Coronavirus Updates

The NPA is providing free access to information relating to COVID-19 / Coronavirus & NPA GRC Alerts. Please review the articles below. Learn More

VIEW MAP OF STATES REPSONSES TO CORONAVIRUS

IRS Releases PPP Loan Forgiveness Tax Guidance

November 23, 2020

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

November 17, 2020

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 ...

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

October 9, 2020

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. ...

SHARE-WORTHY STORIES FROM YOUR INDUSTRY 9-4-20

September 4, 2020

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 ...

SECURITY ALERT: Hackers Are Targeting Businesses Trying to Access the Small Business Administration’s COVID-19 Relief Website

August 18, 2020

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 ...

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

July 23, 2020

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 ...

Good News: Non-Recourse Pawn Loans” Remain Excluded from the CFPB Revised Regulations on Payday, Vehicle Title, and Certain Small-Dollar Loans   

July 8, 2020

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

June 23, 2020

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

June 9, 2020

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 ...

Congress Modifies Major CARES Act’s Provisions on Loan Forgiveness and Payroll Taxes

June 5, 2020

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

May 20, 2020

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 ...

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

May 2, 2020

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 ...

Pawn Expo 2021 – Where The Best Begins!

April 30, 2020

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

April 21, 2020

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

April 17, 2020

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 ...

 

READ ALL ALERTS