Author Archives: npaofficeadmin

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

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 […]

#DataDrivenPawn

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 […]

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

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. […]

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

    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 […]

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

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. […]

SBA Issues New PPP Loan Forgiveness Forms

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 […]

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

Has the SBA Denied Your EIDL Application?  NPA Information to Help Pawnbrokers Seek Reconsideration of their EIDL Eligibility.   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”. […]

#PAWNSTRONG RELIEF FUND

EMERGENCY RELIEF FUND STRUCTURE #PAWNSTRONG – Emergency Relief Fund Rules The NPA #PAWNSTRONG Relief Fund is being set up to collect monies to help cover unexpected expenses directly resulting from the riots and violent protest that have taken place nationwide in the wake of George Floyd’s death. These funds will be distributed to NPA Member Pawnbrokers who […]

Congress Modifies Major CARES Act’s Provisions on Loan Forgiveness and Payroll Taxes

June 5, 2020 On Wednesday, June 3rd, the Senate passed H.R. 7010, the “Paycheck Protection Program Flexibility Act of 2020”. The bill is now headed to the President’s desk for his signature. H.R. 7010 makes important changes that should help all Paycheck Protection Program (PPP) borrowers: Extends the “covered period” for borrowers to spend PPP […]

Additional Information Regarding EIDL and PPP Programs

  As Of May 20, 2020 As we monitor all developments related to the EIDL and PPP programs from the Congress, SBA, and Treasury, we have seen a few shifts that are likely to affect pawnbrokers’ decisions going forward. We also continue to do everything possible using the NPA’s GRC resources to look forward and […]