Events & AwardsJun 05, 2025
The 12 Fresh Faces in Couture’s Design AtelierDiscover the dozen up-and-coming brands exhibiting in the Design Atelier for the first time.
Policies & IssuesApr 17, 2020
The Paycheck Protection Program Is Out of Money, For Now
An additional $250 billion is on the table, but lawmakers have yet to come to an agreement.
The Paycheck Protection Program, which offers forgivable loans to small businesses to cover payroll costs, has run out of money.
Washington—The Small Business Administration’s Paycheck Protection Program has run out of money, halting the acceptance of new applications.
The SBA announced the development on its website Thursday, noting it is “unable to accept new applications for the Paycheck Protection Program based on available appropriations funding. Similarly, we are unable to enroll new PPP lenders at this time.”
The program, approved by Congress and signed into law by President Donald Trump last month, is part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which will provide $2 trillion in aid to keep businesses afloat during the coronavirus pandemic.
The PPP has run through the $350 billion in available funding after applications poured in from small business owners struggling amid the shutdown.
The program offers forgivable loans to cover up to 250 percent of payroll for small businesses with 500 or fewer employees.
The program’s rollout was rocky, fraught with administrative and technical issues for both banks and small businesses, from system crashes to a lack of direction from the federal government.
As frustrations and the application pile grew higher, it was expected that the well would run dry.
The SBA said Wednesday it was reaching capacity with more than 1.3 million loans having been approved for more than $296 billion.
By Wednesday evening, more than $315 billion in loans had been approved, a source told CNBC.
Additional funding may be on the table, but Democratic and Republican lawmakers are not yet in agreement as to what the new funding package will look like.
Last week, Senate Democrats blocked a Republican attempt to put another $250 billion into the loan program, wanting the measure to include more funding for hospitals and states.
In a joint statement issued Wednesday, Treasury Secretary Steven Mnuchin and SBA Administrator Jovita Carranza said: “We urge Congress to appropriate additional funds for the Paycheck Protection Program—a critical and overwhelmingly bipartisan program—at which point we will once again be able to process loan applications, issue loan numbers, and protect millions more paychecks."
Staff for House Speaker Nancy Pelosi (D-Calif.) and Senate Minority Leader Chuck Schumer (D-N.Y.) were expected to speak with Mnuchin and his department Thursday, several sources told Politico.
With the program on hold and the funding measures up in the air, small business owners will have to wait to see how the situation unfolds.
During the waiting period, small businesses should take the time to make sure their applications are completed and ready to
go if the program reopens, advised Meredith Wood, vice president at Fundera, a company that connects small business owners with loans.
“Work with an institution that is still accepting applications during this time and do your research to ensure you’re fully packaging your application with no errors,” Wood wrote in an email to National Jeweler.
“I would say around 75-90% of the applications we receive need some form of correction—a missing piece of documentation, the wrong documentation, an incorrect payroll calculation, etc.,” said Fundera founder Jared Hecht in a tweet earlier this month.
In a Twitter thread, Hecht also outlined some of the problems banks and applicants have been facing from “antiquated software” that goes down for hours at a time to issues reaching customer service.
He noted some banks have been prioritizing their own customers when it comes to processing the loans.
“There’s unlimited demand for these loans, so banks want to provide preference to their own customers,” tweeted Hecht.
In a Jewelers of America-led webinar last week, Dentons partner Randy Nuckolls echoed that sentiment, noting if retailers use their regular banks, that may speed up the process.
In a message on its website, Fundera said it has a “high level of confidence” Congress will provide additional funding for PPP and is still accepting and packaging applications to send to its bank partners if the program reopens.
In a tweet Friday morning, Jewelers of America shared a link to a form jewelers can fill out and send to Congress, urging legislators to provide more relief for businesses.
The letter suggests appropriating an additional $600 billion for the PPP and providing additional funding for the Exchange Stabilization Fund, a program used during the coronavirus crisis to provide funding for mid-size to large businesses, which JA said may soon run out of money as well.
“The U.S. Treasury is using its Exchange Stabilization Fund during the coronavirus crisis to backstop new Federal Reserve lending programs aimed at stabilizing credit and money markets,” explained The Brookings Institution, a nonprofit public policy organization based in Washington, DC.
The JA letter also calls for an extension to the PPP, stating: “It is clear that extended public health restrictions and a slow return to normal work will result in small businesses having limited customers and revenue far beyond June 30.”
The CARES Act prohibits the use of relief funds for non-payroll expenses, including rent and utilities.
The letter asks for a change to this rule, as these expenses represent a “significant portion” of a jeweler’s financial obligations.
For more information about the letter, visit JA’s website.
“Work with an institution that is still accepting applications during this time and do your research to ensure you’re fully packaging your application with no errors,” Wood wrote in an email to National Jeweler.
“I would say around 75-90% of the applications we receive need some form of correction—a missing piece of documentation, the wrong documentation, an incorrect payroll calculation, etc.,” said Fundera founder Jared Hecht in a tweet earlier this month.
In a Twitter thread, Hecht also outlined some of the problems banks and applicants have been facing from “antiquated software” that goes down for hours at a time to issues reaching customer service.
He noted some banks have been prioritizing their own customers when it comes to processing the loans.
“There’s unlimited demand for these loans, so banks want to provide preference to their own customers,” tweeted Hecht.
In a Jewelers of America-led webinar last week, Dentons partner Randy Nuckolls echoed that sentiment, noting if retailers use their regular banks, that may speed up the process.
In a message on its website, Fundera said it has a “high level of confidence” Congress will provide additional funding for PPP and is still accepting and packaging applications to send to its bank partners if the program reopens.
In a tweet Friday morning, Jewelers of America shared a link to a form jewelers can fill out and send to Congress, urging legislators to provide more relief for businesses.
The letter suggests appropriating an additional $600 billion for the PPP and providing additional funding for the Exchange Stabilization Fund, a program used during the coronavirus crisis to provide funding for mid-size to large businesses, which JA said may soon run out of money as well.
“The U.S. Treasury is using its Exchange Stabilization Fund during the coronavirus crisis to backstop new Federal Reserve lending programs aimed at stabilizing credit and money markets,” explained The Brookings Institution, a nonprofit public policy organization based in Washington, DC.
The JA letter also calls for an extension to the PPP, stating: “It is clear that extended public health restrictions and a slow return to normal work will result in small businesses having limited customers and revenue far beyond June 30.”
The CARES Act prohibits the use of relief funds for non-payroll expenses, including rent and utilities.
The letter asks for a change to this rule, as these expenses represent a “significant portion” of a jeweler’s financial obligations.
For more information about the letter, visit JA’s website.
More on Policies & Issues
The Latest
SourcingJun 05, 2025
A Rare Suite of Rubies Has Arrived in Las VegasThe “Royal Ruby” Collection is a quintet of untreated rubies curated by collector Jack Abraham.
Events & AwardsJun 05, 2025
Daymond John to Give Keynote at JCK Las VegasThe entrepreneur and “Shark Tank” star will share his top tips for success.
Brought to you by
The True Power Behind the Counter: Why Sales Associates Are the Heart of the Jewelry BusinessWhen investing in your jewelry business, it's important not to overlook the most crucial element of success: the sales associates.
MajorsJun 05, 2025
Platinum Guild International Updates Leadership TeamTwo existing executives have been given new roles.
Weekly QuizJun 05, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsJun 05, 2025
Zillion Announces 'Women in STEM' Scholarship RecipientMeredith Tiderington, an electrical engineering student, was selected for the award.
Lab-GrownJun 04, 2025
GIA Reverting to More General Terminology for Lab-Grown DiamondsIt will quit assigning the stones specific color and clarity grades in favor of applying “new descriptive terminology.”
Brought to you by
Clienteling Isn’t a Buzzword. It’s an Essential Business Model.More shoppers are walking out without buying. Here’s how smart jewelers can bring them back—and the tool they need to do it right.
Events & AwardsJun 04, 2025
As JCK Talks Returns, Don’t Miss These 12 SessionsFrom design trends to sustainability, here’s a roundup of can’t-miss education sessions at JCK Las Vegas.
CrimeJun 04, 2025
10 Safety Tips for the Las Vegas Shows The Jewelers’ Security Alliance offers advice for those attending the annual trade shows.
MajorsJun 04, 2025
Amy Curran Promoted at Hill & Co.Her new role is director of strategic initiatives.
CollectionsJun 03, 2025
In Her Latest Collection, Viviana Langhoff Is Leaning Into GoldThe designer is embracing bold pieces with weight to them in “AU79,” a collection she celebrated with a creative launch party.
FinancialsJun 03, 2025
Signet Jewelers Sees Turnaround in Q1 With Sales Ticking Up 2%On an earnings call, CEO J.K. Symancyk discussed what’s working for the company and how it’s preparing for the potential impact of tariffs.
SurveysJun 03, 2025
Consumer Confidence Improves in May The index partially rebounded after months of decline, due in part to the U.S.-China deal to temporarily reduce import tariffs.
CollectionsJun 03, 2025
Dakota Johnson Is Roberto Coin’s New Brand AmbassadorThe actress stars in the latest campaign set in Venice, Italy, and is set to participate in other creative initiatives for the jeweler.
GradingJun 03, 2025
Mason-Kay Jade Adds ‘Fei Cui’ to Jade ReportsThe company has joined other labs, including GIA and Lotus Gemology, in adopting the Chinese term for "jadeite jade."
SourcingJun 02, 2025
Gemfields’ June Auction to Include 36-Carat RubyThe large stone will be offered at its June sale along with a selection of secondary-type rubies from a new area of the Montepuez mine.
GradingJun 02, 2025
GSI Opens New Lab in Thailand Located in Bangkok, the laboratory is Gemological Science International’s 14th location worldwide.
TrendsJun 02, 2025
Amanda’s Style File: Three Gems for June Those born in June have a myriad of options for their birthstone jewelry.
SourcingJun 02, 2025
David Allouche Joins Grandview Klein DiamondsThe diamond industry veteran has been named its senior sales executive.
FinancialsMay 30, 2025
Movado’s Q1 Sales Slip Amid ‘Challenging’ Retail Environment The company plans to raise the prices of select watches to offset the impact of tariffs.
CollectionsMay 30, 2025
Piece of the Week: Renato Cipullo’s ‘Hematite Blaze’ NecklaceDesigned by founder Renato and his daughter Serena Cipullo, it showcases a flame motif representing unity and the power of gathering.
CollectionsMay 29, 2025
Britney Spears Files Trademark for New Jewelry LineThe pop icon is one step closer to launching her “B Tiny” jewelry collection, a collection she first began posting about last fall.
Supplier BulletinMay 29, 2025
Inoveo Platinum Grain, Exclusively Distributed by StullerSponsored by Stuller
SourcingMay 29, 2025
Grizzly Auctions 6,620-Carat EmeraldIt was featured in the miner’s latest sale, which brought in $24.8 million.
TechnologyMay 29, 2025
GemFind Launches AI Product Description SoftwareGemText AI uses artificial intelligence to generate tailored product titles, descriptions, and tags with jewelry-specific language.
MajorsMay 28, 2025
Graff Unveils New Las Vegas FlagshipThe 3,300-square foot location is the jeweler's largest store in North America.
