GradingOct 21, 2025
GIA Examines Rare Bicolor Pink DiamondThe stone’s two zones, one pink and one colorless, may have formed at two different times, the lab said.
Policies & IssuesApr 24, 2020
House Passes $484B in Small Business, Hospital Funding
The new bill includes an additional $310 billion for the Paycheck Protection Program, which ran out of funding last week.
The U.S. House of Representatives passed an additional $484B in funding for small businesses and hospitals Thursday evening. (Image courtesy of Wikimedia Commons/Martin Falbisoner)
Washington—President Donald Trump is expected to sign off on $484 billion in funding Friday afternoon that will prop up small businesses and hospitals struggling amid the coronavirus pandemic.
The new bill includes an additional $310 billion for the Paycheck Protection Program, which offers loans to businesses with 500 or fewer employees that may be forgiven if used on payroll.
The program, approved by Congress and signed into law by the president last month, is part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which provides aid to keep businesses afloat during the coronavirus pandemic.
The PPP ran out of its previous $350 billion in available funding after applications poured in.
The rollout of the program was rocky, as banks and small businesses dealt with system crashes and a lack of direction from the federal government.
As the well ran dry and frustration mounted, reports that big business had been benefiting from PPP added fuel to the fire.
More than 100 publicly traded companies received millions in coronavirus aid earmarked for small businesses.
The text of the law allowed for any business classified under an “accommodation and food services” code that “employs not more than 500 employees per physical location” to qualify, which opened the door for big restaurant chains like Shake Shack and Ruth’s Chris Steak House to receive loans.
“The intent of this money was not for big public companies that have access to capital,” said Treasury Secretary Steven Mnuchin at a White House briefing Tuesday.
In response to backlash, Shake Shack returned the $10 million it had received while Ruth’s Chris Steak House gave back its $20 million.
The Small Business Administration issued new guidance Thursday to deter big businesses from applying for the renewed funding and put pressure on more big businesses to return the money.
“It is unlikely that a public company with substantial market value and access to capital markets will be able to make the required certification in good faith, and such a company should be prepared to demonstrate to SBA, upon request, the basis for its certification,” said the SBA.
Of the new $310 billion in funds, $60 billion will go to small lenders, set aside in response to Democrats blocking a $250 billion funding bill earlier this month that they felt did not include adequate funding for community-based financial institutions, which they said would benefit minorities, veterans, and rural Americans.
When applying for the first round of PPP loans,
those who had existing relationships with banking institutions were said to be prioritized.
In a recent Jewelers of America-led webinar, Dentons partner Randy Nuckolls noted it may speed up the process if retailers use their regular banks to apply.
Of the $60 billion for small lenders, $30 billion has been set aside for loans made by federally insured lenders with assets between $10 billion and $50 billion. The other $30 billion will go to loans made by community financial institutions, as well as small federally insured banks and credit unions with assets under $10 billion.
It has not been announced when the money will become available, but a source told CNN that once the bill is signed into law, it could take an additional day before the Small Business Administration can reopen the program.
The money could run out in less than 10 days due to the large backlog of applications, according to the CNN report.
The SBA will also receive $60 billion to put toward its Economic Injury Disaster Loan grants.
The SBA had offered a new emergency grant allowing a business that has applied for a disaster loan to get an immediate advance of up to $10,000, which can be used for payroll purposes.
The bill also includes $75 billion in grants to hospitals tending to COVID-19 patients. An additional $25 billion will go toward boosting coronavirus testing.
The House also approved putting in place a Democratic-majority select subcommittee to oversee the Trump administration’s use of $500 billion in funding for corporations, states, and municipalities hit hard by the coronavirus pandemic.
Trump lauded the passing of the bill at a White House briefing Thursday.
“At a time when many Americans are enduring significant economic challenges, this bill will help small businesses to keep millions of workers on the payroll,” the president said.
More than 26 million people have filed for unemployment insurance over the most recent five-week period, per government data released Thursday.
In response to the coronavirus pandemic, the government has allocated around $2.4 trillion across four relief bills, according to the Congressional Budget Office.
In a recent Jewelers of America-led webinar, Dentons partner Randy Nuckolls noted it may speed up the process if retailers use their regular banks to apply.
Of the $60 billion for small lenders, $30 billion has been set aside for loans made by federally insured lenders with assets between $10 billion and $50 billion. The other $30 billion will go to loans made by community financial institutions, as well as small federally insured banks and credit unions with assets under $10 billion.
It has not been announced when the money will become available, but a source told CNN that once the bill is signed into law, it could take an additional day before the Small Business Administration can reopen the program.
The money could run out in less than 10 days due to the large backlog of applications, according to the CNN report.
The SBA will also receive $60 billion to put toward its Economic Injury Disaster Loan grants.
The SBA had offered a new emergency grant allowing a business that has applied for a disaster loan to get an immediate advance of up to $10,000, which can be used for payroll purposes.
The bill also includes $75 billion in grants to hospitals tending to COVID-19 patients. An additional $25 billion will go toward boosting coronavirus testing.
The House also approved putting in place a Democratic-majority select subcommittee to oversee the Trump administration’s use of $500 billion in funding for corporations, states, and municipalities hit hard by the coronavirus pandemic.
Trump lauded the passing of the bill at a White House briefing Thursday.
“At a time when many Americans are enduring significant economic challenges, this bill will help small businesses to keep millions of workers on the payroll,” the president said.
More than 26 million people have filed for unemployment insurance over the most recent five-week period, per government data released Thursday.
In response to the coronavirus pandemic, the government has allocated around $2.4 trillion across four relief bills, according to the Congressional Budget Office.
More on Policies & Issues
The Latest
MajorsOct 21, 2025
Pomellato Brings ‘Global Attitude’ to Rodeo Drive FlagshipHollywood glamour meets Milanese sophistication in the design of Pomellato’s new store in Beverly Hills, California.
Lab-GrownOct 21, 2025
Grown Brilliance Opens First FlagshipThe New York City store showcases a chandelier with 1,500 carats of lab-grown diamonds designed by an FIT student.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
Events & AwardsOct 21, 2025
‘Douriean Fletcher: Jewelry of the Afrofuture’ Opens at MADThe Museum of Arts and Design's new exhibition features 75 pieces by the designer, best known for her work in the “Black Panther” films.
Weekly QuizOct 16, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsOct 20, 2025
Sotheby's To Auction 10-Carat Vivid Pink DiamondMaking its auction debut, "The Glowing Rose" is expected to fetch $20 million at the November jewelry sale in Geneva.
SourcingOct 20, 2025
2 Mozambique Police Officers Killed at Gemfields’ Ruby MineThey were attacked on Oct. 15, as approximately 40 miners without licenses marched on the mine’s gate.
Brought to you by
JA New York Fall Is Right Around the CornerThe upcoming show provides savvy retailers with the opportunity to stock their cases with best sellers in advance of the holiday season.
CrimeOct 20, 2025
See the ‘Priceless’ Jewels Stolen During Daytime Heist at the Louvre It took the masked thieves less than 10 minutes to steal eight irreplaceable jewels from two display cases in the museum’s Apollo Gallery.
SourcingOct 20, 2025
Pristine Gems Names New Director of European SalesGemologist Lauren Gayda has previously worked at The Clear Cut, Taylor & Hart, and Effy Jewelry.
IndependentsOct 17, 2025
From the Jazz Age to the Information Age: London Jewelers Turns 100In 2026, the jewelry retailer will celebrate a milestone only a small percentage of family-owned businesses survive to see.
Events & AwardsOct 17, 2025
An Edit of Italian Jewels Is Coming to NYCThe new showcase dedicated to Italian jewelry design is set for Oct. 29-30.
TrendsOct 17, 2025
Piece of the Week: Judi Powers Jewelry’s ‘Stella’ EarringsTake a gaze at the sky with this pair of platinum diamond-set star earrings with blue lace agate drops.
IndependentsOct 16, 2025
Retailer Hall of Fame 2025: Jeffrey Zimmer Jeffrey Zimmer's decades of leadership at Reeds Jewelers are defined by integrity, a love of sourcing gemstones, and a heart for community.
AuctionsOct 16, 2025
Sotheby’s Introduces Custom Jewelry ServiceThe new high jewelry design and production process takes 30 days or less from concept to completion, the auction house said.
MajorsOct 16, 2025
Oscar Heyman’s Holiday Catalog Is Out, and It’s SpectacularThe holiday catalog for 2025 features never-before-seen images of more than 100 one-of-a-kind masterpieces.
CollectionsOct 16, 2025
Foundrae Adds To ‘United in Love’ CollectionThe brand has released a second installment of its collection of traditional and non-traditional commitment heirlooms.
IndependentsOct 15, 2025
Retailer Hall of Fame 2025: Kathy CoreyCorey rescued New England chain Day’s Jewelers, preserving its legacy with strong people skills, pragmatism, and a “get-it-done” attitude.
CrimeOct 15, 2025
Men Receive Lengthy Prison Sentences for 2023 Murder of Colorado JewelerCharles Robinson Shay was sentenced to life in prison plus 120 years while his accomplice, Michael James McCormack, got 75 years.
Events & AwardsOct 15, 2025
JCK, Luxury to Debut New Watch Section in Vegas Next YearTimepieces at Luxury will take place at The Venetian and, like Luxury, will be invitation-only for the first two days.
AuctionsOct 15, 2025
Christie's Announces New Jewelry Department LeadershipThe auction house named a new global head of jewelry, as well as a new head of the jewelry department for the Americas.
IndependentsOct 14, 2025
Retailer Hall of Fame 2025: Tom DixonAs chairman of Schwanke-Kasten Jewelers, Tom Dixon has been tasked with honoring the past and shaping the future of the family-run store.
Events & AwardsOct 14, 2025
Here Are the Winners of the BIJC, JA ‘Emerging Jewelers’ Grant Katty Villapando Lyte and Mica Rencher received a $10,000 grant for their business, Shimmer Culture LLC.
IndependentsOct 14, 2025
Day’s Jewelers Crafts Custom Jewelry for No.1 NBA Draft Pick Cooper FlaggThe parents of the Dallas Mavericks rookie bought their engagement ring at a Day’s store in Bangor, Maine, in 1997.
SourcingOct 14, 2025
Pragnell Debuts Kitulo Garnet Jewelry The UK-based brand sourced the gemstones, which are fully traceable, from an artisanal mining community in Tanzania.
CollectionsOct 10, 2025
Count Down to the Holidays With Astrid & Miyu’s Advent CalendarsThe trio of Advent calendars include a version with 18-karat gold and lab-grown diamond jewelry in a red lacquer jewelry box.
CollectionsOct 10, 2025
Piece of the Week: Marla Aaron’s ‘Nymphenburg Lock’Created in collaboration with Nymphenburg Porcelain, the lock is part of a four-piece collection that took two years to bring to fruition.
