Policies & IssuesMar 03, 2021
Here’s What’s New With the Paycheck Protection ProgramPolicies & IssuesMar 30, 2021
Congress Approves Paycheck Protection Program Extension
Lingering technical and administrative issues have had some business organizations calling for more time to apply.
Applications for the Paycheck Protection Program would be accepted until May 31 under the PPP Extension Act of 2021. President Joe Biden is expected to sign the bill in the coming days.
New York—Small businesses may have more time to apply for a Paycheck Protection Program loan after the Senate passed the PPP Extension Act of 2021 last week.
Set to expire March 31, applications would be accepted until May 31.
The extension would also give the Small Business Administration an additional 30 days after the May deadline to process the loans.
The bill has already been approved by the U.S. House of Representatives.
President Joe Biden, whose administration has expressed support for the program, is expected to sign the bill.
“The Paycheck Protection Program has served as a lifeline for many retailers and other businesses across the country, ensuring they can continue to pay their employees and keep their doors open,” said National Retail Federation CEO Matthew Shay in a statement following the Senate’s approval of the extension.
“Extension of the Paycheck Protection Program is vital to ensure that small businesses can continue to drive economic activity and job creation as we recover from this pandemic.”
Set to expire March 31, applications would be accepted until May 31.
The extension would also give the Small Business Administration an additional 30 days after the May deadline to process the loans.
The bill has already been approved by the U.S. House of Representatives.
President Joe Biden, whose administration has expressed support for the program, is expected to sign the bill.
“The Paycheck Protection Program has served as a lifeline for many retailers and other businesses across the country, ensuring they can continue to pay their employees and keep their doors open,” said National Retail Federation CEO Matthew Shay in a statement following the Senate’s approval of the extension.
“Extension of the Paycheck Protection Program is vital to ensure that small businesses can continue to drive economic activity and job creation as we recover from this pandemic.”
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 fraught with issues, both administrative and technical.
Some of these issues are still plaguing the program, according to a March 15 letter from the NRF and nearly 100 other business groups.
In a letter voicing their support for the extension, the groups said members were “highly concerned” about processing issues, error codes, and application rejections related to issues with Taxpayer Identification Numbers.
“These delays and denials may put many applicants in danger of not making the March 31st authorization deadline,” stated the letter.
Even when the applications did go through, reports surfaced that the money was going to big businesses as mom-and-pop stores struggled.
The Biden-Harris Administration looked to address that issue by implementing some changes to the program in late February.
The updated program set aside a two-week period, from Feb. 24 to March 10, during which only businesses with fewer than 20 employees could 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 changes also provided greater support for self-employed individuals, sole proprietors, and independent contractors.
The problem surrounding the use of Individual Taxpayer Identification Numbers was also addressed, with the SBA set to issue clear guidance to prevent eligible applicants from being denied access to the program.
To learn more about PPP or to apply, visit the SBA’s website.
More on Policies & Issues
The Latest
Events & AwardsApr 14, 2021
AGS Announces Upcoming Conclave LocationsHere’s where the event will be in 2022 and 2023.
WatchesApr 14, 2021
Net-a-Porter, Mr Porter Give Watch Lovers Exclusive Access to Watches and WondersFor the second year, the e-tailer offered its customers “first-to-market” dibs on the latest timepieces.
CrimeApr 13, 2021
2 Men Plead Guilty in Murder of Texas JewelerThe men, one of whom is the late Theodore Shaughnessy’s son, both received 35-year prison sentences.
Brought to you by
4 Reasons You Need This Program for Mother’s DayLearn how to increase customer loyalty and revenue by making JM™ Care Plan a cornerstone of your business plan.
FinancialsApr 13, 2021
Signet Ups Fiscal Guidance Following Strong Q1The jewelry giant posted stronger-than-expected conversion rates and higher average ticket values in the first quarter.
Weekly QuizApr 08, 2021
This Week's QuizTest your knowledge of jewelry news from the week of April 5-9, 2021.
IndependentsApr 13, 2021
Trend Forecaster Paola De Luca to Offer Virtual CoursesThey will cover jewelry marketing and product and design trends, and the first session is free.
SourcingApr 13, 2021
Rough Diamond Sales Slow Down for De Beers, Alrosa Leaders at both companies said the latest sales results are in line with expectations.
Brought to you by
Evaluating Your Inventory For Success in 2021 After months of pandemic-driven social distancing, restrictions and lock-downs, consumers will be excited to visit your store. Now is the time to ensure you have the right inventory on-hand to capitalize on that excitement!
EditorsApr 12, 2021
Looking Back on the Legacy of Alex WooEditor-in-Chief Michelle Graff shares memories of the designer, who died of cancer late last month at 47.
