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
Supplier BulletinJul 03, 2025
Protect Your Customers and Your BusinessSponsored by the Gemological Institute of America
MajorsJul 03, 2025
Brilliant Earth Names Tennis Star Madison Keys as Its New AmbassadorThe 2025 Australian Open champion is the jewelry brand’s first athlete ambassador.
MajorsJul 03, 2025
Muse Sets Up Shop in Nordstrom’s New Jewelry HallThe West Village jewelry boutique’s new shop-in-shop is the cornerstone of Nordstrom’s revamped jewelry hall.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
SourcingJul 03, 2025
SRK Announces Its Natural Diamonds Are Now Carbon-NegativeThis past year, the manufacturer said it recorded below-zero emissions per carat of natural diamond.
Weekly QuizJul 02, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJul 03, 2025
Piece of the Week: A Firework of Diamonds From YepremThe brand’s “Golden Strada” statement necklace features round, marquise, and pear diamonds that sparkle like Fourth of July fireworks.
CrimeJul 03, 2025
JSA Shares Holiday Weekend Security Tips Amid Spike in BurglariesJSA’s Scott Guginsky provided a list of nine security measures jewelers should observe while locking up for the long weekend.
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.
MajorsJul 02, 2025
Boucheron Looks to LA for First West Coast FlagshipLocated on Rodeo Drive, the store’s design was inspired by Hollywood and Los Angeles culture.
MajorsJul 02, 2025
Marco Bicego Opens Milan FlagshipThe new location continues the brand’s celebration of its 25th anniversary.
WatchesJul 02, 2025
Chrono24 Revamps Brand, Launches New CampaignThe online watch marketplace’s “Time Is Our Thing” campaign highlights the importance of time.
SourcingJul 02, 2025
Bernadette Mack Joins Gem Legacy as Executive DirectorShe will oversee strategic planning, fundraising, industry partnerships, and the launch of the Gem Legacy Campus in Tanzania.
CrimeJul 02, 2025
Pandora, Amazon Partner to Uncover Counterfeit Jewelry NetworkWorking with Amazon’s Counterfeit Crimes Unit and law enforcement, Pandora helped to shut down a large-scale counterfeit network in China.
MajorsJul 01, 2025
Cast Closes Business, Plans for RelaunchThe jewelry company has closed its three California brick-and-mortar stores, as well as its online shop, for now.
Events & AwardsJul 01, 2025
William Goldberg Diamonds, FIT Partner for Apprenticeship ProgramThe company is providing the opportunity for an FIT student to work alongside master diamond cutter Willie Lopez in its workshop.
IndependentsJul 01, 2025
Elie Hannoush, Founder of Hannoush Jewelers, Dies at 73He is remembered for his successful entrepreneurship, generosity, and dedication to his family.
MajorsJul 01, 2025
Claire’s Is Looking for a Buyer, Report SaysThe jewelry store chain has reportedly been struggling with costs related to tariffs as well as tough retail competition.
TrendsJul 01, 2025
Amanda’s Style File: Red Hot RubiesWelcome warm summer days with red hot rubies perfectly chosen as July’s birthstone.
CollectionsJun 30, 2025
State Property’s New Jewelry Tells ‘The Story of Everything’Co-founders Afzal Imram and Lin Ruiyin brought their son’s story of a cosmic egg, toadstool, and railroad to life in their new collection.
ColumnistsJun 30, 2025
The Smart Lab: Why Q3 Is the Secret Weapon For Holiday Jewelry SalesThe best time to prepare for the holiday season is right now, according to columnist Emmanuel Raheb.
Events & AwardsJun 30, 2025
AGA Names Recipient of 2025 Gemological Education ScholarshipThis year’s winner is Morgan Keefe, who is currently studying at GIA to be a gemologist.
IndependentsJun 30, 2025
Melanie Grant’s New Book Explores 200 Years of Jewelry“The Jewelry Book” comes out this September.
TechnologyJun 27, 2025
Gemist Raises $6M in Funding to Scale Jewelry Tech PlatformThe company is focused on modernizing the custom jewelry buying experience with e-commerce tools like product visualization and 3D styling.
IndependentsJun 27, 2025
David Webb Announces New Hires, PromotionsFollowing its recent acquisition, the storied brand has updated its leadership team and regional managers.
Events & AwardsJun 27, 2025
AGS, GIA Announce Beatrice Shipley Scholarship Winner AGS also named the recipient of its “Women in Leadership” scholarship.
CollectionsJun 27, 2025
Piece of the Week: Buddha Mama’s ‘Monstera’ Wrap RingThe 20-karat yellow gold and diamond wrap ring is modeled after the Monstera plants in the garden of the brand’s Miami villa.
MajorsJun 26, 2025
Why Rocksbox Is Opening Stores As Signet Jewelers DownsizesRocksbox President Allison Vigil shared the retailer’s expansion plans, and her thoughts on opening stores in malls.
