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 …

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

npaofficeadmin Coronavirus Alerts, NPA News, Press Releases

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

npaofficeadmin Coronavirus Alerts, Legislative Updates & Alerts, NPA News

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 …

Revised Report on the CARES Act Paycheck Protection Program (PPP) Loans – Use This Document to Guide Your Borrower Application

npaofficeadmin Coronavirus Alerts, Legislative Updates & Alerts, NPA News

April 3, 2020 – This Update Replaces Those Dated on March 29 and 31, 2020 NPA’s Team GRC is keeping watch on new Guidance and a new Interim Final Rule for the Paycheck Protection Loan Program. The SBA issued a new application form for the PPP Loans late on April 2, 2020, which replaces the previous version. As the information …

New Information on the “Paycheck Protection Program” Loans Authorized by the CARES Act and Possible Eligibility for Pawnbrokers

npaofficeadmin Coronavirus Alerts, Legislative Updates & Alerts, NPA News

March 31, 2020 The NPA’s Team GRC received additional information today about the CARES Act that the SBA may make the new Paycheck Protection Program (“PPP”) loans available to pawnbrokers. We are only providing new information we have and it is subject to SBA guidance, which we are told not to expect any earlier than Friday, April 3rd. This information …

First Report on March 27, 2020 CARES Act Loan Programs and Tax Benefits Available to Pawnbrokers

npaofficeadmin Coronavirus Alerts, Legislative Updates & Alerts, NPA News

March 29, 2020 NPA’s Team GRC obtained additional guidance on tax and SBA issues from Venable, a major Washington, D.C. law firm. We will provide additional COVID-19 updates as more information becomes available.  What New Relief Is AVAILABLE NOW to Pawnbrokers? SBA Economic Injury Disaster (EIDL) Program loans available only to businesses with 500 or fewer employees in federally declared …

Families First Coronavirus Response Act (“FFCRA”) Paid Sick Leave Changes to the FMLA and FLSA: Deadline to Notify Your Employees Using the Poster Published by the Department of Labor Is April 1, 2020

npaofficeadmin Coronavirus Alerts, Legislative Updates & Alerts, NPA News

April 1, 2020 is the deadline for employers with fewer than 500 employees to display the poster in a conspicuous place in each of your stores or by providing it via email to every current employee who is teleworking. Do not fail to provide this notice to employees by April 1, 2020. The poster is entitled “Employee Rights: Paid Sick …