IRS Releases PPP Loan Forgiveness Tax Guidance

Cheryle Bernard Coronavirus Alerts, 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 …

Important Announcement: Wexler Insurance Agency / IJB Signed Agreement to Join Jewelers Mutual® Group

Cheryle Bernard NPA News

We have an important announcement to share with our members. As you may have heard, Wexler Insurance Agency / IJB has signed an agreement to join Jewelers Mutual® Group. This is seen by both of these important industry partners as an important move that will benefit the pawn industry. This strategic acquisition brings together the two most recognized names in …

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. …

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

npaofficeadmin NPA News

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 …

The Week in Pawn: News & Events from the NPA 09/17/2020

Cheryle Bernard NPA News

SHARE-WORTHY STORIES: Posting these stories to your online channels is an easy way to help spread good news about your industry: Local pawn shops have been busy since the coronavirus pandemic began six months ago. Mark Farmer, Owner, Joplin Pawn and Purchase, said, “This has actually been our busiest season this summer. This past summer has been record setting numbers.” Read …

YOU’RE INVITED – A MESSAGE FROM THE NPA 9-16-20

Cheryle Bernard NPA News

DON’T MISS:  TWO informative webinars featuring two amazing women in pawn! First, join us for a conversation with ‘GoldGirl’ Lauren Kaminsky Goldman TODAY at  4pm eastern. Click HERE to grab your seat! Tomorrow, at 5pm eastern, we’re joined by renowned expert and author Deanna Thompson to discuss ways that you can actually grow your luxury goods business during these challenging times. …

THIS WEEK IN PAWN 9-10-20

Cheryle Bernard NPA News

HOW DOES YOUR PAWNSHOP’S PERFORMANCE COMPARE TO YOUR PEERS? THERE’S ONLY ONE WAY TO FIND OUT. The 2020 Pawn Industry 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 survey will be …

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 …

SHARE-WORTHY STORIES FROM YOUR INDUSTRY 9-3-2020

Cheryle Bernard NPA News

SHARE-WORTHY STORIES FROM YOUR INDUSTRY 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 …

#DataDrivenPawn

npaofficeadmin NPA News

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 …

SHARE-WORTHY STORIES FROM YOUR INDUSTRY 8-27-20

Cheryle Bernard NPA News

SHARE-WORTHY STORIES FROM YOUR INDUSTRY When you use your online channels and network to share a positive news story about pawnbroking, you align yourself with the industry’s best and increase the likelihood that it will be seen by legislators, influencers, and others whose perception will be changed for the better.   PEOPLE TURNING TO PAWN SHOPS FOR QUICK CASH AS …

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

npaofficeadmin NPA News

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

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 …

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

npaofficeadmin Legislative Updates & Alerts, NPA News

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 …