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

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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 …

Webinar: Navigating Challenging Media Encounters

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Whether the news is good or bad, getting a call from a reporter can be an intimidating prospect. As a business leader, it’s your job to promote and protect your brand. In this informative webinar, you’ll hear from industry leaders who will provide you with a roadmap to navigating even the most challenging media encounters. This training is free and …

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

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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

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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 …

#PAWNSTRONG RELIEF FUND

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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 apply for relief funds and …

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, …

Additional Information Regarding EIDL and PPP Programs

npaofficeadmin Coronavirus Alerts, NPA News

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 anticipate the next wave of COVID-19-related …

Preparing Paycheck Protection Program Loan “Forgiveness” Applications

npaofficeadmin Government Relations, NPA News

On May 15, 2020, the Small Business Administration (SBA) published the application form that recipients of Paycheck Protection Program (PPP) loans must use to apply for full or partial forgiveness of their PPP loans. The full application package (11 pages including instructions), is on SBA Form 3508 dated 05/20. You can download a pdf HERE What does the loan forgiveness …

Pawn Shops See New Loans Plummet Amid Pandemic

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By Angi Gonzalez Manhattan PUBLISHED 8:40 AM ET May. 15, 2020 The normal stream of customers heading into EZ Pawn shops has slowed to a trickle.“People assume that pawn shops thrive in times of desperation and that’s just not where we are right now,” said Lauren Kaminsky, President of EZ Pawn Corp. Pawn shops were exempted from Governor Cuomo’s order closing all …

Paycheck Protection Program’s “Good Faith Certifications” – FAQ No. 46

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New Small Business Administration Guidance May 14, 2020 On May 13, 2020, Team GRC’s Cliff Andrews obtained an advance copy of new guidance from the SBA that relates to the SBA’s intentions on auditing borrowers who obtained Paycheck Protection Program (PPP) loans. This guidance – to be published as FAQ No. 46 shortly – contains some very good news for …

Preparing for PPP Loan “Forgiveness” Applications

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Pawnbrokers who have received PPP loans need to take steps now to calculate and prove the amount of loan “forgiveness” that the PPP program may allow them to receive. The PPP program covers eight weeks of certain expenses to encourage the retention of employees or their rehiring as the business reopens. Specific types of business expenses and in certain proportions …

Recipients of Paycheck Protection Program Loans

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This week, the Small Business Administration (SBA) extended to May 14, 2020–next Thursday–the deadline for some recipients of Paycheck Protection Program (PPP) loans to return funds they received and have chosen not to use for any reason. PPP funds returned by the May 14th deadline will qualify as a “good faith certification” and relieve the recipient of the risk of …

IRS Guidance Notice 2020-32 Detailing Limits on Deducting Business Expenses Covered by Loans Eligible for Forgiveness under the CARES Act’s Paycheck Protection Program

npaofficeadmin Coronavirus Alerts, Legislative Updates & Alerts, NPA News

Your NPA Team GRC follows developments related to the CARES Act on a daily basis. Late on May 1, 2020 we focused on IRS guidance covering the deduction of business expenses for payroll, rent, and the like if the employer received actual loan forgiveness under the CARES Act and its authorization of the Paycheck Protection Program (PPP) loan program. Some …