Medium-Firm CFOs Discuss Top Challenges at CFMA’s 2020 Virtual Annual Conference - Articles

The Medium-Firm Contractor Roundtable Session on June 26, 2020 drew more than 140 construction financial professionals who were engaged in discussing topics of interest to contractors in the $25-100 million revenue range. The session included a presentation by Jesse Palmer, CPA and Jason Myers, CPA, CCIFP on operations and staffing in the current environment.

Jesse Palmer, BKD Partner and National Tax Leader, presented on cash flow and tax relief options under the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief and Economic Security Act (CARES Act). Jesse talked about payroll tax credits and deferral, net operation loss planning, and relaxation of some tax reform provisions. He also presented on the Paycheck Protection Program (PPP) and SBA guidance.

Jason Myers, BKD Partner and Regional Industry Leader, talked about current hot topics given the environment in the industry including insurance, workforce, control environment, and market condition planning. He also talked about worker safety and work environment changes.

Groups focused on the following questions:

If you obtained a PPP loan, what challenges do you face to receive full loan forgiveness?
What are you and/or your company doing to evaluate, prepare and protect your organization against future impact?

Sixteen breakout groups discussed these questions and some additional items:

Impact office closures and increased work site safety regulations on the workforce
Offering flexible work environments going forward
Concerns about 2021 once companies have gone through current backlog
Banks inability to process loan forgiveness applications
Reducing the workforce and maintaining less full-time headcount
Reducing expenses by analyzing vehicle ownership vs. leasing
Continuity planning with workers out sick or downsized: sharing passwords, cross training, and increased documentation

A special thanks to the Medium Contractor Roundtable Task force who helped to develop this outstanding session: Keri Adams, Kari Juvera, Jamie Krolczyk, Therese Litton, Stephanie Magenau, and Bryce McDermott.

If you missed this year’s roundtable peer group, mark your calendar NOW for CFMA’s 2021 Annual Conference, May 15-19, 2021 in Denver, CO. This is an opportunity you won’t want to miss that will afford you a connection with your Medium Contractor peers to talk about the issues most important to you!