SBA Announces NEW PPP Forgiveness Process for Loans of $50,000 or Less and a Big Change in Forgiveness Standards for these Small PPP Loans

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October 9, 2020 Late on Thursday, October 8, 2020, the SBA issued new guidelines to simplify forgiveness applications for PPP Loans of $50,000 or less, effective immediately. The new instructions for completing the application and additional guidance for PPP lenders support the SBA’s goal to help the smallest PPP borrowers and allow PPP lenders to process forgiveness applications more swiftly. …

Which Form Should Pawnbrokers Use to Report Cash Payments Over $10,000?

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September 18, 2020 During the NPA Federal Update seminar at the recent Dixie Pawnbrokers Conference there were questions and discussion about which federal reporting form pawnbrokers should use when a customer makes cash payments of more than $10,000 in one or a series of related transactions. Pawnbrokers use Internal Revenue Service Form 8300 to report payments of more than $10,000 …

From SESCO: DOL Releases Revised FFCRA Regulations

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Reprinted with Permission from SESCO: The Families First Coronavirus Response Act (FFCRA) was enacted on March 18, 2020. The sweeping federal legislation provides emergency paid sick leave (EPSL) and expanded paid Family and Medical Leave (EFML) to certain covered workers impacted by the COVID-19 pandemic. On April 1, 2020, the U.S. Department of Labor (DOL) issued regulations implementing the FFCRA …

#DataDrivenPawn

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What areas of your pawnshop are underperforming your peers? There’s only one way to find out. The 2020 Pawn Industry Financial and Operating Performance Benchmark Survey will provide real actionable insight into how your store performance compares to the industry standard. Data analysis provides the intelligence by which all major corporations steer their businesses. Now, pawnbrokers who participate in this industry-wide …

When Must Pawnbrokers Report “Cash Transactions” with Customers to the Internal Revenue Service?

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August 2020 Federal law requires pawnbrokers to report “cash transactions” to the Internal Revenue Service when customers make payments in cash or in a combination of cash and monetary instruments (such as money orders) when the total of payments exceeds $10,000 – by even a penny. Pawnbrokers use IRS Form 8300 to file these reports. The threshold for reporting cash …

SECURITY ALERT: Hackers Are Targeting Businesses Trying to Access the Small Business Administration’s COVID-19 Relief Website

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August 14, 2020 The federal Cybersecurity and Infrastructure Security Agency (CISA) issued a warning on August 12, 2020 that some person or group as yet unidentified is attempting to divert individuals from the real Small Business Administration website on COVID-19 relief to a fraudulent site. The public alert described findings that visitors are re-directed to the fraudulent site and targeted …

NPA Confirms Bureau of Alcohol, Tobacco, Firearms and Explosives (BATFE) Contract with LeadsOnline

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August 4, 2020 More than two years ago the NPA’s Government Relations Committee heard members’ concerns of receiving trace requests on firearms that were pawned by or purchased from their consumer customers. Previously, the BATFE trace requests to FFLs were only on firearms purchased from distributors or manufacturers. We heard you and shared your concerns. The GRC asked questions of …

Request To Urge Members of Congress To Include Automatic PPP Forgiveness in Relief Legislation

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Contact Your Members of Congress and Urge Them to Include Automatic Forgiveness for Paycheck Protection Program Loans of $150,000 or Less in the Next COVID-19 Relief Legislation July 22, 2020 Congress is considering legislation that would give businesses additional relief from the COVID-19 pandemic’s damage to the economy. On the wish lists of many small businesses is the provision allowing …

Webinar: Navigating Challenging Media Encounters

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Whether the news is good or bad, getting a call from a reporter can be an intimidating prospect. As a business leader, it’s your job to promote and protect your brand. In this informative webinar, you’ll hear from industry leaders who will provide you with a roadmap to navigating even the most challenging media encounters. This training is free and …

Good News: Non-Recourse Pawn Loans” Remain Excluded from the CFPB Revised Regulations on Payday, Vehicle Title, and Certain Small-Dollar Loans   

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July 8, 2020 On July 7, 2020, the CFPB published its long-expected revisions to the Regulation on Payday, Vehicle Title, and Certain Small-Dollar Loans. The text of the amendments and a comprehensive explanation of the reasons behind them can be read HERE. This is a 237 page publication, so we will cover the most important pieces for pawnbrokers here. “Non-recourse …

SBA Issues New PPP Loan Forgiveness Forms

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June 22, 2020 On June 17, 2020, the Small Business Administration (SBA) published two new loan forgiveness forms that conform to the changes in the Paycheck Protection Program enacted by H. R. 7010. (View June 5, 2020 GRC Update Congress Modifies Major CARES Act’s Provisions on Loan Forgiveness and Payroll Taxes.) We now focus on PPP forgiveness for pawnbrokers who …

Has the SBA Denied Your EIDL Application?  NPA Information to Help Pawnbrokers Seek Reconsideration

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June 9, 2020 NPA’s Team GRC has learned from several pawnbrokers of their EIDL applications being denied by the Small Business Administration (SBA). The SBA’s denial merely states that the applicant’s “business activity is not eligible”. Team GRC’s additional research returned the information that pawn shops are eligible for EIDLs if more than 50% of their income comes from business …