Is Your Bond Company Slowing Your Growth?

Denise Gillin News

By Jamie Collum and Andrew Cartwright for Canada.ConstructConnect.com The last edition of Surety Corner introduced the topic of bond limits, what might be holding back a contractor’s growth and the general areas of focus to ensure you are maximizing your bonding limits. The example we had used was contractor XYZ who had $500,000 in working capital, which translated to a …

A Guide To Bidding For, Procuring And Performing Federal Solar Contracts

Denise Gillin News

By Christopher Horton, Partner, Smith, Currie & Hancock LLP for SolarPowerWorldOnlin.com The federal government is the largest energy purchaser in the United States, with an annual electricity bill for the fiscal year 2019 of almost $4 billion. As a result, President Biden’s administration is aggressively pursuing 100% clean energy and net-zero emissions by 2050. In fiscal year 2020, federal agencies …

SBA May Be Dropping PPP Loan Necessity Questionnaire Requirement

Denise Gillin News

By Jeff Drew for JournalOfAccountancy.com The Associated General Contractors of America (AGC) said that the U.S. Small Business Administration (SBA) is in the process of removing the requirement that Paycheck Protection Program (PPP) borrowers submit a Loan Necessity Questionnaire when applying for forgiveness on loans of $2 million or more. A lender notice from an SBA district office also indicates …

Underbidding Then Asking for More Money

Denise Gillin News

By Andrew Ozaki, Lincoln Bureau Chief, KETV, Omaha The Kansas-based nonprofit in charge of managing child welfare cases in the Omaha area had a history of underbidding and then asking for more money. That’s according to Tom Kenny, the attorney who represented the previous provider. “We argued that St Francis underbid the contract by 40% and they did it on purpose,” …

Coalition States Case for Miller Act Bond Threshold Indexing Exemption

Denise Gillin News

From ConcreteProducts.com The Surety & Fidelity Association of America (SFAA) and National Association of Surety Bond Producers (NASBP) in Washington, D.C. endorse House legislation that will maintain essential payment protections for subcontractors, suppliers, and workers on federal construction contracts of $150,000 or more. Sponsored by Congresspersons Nydia Velasquez (D-N.Y.) and Byron Donalds (R-Fla.), H.R. 2949 exempts the threshold in the …

New Legislation Allows Condominium Developers to Use Earnest Money Deposits Towards Construction Costs

Denise Gillin News

By Stoel Rives LLP for JDSupra.com Washington recently enacted SB 5024 (the “Bill”), which allows developers to use earnest money deposits towards construction costs in certain circumstances. The Bill will become effective on July 25, 2021. Under the new law, if (1) a purchase agreement discloses that earnest money deposits may be used for construction costs, and (2) the developer …

Five Traits of the Safest Contractors

Denise Gillin News, Uncategorized

By Joe Bousquin for ConstructionDive.com Firms that follow these guidelines are six times safer than the industry average, according to the latest report from Associated Builders and Contractors. According to Greg Sizemore, ABC’s vice president of health, safety, environment and workforce development, the safest construction companies typically have: Robust substance abuse policy Intensive onboarding and new hire orientation programs Frequent and regular …

22 States to End Federal COVID-19 Unemployment Benefits

Denise Gillin News, Uncategorized

By Kim Slowey for ConstructionDive.com Montana Gov. Greg Gianforte will end the state’s participation in federal pandemic-related unemployment benefit programs by the end of June, making it one of the first states to fully opt out, according to a press release issued by the governor’s office. In addition, Gianforte has also proposed paying a $1,200 return-to-work bonus. Other states are also cutting …

Construction Momentum at 12-year High, Despite Continued Challenges

Denise Gillin News

By Joe Bousquin for ConstructionDive.com The future of construction in 2022 looks bright, especially in the institutional sector, but contractors will have to overcome a multitude of challenges to enjoy it, based on two bellwether construction reports issued last week. The uptick in the institutional sector, which includes healthcare, education, dormitories, recreation facilities and public buildings such as courts and …

Fighting Capital Erosion

Denise Gillin News

By Todd A. Feuerman for ConstructionBusinessOwner.com In the first quarter of 2020, prior to the onslaught of the pandemic, the nation’s construction industry was thriving, adding more than $900 billion in gross domestic product (GDP) revenue to the United States economy. Both this revenue and high employment levels were the best the industry had seen since 2008. Then COVID-19 reached …