Let's Get Surety

On this episode, NASBP past president Bob Shaw, President of Skillings Shaw & Associates, Inc and David Jean, a member of the NASBP's CPA Advisory Council and principal at the CPA firm of Albin, Randall & Bennett, joins us to take a look at how they are leading their contractor clients through these turbulent times. We discuss how COVID-19 is affecting their construction clients on both public and private projects with delays, backlogs, staffing, overhead, reviewing contracts, re-examining cost to complete, and work on hand schedules. As well as educating clients about Payroll Protection Program (PPP). For more information on COVID-19's impacts on the Surety Industry visit NASBP's Coronavirus (COVID-19) Resources and Information page.

Hosted By:

Kat Shamapande, Director, Professional Development, NASBP and Mark McCallum, CEO, NASBP

The economy has been upended by the Covid-19 pandemic and headlines on bankruptcy's have become more and more common. On this episode, Chad Schexnayder who is a partner with the law firm of Jennings, Haug & Cunningham, LLP, and regularly represents surety clients in bankruptcy cases throughout the United States, joins us to take a look at commercial surety account bankruptcy. Chad walks through the commercial surety account sectors that are being hit hardest by bankruptcy. We also discuss red flags before a company files for bankruptcy, how sureties can work to avoid "claw back", the importance of documentation and communication between the surety, bond producer and commercial surety client to control risk!

Hosted By:

Kat Shamapande, Director, Professional Development, NASBP and Mark McCallum, CEO, NASBP

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 our first episode we discussed the updates and changes to the program, on this episode we will be discussing what the PPP means for bonding companies. Jack 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. As well as 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. Read a full explanation of the PPP Loan Forgiveness Update or for more information on the PPP you can go to both NASBP's Coronavirus Resources Page or CohnReznick's Coronavirus Center!

Hosted By:

Kat Shamapande, Director, Professional Development, NASBP and Mark McCallum, CEO, NASBP

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 the date we recorded on June 26, 2020. Jack chats with us 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. As well, as discussing 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!

Hosted By:

Kat Shamapande, Director, Professional Development, NASBP and Mark McCallum, CEO, NASBP

In this episode, NASBP CEO Mark McCallum and General Counsel Martha Perkins join us to shares insights into the world of Individual Sureties. They share insights into loopholes that individual sureties take advantage of and often don't come to light until a claim is made against the bond. They also discuss revised federal regulations proposed earlier this year and will begin to eliminate some loopholes. As well as reviewing examples and some easy ways to identify individual sureties.

Hosted By:

Kat Shamapande, Director, Professional Development, NASBP

In this episode, Aldo Pasquariello, Executive Vice President with Insurance Associates an MMA Company, walks us through a case study of a local high school project strained by a subcontractor default. He discusses how this project could have become a disaster, but due to the cooperative efforts of the surety team facilitating a speedy resolution became an unqualified success! If you are interested in learning more about this project check out the Surety Bond Quarterly article by the same title.

Hosted By:

Kat Shamapande, Director, Professional Development, NASBP

In this episode, guest Peter Gibbs, Director, Office of Surety Guarantees at the U.S. Small Business Administration (SBA), shares insights into the SBA's bonding assistance program and how they are helping contractors. He shares some history of the program, news of exciting updates, and outlines both Plan A and Plan B programs. He also highlights how the great support for the program through the participation of surety company's and surety bond producers has helped the program grow!

Hosted By:

Kat Shamapande, Director, Professional Development, NASBP and Mark McCallum, CEO, NASBP

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. For more information, you can also read a compilation of blog posts that Tom has shared on this topic, "Crisis-Era Message to Contractors: A Series from Dr. Tom Schleifer."

Hosted By:

Kat Shamapande, Director, Professional Development, NASBP and Mark McCallum, CEO, NASBP

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!

Hosted By:

Kat Shamapande, Director, Professional Development, NASBP

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)."

Hosted By:

Kat Shamapande, Director, Professional Development, NASBP and Mark McCallum, CEO, NASBP