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
  • SBA Paycheck Protection Program Loans and CARES Act information
  • NASBP Podcast "Let's Get Surety"
  • NASBP SmartBrief enewsletter articles
  • 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!








View recordings of all NASBP Virtual Events held in 2020 at the NASBP Virtual Events page. (Requires NASBP login.)

For information on the operating status of NASBP, 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
SBA Releases Trio of New Interim Rules Addressing Eligibility, Forgiveness, and SBA Review of First-Draw and Second-Draw PPP Loans Published January 29, 2021

Game Changer for SBA PPP $150K Loans—3508S Forgiveness Application Published January 22, 2021

PPP Loan Portal Reopens for First- and Second-Draw Loan Applications Published January 19, 2021

SBA Issues Regulations on New Round of PPP Loans Published January 11, 2021

Eligibility for a Second PPP Loan Published January 8, 2021

New PPP2 Guidance Issued Published January 7, 2021

Yes, I can Deduct Expenses Paid with a Forgiven PPP Loan Published December 31, 2020

Congress' Second COVID-19 Relief Bill Updates Paycheck Protection Program Published December 30, 2020

Approved COVID-19 Relief Bill: What Small Businesses Need to Know About PPP Published December 28, 2020

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


Financial Considerations
M&A Deals and PPP Loans: Unexpected Parties in Your Deals Published December 15, 2020

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
How to Maintain a Positive Company Culture During COVID-19 Published November 20, 2020

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
Out with the Old, In with the New: An Overview of Construction/Surety Industry Trends in 2020—What We Can Expect in 2021 and Beyond Published December 17, 2020

COVID-19 and the Construction Industry: Must Know Information for Executives Published December 2, 2020

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

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.


February 24 NASBP SmartBrief
February 17 NASBP SmartBrief
February 10 NASBP SmartBrief
February 3 NASBP SmartBrief 
January 27 NASBP SmartBrief
January 20 NASBP SmartBrief
January 13 NASBP SmartBrief
January 6 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

Recent Articles Regarding Electronic  Execution of Surety Bonding
"Electronic Bonding, Digital Adoption, and COVID-19"
By Adam Gussen of Tinubu Square Americas
Surety Bond Quarterly, Winter 2020 

"Electronic Signatures for Surety Bonds: Widespread Adoption Needed"
By Larry LeClair of NASBP and Julie Alleyne of SFAA
Construction Executive, November 2020, Special Section: 18th Annual Contractors' Guide to Surety Bonding

"Moving Toward Digital Bonds – A Challenging but Necessary Endeavor"
By Mark H. McCallum of NASBP
NASBP Pipeline, September/October 2020, CEO Comments

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



Virtual Seminar Logo


Sign up for recent NASBP Virtual Seminars regarding coronavirus. Registration is $89 for members, $179 for non-members. Consider the 2021 Virtual Seminar Annual Subscription ($995 available to Members only) if you'd like to have access to all of the NASBP Virtual Seminars at once.

Systems Thinking (or Systems of Attention): How Surety Bond Producers Can Build and Nurture Client Relationships During Challenging Times
March 2, 2021 at 2 p.m. Eastern

PPP Loans—Updates on Accounting, Tax, and Forgiveness Issues
February 17, 2021 at 2 p.m. Eastern

The Road Ahead: What Sureties Need to Know to Work with Contractors in 2021

Building the Future During COVID-19: A Financial Advisor's Perspective

Critical Project Restart Strategies: Best Practices to Help Construction Firms Restart Projects

PPP Loans—Impacts and Planning Around Loan Forgiveness 

Getting the Band Back Together: Communications Among Your Contractor Team of Advisors to Assist with Current Challenges

Business Interruption Coverage Under COVID-19

Riding the Wave of Change: The Hi-Tech Human Connection

Planning Now to Prove Your COVID-19 Damages and Delays Later

False Claims Act and Enforcement Risks of the Paycheck Protection Program (PPP)

On the Legal Front Lines of the COVID-19 Pandemic: The Construction Industry Preparing for the Post-Pandemic Future

The Financial Implications of COVID-19 on the Bonded Project

Contractor's Guide: What You Should Know As You Manage Through the COVID-19 Environment

Force Majeure: Navigating the Impact Of The Coronavirus Pandemic On Contract Performance Obligations

The Ten Riskiest (and Most Negotiated) Construction Contract Terms

View the full catalog of NASBP Virtual Seminars—titles, descriptions, speakers  




Capital_Hill_Money.jpg
Paycheck Protection Program and other
CARES Act Information




The SBA is now accepting Paycheck Protection Program applications for First Draw PPP Loans and Second Draw PPP Loans. This round of the PPP will run through March 31, 2020.

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


Update January 19, 2021:
SBA, in consultation with the Treasury Department, has recently released additional PPP guidance and resources:


Update January 17, 2021:
SBA, in consultation with the Treasury Department, has recently released additional PPP guidance and resources:

As part of the Second Draw Borrower application, Applicants must enter the SBA loan number of the First Draw PPP loan (i.e. the loan that was originated in 2020).  SBA loan numbers have the following format to help borrowers identify the SBA loan number of their first PPP loan: XXXXXXXX-XX (i.e. eight numbers followed by a dash and then two more numbers).   PPP lenders should make SBA loan numbers easily accessible to their borrowers.


Update January 13, 2021:
SBA, in consultation with the Treasury Department, has recently released additional guidance:

SBA will reopen the Paycheck Protection Program loan portal to small lenders ($1B or less in assets) for First and Second Draw applications on January 15, 2021 at 9:00 a.m. ET. The portal will open to all participating PPP lenders on Tuesday, January 19, 2021 for First and Second Draw loan applications.

Update January 8, 2021:
SBA, in consultation with the Treasury Department, has recently released additional PPP forms and guidance:  

Updated First Draw Forms

Second Draw Forms

Guidance & Resources


Update, January 8, 2021:
The SBA and Treasury announced today that the Paycheck Protection Program will re-open the week of January 11 for new borrowers and certain existing PPP borrowers. To promote access to capital, initially only community financial institutions will be able to make First Draw PPP Loans on Monday, January 11 and Second Draw PPP Loans on Wednesday, January 13. The PPP will open to all participating lenders shortly thereafter. This round of the PPP authorizes up to $284 billion toward job retention and certain other expenses through March 31, 2021, and by allowing certain existing PPP borrowers to apply for a Second Draw PPP Loan.

Key PPP updates include:

  • PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs;
  • PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures;
  • The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, direct marketing organizations, among other types of organizations;
  • The PPP provides greater flexibility for seasonal employees;
  • Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount; and
  • Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan. 

A borrower is generally eligible for a Second Draw PPP Loan if the borrower:

  • Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
  • Has no more than 300 employees; and
  • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.

Update January 7, 2021:
SBA has issued several documents on the next round of the Paycheck Protection Program authorized by the recent COVID-19 stimulus package. The new documents include:
--An interim final rule on the PPP as amended by the Economic Aid Act
--An interim final rule on second-draw PPP loans
--Guidance on accessing capital for minority-, underserved-, veteran-, and women-owned businesses.

This stimulus package will provide support for a new round of PPP lending and provisions simplifying PPP loan forgiveness.

Update December 9, 2020:
SBA and Treasury have released updated guidance:


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


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.

PPP Loan Updates: Where We Are With Round 1 and Round 2
Guest: Jack Callahan, CPA, Partner—Construction Industry Leader, CohnReznick

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