You must have missed the part where it says loans for hunting or at the range are exempt? As are loans/sales between family members.
But it's a useless law, online sales NOT thru an FFL have always been illegal, ALL FFL holders at All gun shows run background checks and are usually not willing to risk that license for one sale, the only remaining "loophole" are individual sellers, guys walking around at a show, or possibly running an ad in a forum, meeting another forum member for a face to face sale. How can that possibly be controlled? Obviously we can eliminate walk arounds at shows, but if I know you, and you know me, and one of us sells the other a gun, who would know? Maybe if the purchaser committed a crime that was eventually traced back to the seller, but as unlikely as it would be for me to sell a gun, it would be even more unlikely for me to sell one that would possibly end up in a crime. And who would be able to prove whether the sale took place before or after the law was passed?