Program and other
CARES Act Information




The SBA is now accepting Paycheck Protection Program applications from participating lenders through August 8, 2020. NASBP will provide updates as they occur. 

Update July 23, 2020:
The SBA has released the following:

Update July 13, 2020:
The SBA and Treasury have released additional guidance:
    • Updated Paycheck Protection Program Lender Processing Fee Payment and 1502 Reporting Process (Released July 13, 2020)
      • Please note this time-sensitive provision on page 9 of the updated 1502 procedural notice: “After a Lender reports a loan as fully disbursed, the Lender must submit monthly PPP 1502 reports on or before the 15th of each month, or if the 15th is not a business day, on the next business day after the 15th. The first monthly PPP 1502 report is due on or before July 15, 2020, however, Lenders are permitted a 2 day grace period to report for this month only.”


Update July 6, 2020: 
The U.S. Small Business Administration, in consultation with the Treasury Department, today announced it was releasing detailed loan-level data regarding the loans made under the Paycheck Protection Program (PPP).  This disclosure covers each of the 4.9 million PPP loans that have been made.
See the breakdown of PPP Loan Data here, and read this list of things to keep in mind when reviewing the data.

Update June 29, 2020:
The Summary of PPP lending as of 6/27/20 has been posted to the SBA website.

Update June 26, 2020:
SBA and Treasury released additional guidance on How to Calculate Loan Amounts. Note the new question #10 on calculations for new self-employed individuals and revised questions 1, 2, 4, 5, 6, and 7 to reflect the PPPFA.

Update June 25, 2020:
The SBA and Treasury have revised the Frequently Asked Questions Document. FAQs #12 and #20 have been been revised. Also updated was the Interim Final Rule—Certain Eligibility Payroll Costs (specifically pertaining to fishing boat owners)

Update June 24, 2020:
The SBA and Treasury have released additional eligibility revisions to the First Interim Final Rule. Read the revisions here

Update June 22, 2020:
The SBA and Treasury have released additional revisions to the Loan Forgiveness Interim Final Rule (IFR) and the SBA Loan Review Procedures IFR. Read the revisions here.

Update June 19, 2020: 
The SBA and the Treasury have agreed with the bipartisan leaders of the U.S. Senate Small Business Committee to make public additional data regarding the PPP.  
SBA will disclose the business names, addresses, NAICS codes, zip codes, business type, demographic data, non-profit information, jobs supported, and loan amount ranges as follows:
  • $150,000-350,000
  • $350,000-1 million
  • $1-2 million
  • $2-5 million
  • $5-10 million

These categories account for nearly 75 percent of the loan dollars approved. For loans below $150,000, totals will be released, aggregated by zip code, by industry, by business type, and by various demographic categories.

For PPP data disclosed to date, including total dollars approved, loan sizes, lender sizes and types, loans approved by state, top lenders, loans by industry sector, and funds remaining, click here.

 
Update June 19, 2020: SBA releases Procedural Notice 5000-20032 that informs PPP Lenders regarding how loan proceeds must be used to refinance SBA Economic Injury Disaster Loans (EIDL). The notice also informs PPP Lenders of the procedure for remitting to the SBA any PPP loan proceeds designated for the refinance of an EIDL

Update June 19, 2020: SBA announces dedicated tool for Small Businesses to connect with Community Development Financial Institutions, small asset lenders participating in PPP. Read the press release here, and use the Lender Match tool here.

Update June 17, 2020:
SBA and Treasury announce a revised, borrower-friendly Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act of 2020. Read the press release here.


Update June 12, 2020:
SBA and Treasury Announce Revised Guidance Regarding the PPP

Update June 9, 2020:
PPP Lending Operations Update:

1. Clarification on 5 year maturity with Flexibility Act:

Based on the enactment of the Paycheck Protection Program Flexibility Act of 2020, the maturity of all loans approved on or after June 5, 2020 will be for 5 years. The SBA E-Tran loan system has been updated to reflect that all loans will automatically reflect the 5 year maturity when submitted and approved. Loans approved and/or funded prior to June 5, 2020 with the 2 year maturity may be extended by the lender and borrower mutually agreeing to a 5 year maturity. Formal guidance on the changes to the CARES Act are forthcoming from SBA.

2. Tips to ensure your financial institution receives PPP processing fees:
  1. Submit your PPP 1502 report to SBA in accordance with SBA Procedural Notice on 1502 reporting.  
  2. Ensure your ACH information (including routing transmittal number (RTN)) is correctly reflected in the FTA Lender Portal (see the above Procedural Notice for instructions).
  3. Check the 1502 Dashboard frequently for any errors that must be corrected. 

Question-specific resources available to all PPP lenders:

  1. Submitting 1502 reports: contact the FTA at mailto:info@colsonservices.com or at 877-245-6159;
  2. Setting up CAFS account: contact mailto:CLS@sba.gov;  
  3. For other questions: please send an email to mailto:7aQuestions@sba.gov.  

Update June 8, 2020:
SBA Administrator Jovita Carranza and U.S. Treasury Secretary Steven T. Mnuchin have put out a joint statement regarding enactment of the Paycheck Protection Program Flexibilty Act.
Provisions include:
  • Lower the requirements that 75 percent of a borrower’s loan proceeds must be used for payroll costs and that 75 percent of the loan forgiveness amount must have been spent on payroll costs during the 24-week loan forgiveness covered period to 60 percent for each of these requirements. If a borrower uses less than 60 percent of the loan amount for payroll costs during the forgiveness covered period, the borrower will continue to be eligible for partial loan forgiveness, subject to at least 60 percent of the loan forgiveness amount having been used for payroll costs.
  • Extending the covered period for loan forgiveness from eight weeks after the date of loan disbursement to 24 weeks after the date of loan disbursement.
     
  • Provide a safe harbor from reductions in loan forgiveness based on reductions in full-time equivalent employees for borrowers that are unable to return to the same level of business activity the business was operating at before February 15, 2020, due to compliance with requirements or guidance issued between March 1, 2020 and December 31, 2020 by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention, or the Occupational Safety and Health Administration, related to worker or customer safety requirements related to COVID–19.
     
  • Provide a safe harbor from reductions in loan forgiveness based on reductions in full-time equivalent employees, to provide protections for borrowers that are both unable to rehire individuals who were employees of the borrower on February 15, 2020, and unable to hire similarly qualified employees for unfilled positions by December 31, 2020.
     
  • Increase to five years the maturity of PPP loans that are approved by SBA (based on the date SBA assigns a loan number) on or after June 5, 2020.
     
  • Extend the deferral period for borrower payments of principal, interest, and fees on PPP loans to the date that SBA remits the borrower’s loan forgiveness amount to the lender (or, if the borrower does not apply for loan forgiveness, 10 months after the end of the borrower’s loan forgiveness covered period).
     
  • In addition, the new rules will confirm that June 30, 2020, remains the last date on which a PPP loan application can be approved.

Update June 7, 2020: 

The following PPP information has been posted on SBA’s website: 

Update June 5, 2020: SBA & Treasury have recently released additional guidance:

Update June 1, 2020: New PPP information has been posted to the SBA website:


Update May 25, 2020:
The Construction Industry Procurement Coalition delivered a letter, which asked for guidance on the PPP loan forgiveness program for small business government contractors.

Update May 22, 2020: 
SBA & Treasury have recently released additional guidance:
 

Note: These IFRs are being posted in advance of publication in the Federal Register. The official versions will appear in the Federal Register.


Update May 21, 2020: 
SBA & Treasury have recently released additional guidance:

  •  SBA Procedural Notice - Protection Program Lender Processing Fee Payment and 1502 Reporting Process - Read the notice here SBA_Procedural_Notice_5000-20028.pdf
    The purpose of this Notice is to inform Paycheck Protection Program (PPP) Lenders of the reporting process through which PPP Lenders will report on PPP loans and collect the processing fee on fully disbursed loans which they are eligible to receive.


Update May 19, 2020:
New PPP Information has been posted to the SBA website:

  • An updated Frequently Asked Questions Document (Question 48 – Released 5/19/20)
    • SBA is extending the deadline for lenders to electronically upload the initial SBA Form 1502 reporting information to the later of: (1) May 29, 2020, or (2) 10 calendar days after disbursement or cancellation of the PPP loan.


Update May 18, 2020:
New PPP information has been posted to the SBA website:

Note: This IFR is being posted in advance of publication in the Federal Register. The official version will appear in the Federal Register.


Update May 14, 2020:
SBA & Treasury have recently released additional guidance:

 
Update May 5, 2020:
SBA & Treasury have released additional information regarding the Paycheck Protection Program:


New Policy Guidance Effective April 28, 202

New Policy Guidance Effective April 24, 2020—Paycheck Protection Program Interim Final Rule

Report on Paycheck Protection Program Approvals as of April 16, 2020

Funds from this program:

  • Can be used for employee salaries under $100,000, paid sick or medical leave, insurance premiums, and mortgage, rent and utility payments;
  • Are potentially 100% forgivable if used for the above purposes; and
  • Are available to businesses or 501(c)(3) nonprofits with less than 500 employees, including sole-proprietors, independent contractors, and other self-employed individuals
Based on the legislation, it may be helpful for interested business owners to gather the following information about their business:
  • 2019 Payroll--including the last 12 months of payroll
  • 2019 Employees--1099's for 2019 employees and independent contractors that would otherwise be an employee of your business. (Note: Do NOT include 1099's for services)
  • Healthcare Costs--all health insurance premiums paid by the business owner under a group health plan.
  • Retirement--your company retirement plan funding paid for by the company.
More information and forms:

NASBP Blogs on thi
s subject:
Update on the Ten Things to Know About the PPP Loan Forgiveness Applications Revised July 23, 2020

PPP Applications Extended Until August 8, 2020; Borrower Details Released & Revisions to Forgiveness Application Timing Published July 6, 2020

Early Cases Demonstrate the Justice Department's Commitment to Aggressively Prosecute PPP Loan Fraud Published June 29, 2020

The Risks Are Real: What We Know and Can Predict About CARES Act Financial Fraud Enforcement Published June 26, 2020

DOJ Announces Trio of PPP Fraud Prosecutions 
Published June 26, 2020

Small Business Administration Releases Additional Paycheck Protection Program Guidance 
Published June 19, 2020

What to Know for Businesses Completing the Revised PPP Loan Forgiveness Applications Published June 18, 2020

SBA Issues Updated Paycheck Protection Program Loan Forgiveness Application and Issues new "EZ" Application Form Published June 17, 2020


Borrower Beware: Prepare Now to Defend Your Company's PPP Loan from SBA Review or a Possible False Claims Act or Criminal Investigation Published June 15, 2020

Additional Clarification of Paycheck Protection Program Changes Published June 9, 2020

Payroll Protection Program Flexibility Act Provides Employers with More Options Published June 10, 2020

Payroll Protection Program Expanded to Aid Small Business, but Workforce Questions Remain Published June 5, 2020

Major Changes in the Paycheck Protection Program Published June 5, 2020

Legislation Approved to Extend the Covered Period for PPP for PPP Loan Forgiveness and Make Other Significant Changes Published June 4, 2020

Proposed Legislation May Extend Period for PPP Loan Forgiveness—Meanwhile, SBA Releases Yet More Guidance 
Published May 29, 2020

SBA Issues Promised Good Faith Certification Guidance Published May 13, 2020

SBA Updates "Economic Uncertainy" Certification Guidance Published May 13, 2020

Paycheck Protection Program Loan Good Faith Certification Guidance Updated
 Published May 13, 2020

What Contractors Need to Know About the Paycheck Protection Program 
Published May 13, 2020

Paycheck Protection Program Safe Harbor Extended Until May 14, 2020 Published May 6, 2020

Who CARES About My PPP Loan? Everyone. 
Published May 1, 2020

Paycheck Protection Program: Understanding the Rules and Potential Options May Be Required to Maximize Loan Forgiveness Published April 27 2020

Ineligble PPP Borrowers Granted Safe Harbor Period to Return Money by May 7 Published April 24, 2020

SBA Issues New Guidance Regarding PPP—"Good Faith Rules and What You Should Know" Published April 24, 2020

How to Prepare for Replenishment of the Paycheck Protection Program Funds and EIDL 
Published April 23, 2020

SBA Issues Paycheck Protection Program Guidance Published March 31, 2020

Paycheck Protection Program Provides Forgivable SBA Loans Published April 1, 2020