AuctionsAug 11, 2026
Verdura Unicorn Brooch With Royal Connection Up for Auction The brooch was owned by Virginia Fortune Ryan Ogilvy, who served as a lady of the bedchamber to Queen Elizabeth II for nearly 50 years.
Policies & IssuesMar 03, 2021
Here’s What’s New With the Paycheck Protection Program
President Joe Biden revised PPP to prioritize small business owners who may have missed out on previous rounds.
President Joe Biden has implemented changes to the Paycheck Protection Program as small businesses continue to struggle amid the COVID-19 pandemic.
New York—President Joe Biden announced changes to the Paycheck Protection Program last week as his administration looks to prioritize small businesses who may have been overlooked in previous rounds.
Launched in April 2020 as part of a $3 trillion COVID-19 relief bill, the Paycheck Protection Program offers forgivable loans to small business owners.
Its 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.
The program also took heat after reports surfaced that money was going to big businesses as mom-and-pop stores struggled, an issue this most recent round of changes looks to address.
The Biden-Harris Administration noted that while the changes are no substitute for passing a more comprehensive relief bill, they will provide some assistance to small businesses struggling amid the COVID-19 pandemic.
Here are the latest changes.
1) There’s a 14-day application period reserved for businesses with fewer than 20 employees.
The updated program has set aside a two-week period, from Feb. 24 to March 10, during which only businesses with fewer than 20 employees can apply.
This group represents 98 percent of all small businesses, but has received only 45 percent of PPP funding to date, according to the Small Business Administration (SBA).
The White House’s statement noted that these businesses, in particular, sometimes struggle to gather the necessary paperwork to apply for the loans.
The exclusive application period will allow lenders to focus solely on serving this group.
The deadline for all PPP applications in this latest round of funding is March 31.
2) Greater support is available for self-employed individuals.
In previous rounds of the PPP, sole proprietors, independent contractors, and self-employed individuals were sometimes excluded from the program because of the loan calculation formula, approving some for loans as little as $1.
The self-employed account for a majority of all businesses, said the Biden Administration, noting that 70 percent are owned by women and people of color.
The loan calculation formula will be revised to offer more relief to self-employed applicants.
There will also be $1 billion set aside for businesses that fall into this category and are located in low-to-moderate income areas.
3) Restrictions for owners with non-fraud felony convictions have been eliminated.
Business owners with a non-fraud felony arrest or conviction may be eligible under the updated program.
Previously, a business was ineligible for PPP if it was at least 20 percent owned by an individual with an arrest or conviction related to financial assistance fraud within the previous five years or any other felony within the previous year.
Launched in April 2020 as part of a $3 trillion COVID-19 relief bill, the Paycheck Protection Program offers forgivable loans to small business owners.
Its 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.
The program also took heat after reports surfaced that money was going to big businesses as mom-and-pop stores struggled, an issue this most recent round of changes looks to address.
The Biden-Harris Administration noted that while the changes are no substitute for passing a more comprehensive relief bill, they will provide some assistance to small businesses struggling amid the COVID-19 pandemic.
Here are the latest changes.
1) There’s a 14-day application period reserved for businesses with fewer than 20 employees.
The updated program has set aside a two-week period, from Feb. 24 to March 10, during which only businesses with fewer than 20 employees can apply.
This group represents 98 percent of all small businesses, but has received only 45 percent of PPP funding to date, according to the Small Business Administration (SBA).
The White House’s statement noted that these businesses, in particular, sometimes struggle to gather the necessary paperwork to apply for the loans.
The exclusive application period will allow lenders to focus solely on serving this group.
The deadline for all PPP applications in this latest round of funding is March 31.
2) Greater support is available for self-employed individuals.
In previous rounds of the PPP, sole proprietors, independent contractors, and self-employed individuals were sometimes excluded from the program because of the loan calculation formula, approving some for loans as little as $1.
The self-employed account for a majority of all businesses, said the Biden Administration, noting that 70 percent are owned by women and people of color.
The loan calculation formula will be revised to offer more relief to self-employed applicants.
There will also be $1 billion set aside for businesses that fall into this category and are located in low-to-moderate income areas.
3) Restrictions for owners with non-fraud felony convictions have been eliminated.
Business owners with a non-fraud felony arrest or conviction may be eligible under the updated program.
Previously, a business was ineligible for PPP if it was at least 20 percent owned by an individual with an arrest or conviction related to financial assistance fraud within the previous five years or any other felony within the previous year.
Editors' Picks
Sponsored by
Looking to expand access to the program, the Administration will adopt reforms from the PPP Second Chance Act, which was co-sponsored by Sens. Ben Cardin (D-MD), Rob Portman (R-OH), Cory Booker (D-NJ), and James Lankford (R-OK).
The bipartisan proposal will remove the one-year lookback restriction.
The exception does not apply to those incarcerated at the time of the application.
4) Small business owners behind on federal student loan payments may be eligible.
The new program would eliminate the restriction preventing small business owners who are delinquent on federal student loans from applying.
The previous program excluded businesses with at least 20 percent ownership by someone who is currently delinquent or has defaulted on a federal debt within the last seven years, including student loans.
Millions of Americans are delinquent on student loans, noted the White House, including a disproportionate number of Black individuals.
The SBA will work alongside the Departments of the Treasury and Education to remove the restriction.
5) Non-citizen small business owners can now apply.
Applications will be open for non-citizen small business owners who are lawful U.S. residents. They will be able to use Individual Taxpayer Identification Numbers (ITIN) to apply.
While the program allowed lawful U.S. residents to apply, there was confusion surrounding access for some ITIN holders, like Green Card holders or those here on a visa.
The SBA will issue clear guidance to prevent eligible applicants from being denied access to the program.
Additional Measures
On top of the five changes listed above, the administration said it will take additional steps to ensure relief is distributed fairly.
Looking to address waste, fraud and abuse, the next round of PPP loans will be approved contingent on passing SBA fraud checks, the Treasury’s Do Not Pay database—a service that checks payment eligibility—and public records.
Manual loan reviews will be conducted by the SBA for the largest PPP loans and a random sampling of other loans.
In an effort to promote transparency and accountability, the PPP application has been redesigned to “encourage self-reporting of demographic data and better illustrate the impact the PPP is having across various population segments.”
The SBA website will also be updated with resources for business owners to navigate the relief options available to them and information about how to complete the applications.
The Administration has been reaching out to small business owners, as well as CEOs of major banks, to better understand the challenges both owners and lenders face and to revamp the program to better serve small businesses.
To learn more about PPP or to apply, visit the SBA’s website.
The bipartisan proposal will remove the one-year lookback restriction.
The exception does not apply to those incarcerated at the time of the application.
4) Small business owners behind on federal student loan payments may be eligible.
The new program would eliminate the restriction preventing small business owners who are delinquent on federal student loans from applying.
The previous program excluded businesses with at least 20 percent ownership by someone who is currently delinquent or has defaulted on a federal debt within the last seven years, including student loans.
Millions of Americans are delinquent on student loans, noted the White House, including a disproportionate number of Black individuals.
The SBA will work alongside the Departments of the Treasury and Education to remove the restriction.
5) Non-citizen small business owners can now apply.
Applications will be open for non-citizen small business owners who are lawful U.S. residents. They will be able to use Individual Taxpayer Identification Numbers (ITIN) to apply.
While the program allowed lawful U.S. residents to apply, there was confusion surrounding access for some ITIN holders, like Green Card holders or those here on a visa.
The SBA will issue clear guidance to prevent eligible applicants from being denied access to the program.
Additional Measures
On top of the five changes listed above, the administration said it will take additional steps to ensure relief is distributed fairly.
Looking to address waste, fraud and abuse, the next round of PPP loans will be approved contingent on passing SBA fraud checks, the Treasury’s Do Not Pay database—a service that checks payment eligibility—and public records.
Manual loan reviews will be conducted by the SBA for the largest PPP loans and a random sampling of other loans.
In an effort to promote transparency and accountability, the PPP application has been redesigned to “encourage self-reporting of demographic data and better illustrate the impact the PPP is having across various population segments.”
The SBA website will also be updated with resources for business owners to navigate the relief options available to them and information about how to complete the applications.
The Administration has been reaching out to small business owners, as well as CEOs of major banks, to better understand the challenges both owners and lenders face and to revamp the program to better serve small businesses.
To learn more about PPP or to apply, visit the SBA’s website.
More on Policies & Issues
The Latest
MajorsAug 11, 2026
Signet Jewelers Selects Mattel Exec to Lead Zales, BanterJamie Cygielman will take on the role on Aug. 24.
IndependentsAug 11, 2026
Polly’s Fine Jewelry Co-Owner Richard Moore Dies at 69Moore, Polly’s husband, is remembered as a family man with an easygoing spirit and a love for sports and the outdoors.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
ColumnistsAug 11, 2026
Creative Connecting: How to Sell Colored Gemstones to Gen ZDuvall O’Steen and Jen Cullen Williams share the best ways to display, present, and explain colored gemstones to younger customers.
Weekly QuizAug 07, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsAug 11, 2026
NAJA Announces Lineup For 2026 Fall Virtual ConferenceThe mid-year conference for jewelry and watch appraisers will take place Sept. 5-6 on Zoom.
TechnologyAug 10, 2026
Colorado Jeweler Launches Customization Tool He Built HimselfHonest Hands Ring Co. Founder Benjamin Bosworth shared his thoughts on jewelry technology and why AI can never replace the human element.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
MajorsAug 10, 2026
QVC Exits Chapter 11 Bankruptcy, Names New Interim CEOQVC Group President and CEO David Rawlinson is temporarily being replaced by a familiar face, former QVC CEO Mike George.
CollectionsAug 10, 2026
State Property Puts a Ripple in the ‘The Voyager’ CollectionThe brand also added two one-of-a-kind brown diamond pieces to the “Sanssouci” series of its “Gardens” collection.
MajorsAug 10, 2026
And IJO’s 2026 Vendor of the Year Is … Ostbye took home top vendor honors at the Independent Jewelers Organization’s show, held last month in Kentucky.
Supplier BulletinAug 07, 2026
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsSponsored by Stratus Estate Buyers
MajorsAug 07, 2026
Retail Veteran Pam Cloud Appointed President of Blue NileCloud, who will officially join Blue Nile on Monday, spent 26 years at Tiffany & Co. and founded jewelry brand Roseate.
MajorsAug 07, 2026
Pandora Appoints Paulo Garcia as New CFO Garcia will take over from the company’s current CFO, Anders Boyer, who is retiring at the end of November.
MajorsAug 07, 2026
Etsy to Lay Off 12% of WorkforceEtsy CEO Kruti Patel Goyal explained why the company is letting go more than 200 employees as its performance improves.
TrendsAug 07, 2026
Look Ahead with Syna’s Binoculars PendantThe “Star Gazer” pendant, our Piece of the Week, is Syna’s tribute to curiosity and the discovery of something new.
CrimeAug 06, 2026
Lalique Museum to Remain Closed Following $5M HeistMuseum officials are looking to the public to help cover the “exceptional” costs involved in recovering from the July 5 smash-and-grab.
MajorsAug 06, 2026
Claire’s Revamps Piercing Services for Second Time in Three Years The overhaul includes enhanced employee safety training and trendy earring styles, including lab-grown diamond studs.
FinancialsAug 06, 2026
Brilliant Earth’s Q2 Sales Up 6%, Driven by High-Income ShoppersThe retailer said it had its biggest Mother’s Day ever, with strong demand for higher-priced jewelry.
TrendsAug 06, 2026
New Book on Handcrafted American Objects Highlights Jewelry“Handwork: Handcrafted Objects that Made America” features historic and contemporary works, including a Diné squash blossom necklace.
MajorsAug 06, 2026
AJA East Coast Names Ani Khachian as First Female President-ElectThe Armenian Jewelers Association’s East Coast chapter has also elected its 2026–2027 board of directors.
MajorsAug 05, 2026
Private Equity Firm Wants to Buy 100+ JCPenney StoresOnyx Partners has submitted a second offer to buy the department stores after its first offer fell through last year.
IndependentsAug 05, 2026
Atlanta Jeweler Introduces $10K MartiniSolomon Brothers Jewelers has partnered with local cocktail bar Roaring Social on a new martini garnished with a tennis necklace.
IndependentsAug 05, 2026
Another Member of the Siegel Family Joins Hamilton Jewelers Benjamin Siegel, son of President and CEO Hank Siegel, started working for the family business this week.
MajorsAug 05, 2026
Bulgari Opens Store in San DiegoThe new space features a modern design that blends Bulgari’s Roman heritage with San Diego’s coastal spirit.
CrimeAug 04, 2026
Crew of Thieves Break Into Indiana Jeweler’s HomeFour men were charged in connection with the break-in and accused of stealing $365,000 in cash, jewelry, and designer goods.
MajorsAug 04, 2026
Pandora Hires Former Signet Board Member to Lead North American MarketAndré Branch has more than 25 years of experience with various brands, most recently serving as CEO of Ariana Grande’s cosmetics company.
