MajorsApr 07, 2026
QVC Group’s Latest Filing Calls Its Future Into QuestionThe retailer failed to file its annual report on time and said it may issue a going concern warning.
Policies & IssuesJul 07, 2020
Paycheck Protection Program Deadline Extended
The Treasury Department and the Small Business Administration also released more information about where the PPP money went.
President Donald Trump signed a temporary extension of the Paycheck Protection Program into law, extending the application deadline to Aug. 8 from June 30.
Washington, D.C.—President Donald Trump signed a temporary extension of the Paycheck Protection Program into law Saturday, pushing back the deadline for small businesses to apply for a loan.
The legislation moved the deadline to Aug. 8 from June 30.
The extension received approval both in the Senate and the House.
The program was first signed into law in March as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which provided $2 trillion in aid to keep small businesses afloat during the COVID-19 pandemic.
Set up by the Small Business Administration (SBA), the PPP offers forgivable loans to cover payroll for small businesses with 500 or fewer employees.
The program ran through its $350 billion in funds as applications piled up and was replenished with an additional $310 billion.
In June, Congress passed the Paycheck Protection Program Flexibility Act with the goal of addressing the problems that plagued the program’s rocky rollout.
In its opening days, the PPP was fraught with issues for banks and businesses alike and took heat after reports that money was going to big business as mom-and-pop stores struggled.
Hundreds of publicly traded companies received millions in coronavirus aid earmarked for small businesses.
The backlash led recipients Shake Shack and Ruth’s Chris Steak House to return the millions they had received from the program.
Treasury Secretary Steven Mnuchin spoke out against the big businesses receiving funds at a White House briefing, and the SBA followed by issuing guidance to deter that from happening again.
Mnuchin initially said the White House would not disclose the names of program participants, though Democrats continued to push for more transparency.
The Treasury Department and the SBA then said they would release the names of businesses who received PPP loans of $150,000 or more, sharing that partial list Monday.
While loans for more than $150,000 represent around three-fourths of the total loan dollars approved, that segment represents a minority percentage of the total number of loans.
Nearly 87 percent of loans approved were for less than $150,000, as per the SBA. The average loan is for $107,000.
“Today’s release of loan data strikes the appropriate balance of providing the American people with transparency, while protecting sensitive payroll and personal income information of small businesses, sole proprietors, and independent contractors,” Mnuchin said in a statement.
By industry, the largest share of PPP money went to health and social assistance, professional, scientific and technical services, construction and manufacturing.
The retail trade came in
sixth, sending in 450,181 applications and receiving $40.36 billion, or nearly 8 percent of net dollars.
By state, California received the most money with $68.2 billion, for about 4.1 million employees.
Texas is in second place with $41.1 billion and 2.7 million employees, followed by New York at $38.3 billion and 2 million employees.
Small businesses, as defined by the U.S. Census, employ 59.9 million people in the U.S.
Between 72 percent to 96 percent of estimated small business payroll was covered by PPP loans across all 50 states, said the SBA.
Companies in rural areas received 15 percent of the funds while those in areas the SBA described as economically distressed received 23 percent of the money.
“Today’s data shows that small businesses of all types and across all industries benefited from this unprecedented program,” said SBA Administrator Jovita Carranza in a statement.
Carranza pointed to last week’s improved unemployment numbers as evidence that “PPP is working by keeping employees on payroll and sustaining millions of small businesses through this time.”
The SBA said it approved 4.9 million loans, totaling more than $521 billion. There are $131.91 billion in funds remaining.
By state, California received the most money with $68.2 billion, for about 4.1 million employees.
Texas is in second place with $41.1 billion and 2.7 million employees, followed by New York at $38.3 billion and 2 million employees.
Small businesses, as defined by the U.S. Census, employ 59.9 million people in the U.S.
Between 72 percent to 96 percent of estimated small business payroll was covered by PPP loans across all 50 states, said the SBA.
Companies in rural areas received 15 percent of the funds while those in areas the SBA described as economically distressed received 23 percent of the money.
“Today’s data shows that small businesses of all types and across all industries benefited from this unprecedented program,” said SBA Administrator Jovita Carranza in a statement.
Carranza pointed to last week’s improved unemployment numbers as evidence that “PPP is working by keeping employees on payroll and sustaining millions of small businesses through this time.”
The SBA said it approved 4.9 million loans, totaling more than $521 billion. There are $131.91 billion in funds remaining.
More on Policies & Issues
The Latest
ColumnistsApr 07, 2026
Peter Smith: A Tip to the Post Office on Workplace CultureSmith recounts a recent trip to the post office that included an uncomfortable, embarrassing, and public exchange between two employees.
GradingApr 07, 2026
GIA CFO David Tearle to Retire in June John Cowley, who has more than 30 years of experience, is succeeding Tearle as the lab’s chief financial officer.
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.
CollectionsApr 07, 2026
Nerd Out Over Gemology Geek’s First Jewelry CollectionFounder Erica Silverglide has designed 35 colorful pieces set with fluorescing gemstones for the brand's first finished jewelry offering.
Weekly QuizApr 02, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsApr 07, 2026
Ukrainian Jewelers Highlighted In New Book“Ukrainian Jewelry | Contemporary Jewelry and Art Jewelry from Ukraine” features 33 contemporary Ukrainian designers and studios.
CollectionsApr 06, 2026
Fope’s New Jewelry Debuts Are Golden“The Golden Now” campaign celebrates the here and now with the brand’s signature styles and a selection of its new pieces.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
MajorsApr 06, 2026
Kecia Caffie, Corinne Bentzen No Longer With Signet JewelersSignet confirmed that Caffie, president of Zales and Banter, and Bentzen, who headed Blue Nile, have left the company.
CollectionsApr 06, 2026
Historian Tanzy Ward Pens Book on Black Victorians’ JewelryThe antique jewelry dealer talks about the importance of including Black Americans in jewelry history and preserving their stories.
SourcingApr 06, 2026
Gemfields Reports $51M Loss in 2025Both its mines faced challenges last year, from operational issues to disruptions in the market.
CollectionsApr 03, 2026
Taylor Swift’s ‘Elizabeth Taylor’ Video Puts Jewelry Front and CenterIconic pieces, like the Mike Todd Diamond Tiara, appear in the superstar’s new music video for her song inspired by the actress.
MajorsApr 03, 2026
Saks Global Says It Will Emerge From Bankruptcy This SummerThe luxury retailer, which went Chapter 11 in January, announced Thursday that it has secured $500 million in exit financing.
Events & AwardsApr 03, 2026
JCK Luxury, NouvelleBox Partner on New Designer BallroomThe NouvelleBox ballroom will feature independent jewelry designers, including Lene Vibe, Wyld Box Jewelry, and Kiaia Limited.
CollectionsApr 03, 2026
Buddha Mama Brings Its ‘Moon’ Locket To DallasThe one-of-a-kind locket, our Piece of the Week, opens to reveal three hidden images to keep close to your heart.
MajorsApr 02, 2026
Pandora Opens New Canadian Distribution Center Amid Tariff ConcernsThe new facility was also designed to better serve its growing customer base in Canada.
TrendsApr 02, 2026
Michelle Yeoh Fronts New Mikimoto Campaign The campaign is a tribute to the year 1893, when Kokichi Mikimoto created the world’s first cultured pearl.
GradingApr 02, 2026
GIA Debuts New Campus in TaiwanIt is the only GIA school to offer the GIA Graduate Gemologist program in Chinese.
MajorsApr 02, 2026
DCA Launches ‘Second Spark’ Workforce InitiativeThe initiative connects veterans and parents returning to the workforce with careers in jewelry retail.
MajorsApr 02, 2026
Hoover & Strong Names New National Sales RepresentativeThe wholesale manufacturer and precious metals refiner has appointed Michael Angelo as its new national sales representative.
MajorsApr 01, 2026
Foundrae Sues Pandora for Allegedly Copying Its Medallion DesignsFoundrae also accused the jewelry giant of copying its mood board style of marketing.
AuctionsApr 01, 2026
John Jacob Astor IV’s Titanic Pocket Watch Heads to AuctionA Patek Philippe for Tiffany & Co. timepiece owned by the American businessman who died on the Titanic will be offered at Freeman's Chicago.
SurveysApr 01, 2026
Consumers’ Outlook Improves Again in MarchThe Conference Board’s Consumer Confidence Index edged up, with optimism about the present outweighing worries about the future.
IndependentsApr 01, 2026
Zachary’s Jewelers’ Constance Polamalu to Release Children’s BookThe retailer’s Zach Bear gift comes to life in “Zach Bear and the Window Necklace,” which centers on curiosity, bravery, and helping.
Events & AwardsApr 01, 2026
AGA Opens 2026 Gemological Scholarship, Research Grant ApplicationsApplications are open for the AGA Gemological Scholarship Program through May 15, and until June 2027 for the Gemological Research Grant.
ColumnistsMar 31, 2026
Q1 Clues That Reveal Where Your Jewelry Store’s Sales Are Heading These customer behavior patterns say a lot about how successful your jewelry store is going to be this year, Emmanuel Raheb writes.
CollectionsMar 31, 2026
Mejuri Adds Silver to ‘Puzzle’ CollectionMejuri’s popular collection of 18-karat yellow gold vermeil rings debuted in sterling silver alongside new “Puzzle” slider charms.
