SBA Announces PPP Process Changes

Denise Gillin Uncategorized

By Jeff Drew for Journal of Accountancy The U.S. Small Business Administration (SBA) announced changes Wednesday designed to reduce delays in the Paycheck Protection Program (PPP) approval process. Millions of small businesses have applied for PPP forgivable loans since it reopened Jan. 11 with $284 billion in fresh funding. A significant percentage of those applications has been held up by process and …

Surety Corner: Navigating Succession With Your Bond Company

Denise Gillin Uncategorized

By Jamie Collum and Andrew Cartwright for Daily Commercial News Succession is one of the most significant challenges facing construction businesses today. Successful contractors spend years building up their companies through their own blood, sweat and tears. When it comes time to step back, they want to know that the impressive legacy and reputation they have built will be perpetuated …

Seven Construction Industry Firms That Not Only Survived, But Thrived, In 2020

Denise Gillin Uncategorized

By Kim Slowey for ConstructionDive By getting rid of wasteful practices, hiring new talent and meeting client needs, these firms came out ahead after a very difficult year. The U.S. business community overall has suffered a great deal during the coronavirus pandemic. Restaurants and retail establishments have shut down due to customers staying home during lockdowns or because of tight …

Construction Spending to Decline in 2021: AIA

Denise Gillin Uncategorized

By Gail Kalinoski for Commercial Property Executive Nonresidential construction is expected to decline by 5.7 percent this year, according to a consensus forecast from the American Institute of Architects. Sectors like hotels, office and amusement and recreation are being hit the hardest as the U.S. tries to slowly recover from the COVID-19 pandemic. Health care and public safety are the …

PPP Loan Portal Reopened for First- and Second-Draw Loan Applications

Denise Gillin Uncategorized

By Bernadette Kasnicki of Farrell Fritz, P.C. – Published January 19, 2021 Today the U.S. Department of the Treasury and the U.S. Small Business Association (“SBA”) have fully reopened the Paycheck Protection Program (“PPP”) loan portal to participating lenders to submit first- and second- draw loan applications. The Legislation The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venue Act …

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

Denise Gillin Uncategorized

By Lisa B. Andrzejewski, Dennis C. Cavanaugh, Niel P. Franzese, and Choity R. Khan of Robinson+Cole LLPPublished December 17, 2020 As 2020 comes to a much anticipated close and we approach the one-year anniversary of the start of the global COVID-19 pandemic, it is worth reflecting on the impacts the health crisis has had on the construction marketplace and surety industry and its likely lasting effects …

Fairness, Honesty and Common Sense for Your Bond Needs

Denise Gillin Uncategorized

For over fifteen years Construction Bonds, Inc., a division of Murray, has focused on delivering quality bonding services and care to our clients. Over time we’ve grown and expanded. We’ve changed our look and our name more than once, expanded our capabilities, added new locations and evolved in order to provide you with the highest level of service possible. Today …

Construction Backlog Rebounds in October: Contractor Optimism Rises

Denise Gillin Uncategorized

According to ConstructionBusinessOwner.com, Associated Builders and Contractors reported that its Construction Backlog Indicator rebounded to 7.7 months in October, an increase of 0.2 months from September’s reading, according to an ABC member survey conducted from October 20 to November 5. Backlog is 1.2 months lower than in October 2019. ABC’s Construction Confidence Index readings for sales, profit margins and staffing …

PPP-funded expenses not deductible for borrowers that receive forgiveness

Denise Gillin Uncategorized

By Construction Dive Guidance released this week by the Internal Revenue Service could have tax implications for construction companies that plan to ask for forgiveness of their Paycheck Protection Program loans. The new guidance is in line with an IRS notice this spring that ruled out tax deductions for wages and rent paid with forgivable PPP loans in order to …

Pursuing a better balance of risk for P3 projects

Denise Gillin Uncategorized

The next new thing in the construction industry, be it a project delivery method or the latest technology, always garners a lot of attention, even from those that might not ever use it. This is probably the reason that while most contractors have never been part of a public-private partnership (P3) team, they definitely watch those who are. So, the …