Joe Catania, President of Anderson & Catania Surety Services, explains the importance of sharing year-end financial statements with your bond company. Has COVID-19 impacted the timeframes for delivery of 2020 CPA financial statements? Yes, we’ve seen late statements since the CPAs have helped clients with SBA PPP loan forgiveness and due to the extended 2020…

Richard G. Anderson, CEO of Anderson & Catania Surety Services LLC, discusses the delicate balance between tax obligation and financial retention strategies as it relates to a contractor’s bonding capacity and the role of the surety in finding that balance. Which year-end tax deferral strategies are commonly used by construction companies? Year-end tax deferral strategies…

Joe Catania, President of Anderson & Catania Surety Services, explains the importance of the general indemnity agreement in securing bonding. What Is Meant by Stating That Surety Credit Is Unsecured Credit While Banking Is Secured Credit?  The surety credit relationship is unsecured credit.  The General Indemnity Agreement (GIA) is the only document that ties the…

Donzaleigh Powell, a surety consultant at Anderson & Catania Surety Services, LLC, offers tips on how to best highlight the skills of your contractors to a surety company. (video transcript) We suggest maintaining updated resumes and bios of your key employees. As you look to grow evaluate your team. Does someone have experience with the…

Brent Headley, Surety Account Executive at Anderson & Catania Surety Services LLC, explains why general contractors should ask subcontractors to post a performance and payment bond back to them. At What Dollar Amount Should Subcontractors Bond-Back? There are many answers to this question. If a bond-back is required by the surety company, the surety company…

Donzaleigh Powell, surety consultant at Anderson & Catania Surety Services, LLC, emphasizes the important role passion and relationship-building play in a construction company securing a surety bond. (video transcript) Telling your personal story is an important part of building a supportive surety relationship. Bonding is not just about your company’s balance sheet, although that’s important.…

Brent Headley, Surety Account Executive at Anderson & Catania Surety Services LLC, offers insight regarding PPP loans and their impact on surety bond capacity. Why Is It Important to Anticipate How a Surety Will Treat an Unforgiven PPP Loan? Obviously, if the PPP loan is unforgiven, the loan amount affects how the surety calculates the…

Junior Gutierrez of NOVA Business Connection and Chris Smith of Anderson & Catania discuss surety bonding as it relates to navigating different opportunities and problems: