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

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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

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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

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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

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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 …

SBA Tells Nearly 8,000 Businesses Applying for Economic Injury Disaster Loans (EIDL) Their Personal Information Was Exposed on Its Website

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Breaking News from Tuesday, April 21, 2020 NPA’s Team GRC has located several media articles covering the SBA’s admission that its online application portal for the EIDL program leaked 8,000 applicants’ personal information to other later applicants on the same online portal. One report first found by NPA’s Washington counsel, Cliff Andrews, is from Business Insider https://www.businessinsider.com/sba-website-leaks-thousands-business-owners-personal-information-disaster-loans-2020-4.  Inc.com and the …

An Introduction From Our Executive Director

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April 19, 2020 Let me introduce myself: My name is Kristen Williams and I am your new NPA Executive Director. As I’m sure you can imagine, it’s an extraordinary time to step into this new role. In the midst of the NPA Government Relations Committee’s work on the federal rate cap legislation in Washington, organizing the Annual Legislative Conference, opening …

Information for Pawnbrokers about Eligibility for Payroll Protection Program Loans Under the CARES Act of 2020

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April 13, 2020 Pawnbrokers have reported experiencing delays in receiving loan proceeds from their Payroll Protection Program (“PPP”) loan applications due to bankers’ uncertainty about eligibility. Others have been turned away by banks and told they could not apply for PPP loans because “lenders are not eligible.” Below is NPA’s position that pawnbrokers are eligible and why. Pawnbrokers were eligible for …

National Pawnbrokers Association Announces New Executive Director, Kristen Williams

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April 7, 2020, FOR IMMEDIATE RELEASE The National Pawnbrokers Association Board of Directors announces a management reorganization Southlake, TX – The National Pawnbrokers Association (NPA), the pawn industry’s only national association, announces the appointment of a new Executive Director, Kristen Williams. “We are excited to welcome Kristen Williams to the NPA and the pawn industry. The NPA Board of Directors …