MEET THE NPA STAFF

Mark Campanale Members Only, NPA News

With a “New Day” at the NPA, we bring you a new team of highly dedicated professionals working hard in every area to bring the pawn industry our very best every single day.  We know our valued members and Industry Partners look to the NPA and our Board of Directors for guidance, insight and support which is why we are committed to serving our members fully, equally and …

PAWN EXPO 2021 IS OPEN FOR REGISTRATION

Mark Campanale Members Only, NPA News

What is Pawn Expo? Pawn Expo is the largest and most comprehensive pawn industry convention and expo event in the U.S., bringing pawnbrokers, industry partners, and companies from around the globe together in one location annually. Attendees leave energized and equipped with the latest industry knowledge and know-how.

PAYCHECK PROTECTION LOANS UPDATE

Mark Campanale Government Relations Updates, NPA News

The SBA issued a news release on Tuesday, January 12th stating over $100 billion in Paycheck Protection Program (PPP) loans have been forgiven in the 3 months since the earliest covered periods ended. The SBA has thus far received over 1.3 million forgiveness applications. Eighty-eight per cent (88%) of the loans for $50,000 or less have been approved for forgiveness. Read …

US MINT INCREASES COIN PRODUCTION

Mark Campanale Government Relations Updates, NPA News

In a report this week the coin shortage is easing since the U.S. Mint ramped up production to a level not seen for several years. The Denver and Philadelphia Mint facilities produced 14.8 billion coins in 2020, which was a 26% increase over the previous year. The scarcity of change was a sudden and unseen economic side-effect of the coronavirus …

State of Illinois Rate Cap Legislation

Mark Campanale Government Relations Updates, NPA News

January 13, 2021  Today the NPA learned of a bill that was passed last night by the Illinois Legislature which includes an Article 15 entitled “Predatory Loan Prevention Act”. “The Act” caps the interest at 36%APR and applies to any person or entity that offers or makes a loan to a consumer in Illinois, except banks, savings banks, savings and loan associations, …

2021 Congressional Calendar

Mark Campanale Government Relations Updates, NPA News

The 2021 Congressional Calendar has been released and you can access a copy from the NPA website www.nationalpawnbrokers.org or here https://content.rollcall.com/wp-content/uploads/2020/12/2021-CQRC-CongressionalCalendar-1.pdf Our annual Legislative Conference will be held on April 19-21, 2021. You will see on the calendar that both the House and Senate are in session at that time. Obviously due to COVID-19 concerns and heightened security at the …

Federal Consumer Financial Law Report

Mark Campanale Government Relations Updates, NPA News

The CFPB’s Taskforce on Federal Consumer Financial Law released their lengthy report on January 5th and includes numerous mentions of the pawn industry. You can read their news release here…   https://www.consumerfinance.gov/about-us/newsroom/consumer-financial-protection-bureaus-taskforce-on-federal-consumer-financial-law-releases-its-report/   At the bottom of the news release, you’ll find links to Volumes 1 and 2 of the Report. There are 798 pages in Volume 1 and if you view it in Adobe Acrobat use ‘pawn’ in the search …

OCC’s Proposed Rule on Fair Access to Financial Services

Mark Campanale Government Relations Updates, Members Only, NPA News

We would like to take this opportunity to thank everyone who took the time to submit a post in support of the OCC’s Proposed Rule on “Fair Access to Financial Services”. Many of you not only agreed with the NPA’s official comment letter but related your own experiences with heartfelt statements about how bank discontinuance of pawnbrokers affected your business, employees, and …

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 …

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. …