On Wednesday, March 10 the U. S. House of Representatives Small Business Committee indicated during a hearing they are open to extending the Paycheck Protection Program’s lending authority past the current March 31, 2021 expiration date.   Chairwoman Rep. Nydia Velazquez-NY stated, “it’s clear small businesses still need help, but lingering issues in the program have created a need for Congress to consider a short-term extension.”  …

WASHINGTON — The Internal Revenue Service today reminds businesses of their responsibility to file Form 8300, Report of Cash Payments Over $10,000, and encourages e-filing to help them file accurate, complete forms.   Although many cash transactions are legitimate, information reported on Form 8300 can help stop those who evade taxes, profit from drug trading, engage in terrorist financing and conduct other criminal activities. The government can often trace money from these illegal activities through payments reported …

Although many cash transcations are legitimate, the government can often trace illegal activities through payments reported on complete, accurate Forms 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business. Here are facts on who must file the form, what they must report and how to report it.   Who must file  Generally, any person in a trade or business who receives …

Two bills were filed in the House of Representatives on March 1, 2021. H.R. 8 was introduced by Rep. Mike Thompson (D-CA) and is described as a ‘universal background check bill’. Although the bill contains some exceptions, it would become a criminal act for a non-licensed individual to sell, give, hand over, etc. a firearm to another person without having the transfer done by a Federal Firearms Licensee …

Reports from some trade associations that represent non-depository lenders, not pawn industry related, discuss bills filed in New Mexico that call for a 36% APR cap. In fact, there are 3 bills under consideration by the Legislature there that apply a 36% APR to loans made under the New Mexico Small Loan Act of 1955 and the New Mexico Bank Installment Loan Act of 1959.   Contrary to …

Last fall the NPA Board authorized Team GRC to contract with a tracking service that would allow monitoring of all state legislatures for bills filed that may impact the pawn industry. Some state pawn associations may already have this process in place, but others may not.   This week initial bill tracking reports were prepared for 28 states and emailed to …

Some pawnbrokers report having received PPP loan forgiveness with no problems, while others are still waiting. One pawnbroker recently received a request from their bank of additional information needed for the SBA such as…1) Description of the business activities; 2) Tax Return; 3) Company marketing information. Also reported was a SBA ‘Hold Code’ notation “NAICS 522-Credit Intermediation-Borrower appears to be engaged in lending-Potential eligibility issue.”   The …