PAYCHECK PROTECTION PORTAL UPDATE

Mark Campanale Coronavirus Alerts, Government Relations Updates

A recent report indicates the PPP portal doesn’t appear to allow lenders to upload a borrower’s application for a second-draw PPP if a forgiveness application for the first-draw loan is still pending. However, the SBA’s interim final rule does not mention that first-draw forgiveness is a requirement for receiving a second-draw loan. Read more here.  

NEW LAW EXTENDS COVID TAX CREDIT FOR EMPLOYERS WHO KEEP WORKERS ON PAYROLL

Mark Campanale Coronavirus Alerts, Government Relations Updates

IR-2021-21, Jan. 26, 2021 WASHINGTON — The Internal Revenue Service urges employers to take advantage of the newly-extended employee retention credit, designed to make it easier for businesses that, despite challenges posed by COVID-19, choose to keep their employees on the payroll. The Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted Dec. 27, 2020, made a number of …

UPDATE: Families First Coronavirus Relief Act

Mark Campanale Coronavirus Alerts, Government Relations Updates

This Update covers two developments related to the March 2020 Families First Coronavirus Relief Act (FFCRA). First, the “paid sick leave” and “expanded family and medical leave” provisions expired on December 31, 2020. Second, Congress gave employers more time to claim tax credits for the paid sick or expanded family or medical leave they provided under the FFCRA. The tax …

Congress Continues with Version of 2020 Bipartisan COVID-19 Emergency Relief Act

Mark Campanale Coronavirus Alerts, Government Relations Updates

The Country waits while Congress continues the back and forth on the latest version of a Bipartisan COVID-19 Emergency Relief Act of 2020 Here are some “good” highlights: Forgivable expenses on a second PPP loans will include supplier costs and investments in facility modifications and PPE. Expenses paid with PPP proceeds will be tax deductible — apparently these members of Congress …

CFPB Commences Military Lending Act Enforcement Action Against LendUp

Mark Campanale Coronavirus Alerts, Government Relations Updates

December 4, 2020 Earlier today, the CFPB filed an action in federal court against LendUp, an online lender that provides single-payment and installment loans to consumers in many states. LendUp has been sued by the CFPB before and paid a civil penalty in settlement of the charges in that action. This time, the CFPB alleges that LendUp violated the MLA …

IRS Releases PPP Loan Forgiveness Tax Guidance

Cheryle Bernard Coronavirus Alerts, Government Relations Updates, NPA News

November 23, 2020 On November 18, 2020, the Internal Revenue Service issued guidance to clarify that business expenses paid with any portion of PPP loans that have been or may be forgiven by the SBA are NOT eligible for ordinary business-expense tax deductions; and PPP loans that are fully or partially forgiven or expected to be forgiven are excluded from …

Federal Court Orders SBA to Release Information on All PPP Recipients

Cheryle Bernard Coronavirus Alerts, NPA News

November 17, 2020 A federal district court ordered the Small Business Administration (SBA) to release the names, addresses, and loan amounts for all PPP and all special CARES-Act EIDL recipients by November 19, 2020. However, a temporary stay of this order has been issued in response to the SBA’s request for a full stay. Newspapers and watchdog organizations petitioned the …

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

npaofficeadmin Coronavirus Alerts, NPA News

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. …

SHARE-WORTHY STORIES FROM YOUR INDUSTRY 9-4-20

Cheryle Bernard Coronavirus Alerts, NPA News

Sharing a positive news story about pawnbroking is an easy step you can take to help positively impact the perception of pawn. Want to learn more about getting media hits for YOUR pawnshop? Reach out to your NPA Staff! US NEWS AND WORLD REPORT:  AS CASES OF COVID-19 spread across the nation in the spring, Bob Moulton decided it was best to close his …

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

npaofficeadmin Coronavirus Alerts, NPA News

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 …

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

npaofficeadmin Coronavirus Alerts, NPA News

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 …

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

npaofficeadmin Coronavirus Alerts, NPA News

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

npaofficeadmin Coronavirus Alerts, NPA News

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

npaofficeadmin Coronavirus Alerts, NPA News

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 …

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

npaofficeadmin Coronavirus Alerts, NPA News

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 loan funds to December 31, …