On behalf of the National Association of Surety Bond Producers (NASBP), I am contacting you to express concerns regarding the January 4, 2022, OSG East News Alert announcing that, effective January 6, 2022, small businesses which apply for surety bonds through the SBA Surety Bond Guarantee Program (Program) will be required to furnish five years of financial statements to verify that they qualify as small businesses based on the North American Industry Classification System (NAIC’s) code. This is a dramatic shift in policy from 2021, which required businesses to furnish three years of financial statements to determine their qualification as small businesses.
Topic
Accounting, Finance and Tax, Advocacy, Small and Disadvantaged Business Matters
Publish Date
January 24, 2022
Region
Federal
Audience
Contractors, Owners
Resource Type
Comment Letter, Resource Map
NASBP Letter Addressing Locality Requirements in VA Bid Bond