AuctionsNov 14, 2025
Napoleon’s Diamond Brooch Blows Away Auction Estimates A buyer paid $4.4 million for the piece, which Napoleon wore on his hat for special occasions and left behind when he fled Waterloo.
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.
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
FinancialsNov 14, 2025
Richemont’s Q2 Jewelry Sales Up 12%Plus, how tariffs and the rising price of gold are affecting its watch and jewelry brands.
CollectionsNov 14, 2025
Piece of the Week: Silvia Furmanovich’s ‘Butterflies in Flight’ Jewelry BoxFurmanovich designed the box to hold Mellerio’s “Color Queen,” a high jewelry collection consisting of 10 rings.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
Events & AwardsNov 14, 2025
JCK Names New Event DirectorJennifer Hopf, who has been with JCK since 2022, will lead the execution of the long-running jewelry trade show.
Weekly QuizNov 13, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsNov 13, 2025
127-Year-Old New Orleans Jeweler to CloseAdler’s Jewelry is set to close its two stores as 82-year-old owner Coleman E. Adler II retires.
IndependentsNov 13, 2025
Green Lake Jewelry Works to Move to New Seattle StudioFounder Jim Tuttle shared how a dedication to craftsmanship and meaningful custom jewelry fueled the retailer’s double-digit growth.
Brought to you by
Jewelers of America Aligns New Mission to Create Meaningful Impact for MembersFrom educational programs, advocacy, and recent MJSA affiliation, Jewelers of America drives progress that elevates businesses of all sizes.
MajorsNov 13, 2025
Vahan Jewelry Founder Leon ‘Sacha’ Der Calousdian Dies at 85The third-generation jeweler is remembered as a passionate creative with a love of art, traveling and sailboat racing.
CrimeNov 12, 2025
Father, Son Jewelers in Chicago Victims in Double Homicide JSA and Cook County Crime Stoppers are both offering rewards for information leading to the arrest of the suspect or suspects involved.
AuctionsNov 12, 2025
‘Mellon Blue’ Diamond Sells for $7M Less Than It Did a Decade AgoA buyer paid $25.6 million for the diamond at Christie’s on Tuesday. In 2014, Sotheby’s sold the same stone for $32.6 million.
AuctionsNov 12, 2025
Historic Rolex Oyster Fetches $1.7M at Sotheby’sMercedes Gleitze famously wore the watch in her 1927 swim across the English Channel, a pivotal credibility moment for the watchmaker.
GradingNov 12, 2025
It’s Time: GIA’s Express Holiday Service Is Back GIA is offering next-day services for natural, colorless diamonds submitted to its labs in New York and Carlsbad.
MajorsNov 10, 2025
Jewelers Focus on Love, Joy In 2025 Holiday Campaigns Tiffany & Co., David Yurman, and Pandora have launched holiday campaigns depicting their jewelry as symbols of affection and happiness.
SurveysNov 10, 2025
5 Things Retailers Should Know About Holiday Shoppers This YearThe National Retail Federation is bullish on the holidays, forecasting retail sales to exceed $1 trillion this year.
AuctionsNov 10, 2025
300+ Colored Diamonds Up for Auction at Christie’sLate collector Eddy Elzas assembled “The Rainbow Collection,” which is offered as a single lot and estimated to fetch up to $3 million.
EditorsNov 07, 2025
Piece of the Week: An MVP’s Sapphire Tennis Necklace At the 2025 World Series, the Los Angeles Dodgers’ Yoshinobu Yamamoto sported a custom necklace made by California retailer Happy Jewelers.
IndependentsNov 07, 2025
Foundrae’s New Palm Beach Location Is a ‘Golden Solarium’The brand’s seventh location combines Foundrae’s symbolic vocabulary with motifs from Florida’s natural surroundings.
FinancialsNov 07, 2025
Watches of Switzerland’s H1 Sales Up 8%The retailer also shared an update on the impact of tariffs on watch customers.
SourcingNov 06, 2025
Pink Tourmaline Bracelet, Emerald Suite Take Top Spectrum Honors Pink and purple stones were popular in the AGTA’s design competition this year, as were cameos and ocean themes.
IndependentsNov 06, 2025
Greenwich St. Jewelers Hosts Raffle Supporting Food RescueAll proceeds from the G. St x Jewel Boxing raffle will go to City Harvest, which works to end hunger in New York City.
IndependentsNov 06, 2025
Cornell’s Jewelers Names New PresidentCourtney Cornell is part of the third generation to lead the Rochester, New York-based jeweler.
SourcingNov 06, 2025
De Beers’ Production, Sales Increase in Q3 De Beers also announced more changes in its upper ranks ahead of parent company Anglo American’s pending sale of the company.
WatchesNov 05, 2025
Shinola President Steps Down Just as He Starts Former Signet CEO Mark Light will remain president of Shinola until a replacement for Ulrich Wohn is found.
AuctionsNov 05, 2025
Taylor Swift’s Engagement Ring Designer Makes Her Auction DebutKindred Lubeck of Artifex has three rings she designed with Anup Jogani in Sotheby’s upcoming Gem Drop sale.
FinancialsNov 05, 2025
Pandora Posts Modest Q3 Sales Growth Amid ‘Weak’ Consumer Sentiment The company focused on marketing in the third quarter and introduced two new charm collections, “Pandora Talisman” and “Pandora Minis.”
FinancialsNov 05, 2025
Brilliant Earth’s Q3 Sales Climb 10%The jewelry retailer raised its full-year guidance, with CFO Jeff Kuo describing the company as “very well positioned” for the holidays.
