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
CollectionsApr 25, 2025
Sylvie Looks to Water in New Sculptural Bridal Collection“Shell Auranova” is the next generation of the brand’s bridal line, featuring half-bezel engagement rings with bold and fluid designs.
FinancialsApr 25, 2025
Kering’s Jewelry Brands Persevere as Q1 Sales Sink 14%Boucheron and Pomellato performed well in an otherwise bleak quarter for Kering amid struggles at Gucci.
EditorsApr 25, 2025
Piece of the Week: Deborah Meyers Experience’s ‘The Birds’ EarringsDesigner Deborah Meyers created her birds from oxidized sterling silver, rose-cut diamond eyes, and Akoya Keshi pearl feathers.
Brought to you by
Emerging Jewelers Accelerator Program Announces Second Cohort of Aspiring Jewelry Entrepreneurs Six new retail businesses were selected for the 2025 program, which began in January.
SourcingApr 25, 2025
De Beers Sales, Production Fall in Q1 Amid UncertaintyThe company said it expects sightholders to remain “cautious” with their purchasing due to all the unknowns around the U.S. tariffs.
Weekly QuizApr 24, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Supplier BulletinApr 24, 2025
Protect Your Customers and Your BusinessSponsored by the Gemological Institute of America
EditorsApr 24, 2025
Q&A: Wolf’s CEO Talks U.S. ExpansionSimon Wolf shares why the time was right to open a new office here, what he looks for in a retail partner, and why he loves U.S. consumers.
Brought to you by
Protect Your Customers and Your BusinessThe risk of laboratory-grown diamonds being falsely presented as natural diamonds presents a very significant danger to consumer trust.
IndependentsApr 24, 2025
Longtime Iowa Jeweler Herman Ginsberg Dies at 99 A third-generation jeweler, Ginsberg worked at his family’s store, Ginsberg Jewelers, from 1948 until his retirement in 2019.
FinancialsApr 24, 2025
Charles & Colvard Delisted From Nasdaq Due to NoncomplianceThe company failed to file its quarterly reports in a timely manner.
SourcingApr 24, 2025
Young Diamantaires Transition to NonprofitThe organization also announced its board of directors.
TrendsApr 24, 2025
Amanda’s Style File: So CharmingCharms may be tiny but with their small size comes endless layering possibilities, from bracelets to necklaces and earrings.
MajorsApr 23, 2025
Bulgari Doubles Size of Jewelry Factory in ItalyLocated in Valenza, the now 355,000-square-foot facility includes a new jewelry school that’s open to the public, Scuola Bulgari.
Events & AwardsApr 23, 2025
PDPaola Creative Director Wins FGI’s ‘Rising Star’ AwardPaola Sasplugas, co-founder of the Barcelona-based jewelry brand, received the Fine Jewelry Award.
AuctionsApr 23, 2025
Rare Custom Rolex Daytona Heads to AuctionA platinum Zenith-powered Daytona commissioned in the late ‘90s will headline Sotheby’s Important Watches sale in Geneva next month.
MajorsApr 23, 2025
David Yurman’s New Campaign Stars Carmelo Anthony, Jaylen BrownThe basketball stars wear men’s jewelry from the “Curb Chain” collection.
MajorsApr 22, 2025
Zales’ Rebrand Takes Playful Approach to Fine JewelryThe Signet Jewelers-owned retailer wants to encourage younger shoppers to wear fine jewelry every day, not just on special occasions.
AuctionsApr 22, 2025
Christie’s to Auction JAR Jewelry CollectionThe 21 pieces, all from a private collector, will be offered at its Magnificent Jewels auction next month.
ColumnistsApr 22, 2025
The PR Adviser: Building Buzz Through Word of MouthLilian Raji answers a question from a reader who is looking to grow her jewelry business but has a limited marketing budget.
GradingApr 22, 2025
Avi Levy Is GCAL By Sarine’s New Chief Growth OfficerGCAL by Sarine created the new role to sharpen the company’s focus on strategic partnerships and scalable expansion.
IndependentsApr 22, 2025
Brinker’s Jewelers Acquires Fellow IndependentThe Indiana jeweler has acquired Scottsdale Fine Jewelers in Scottsdale, Arizona.
Events & AwardsApr 21, 2025
An Exhibition Exploring the History of Cartier Is Now on Display“Cartier: Design, Craft, and Legacy” opened earlier this month at the Victoria and Albert Museum in London.
IndependentsApr 21, 2025
New York Jeweler to Close After 111 YearsVan Cott Jewelers in Vestal, New York, is hosting a going-out-of-business sale.
IndependentsApr 21, 2025
IJO Names New Director of Vendor Relations, Merchandise StrategyIndustry veteran Samantha Larson has held leadership roles at Borsheims, McTeigue & McClelland, Stuller, and Long’s Jewelers.
Events & AwardsApr 21, 2025
Jewelers of Louisiana, Mississippi Jewelers Association to Co-Host ConventionThe two organizations will hold the educational event together this fall in Mississippi.
Events & AwardsApr 18, 2025
Daymond John to Give Keynote at JCK Las VegasThe entrepreneur and “Shark Tank” star will share his top tips for success.
CollectionsApr 18, 2025
Piece of the Week: Dukachi’s ‘Easter Bread’ PendantThe Ukrainian brand’s new pendant is modeled after a traditional paska, a pastry often baked for Easter in Eastern European cultures.
