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.
Policies & IssuesApr 17, 2020
The Paycheck Protection Program Is Out of Money, For Now
An additional $250 billion is on the table, but lawmakers have yet to come to an agreement.
The Paycheck Protection Program, which offers forgivable loans to small businesses to cover payroll costs, has run out of money.
Washington—The Small Business Administration’s Paycheck Protection Program has run out of money, halting the acceptance of new applications.
The SBA announced the development on its website Thursday, noting it is “unable to accept new applications for the Paycheck Protection Program based on available appropriations funding. Similarly, we are unable to enroll new PPP lenders at this time.”
The program, approved by Congress and signed into law by President Donald Trump last month, is part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which will provide $2 trillion in aid to keep businesses afloat during the coronavirus pandemic.
The PPP has run through the $350 billion in available funding after applications poured in from small business owners struggling amid the shutdown.
The program offers forgivable loans to cover up to 250 percent of payroll for small businesses with 500 or fewer employees.
The program’s 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.
As frustrations and the application pile grew higher, it was expected that the well would run dry.
The SBA said Wednesday it was reaching capacity with more than 1.3 million loans having been approved for more than $296 billion.
By Wednesday evening, more than $315 billion in loans had been approved, a source told CNBC.
Additional funding may be on the table, but Democratic and Republican lawmakers are not yet in agreement as to what the new funding package will look like.
Last week, Senate Democrats blocked a Republican attempt to put another $250 billion into the loan program, wanting the measure to include more funding for hospitals and states.
In a joint statement issued Wednesday, Treasury Secretary Steven Mnuchin and SBA Administrator Jovita Carranza said: “We urge Congress to appropriate additional funds for the Paycheck Protection Program—a critical and overwhelmingly bipartisan program—at which point we will once again be able to process loan applications, issue loan numbers, and protect millions more paychecks."
Staff for House Speaker Nancy Pelosi (D-Calif.) and Senate Minority Leader Chuck Schumer (D-N.Y.) were expected to speak with Mnuchin and his department Thursday, several sources told Politico.
With the program on hold and the funding measures up in the air, small business owners will have to wait to see how the situation unfolds.
During the waiting period, small businesses should take the time to make sure their applications are completed and ready to
go if the program reopens, advised Meredith Wood, vice president at Fundera, a company that connects small business owners with loans.
“Work with an institution that is still accepting applications during this time and do your research to ensure you’re fully packaging your application with no errors,” Wood wrote in an email to National Jeweler.
“I would say around 75-90% of the applications we receive need some form of correction—a missing piece of documentation, the wrong documentation, an incorrect payroll calculation, etc.,” said Fundera founder Jared Hecht in a tweet earlier this month.
In a Twitter thread, Hecht also outlined some of the problems banks and applicants have been facing from “antiquated software” that goes down for hours at a time to issues reaching customer service.
He noted some banks have been prioritizing their own customers when it comes to processing the loans.
“There’s unlimited demand for these loans, so banks want to provide preference to their own customers,” tweeted Hecht.
In a Jewelers of America-led webinar last week, Dentons partner Randy Nuckolls echoed that sentiment, noting if retailers use their regular banks, that may speed up the process.
In a message on its website, Fundera said it has a “high level of confidence” Congress will provide additional funding for PPP and is still accepting and packaging applications to send to its bank partners if the program reopens.
In a tweet Friday morning, Jewelers of America shared a link to a form jewelers can fill out and send to Congress, urging legislators to provide more relief for businesses.
The letter suggests appropriating an additional $600 billion for the PPP and providing additional funding for the Exchange Stabilization Fund, a program used during the coronavirus crisis to provide funding for mid-size to large businesses, which JA said may soon run out of money as well.
“The U.S. Treasury is using its Exchange Stabilization Fund during the coronavirus crisis to backstop new Federal Reserve lending programs aimed at stabilizing credit and money markets,” explained The Brookings Institution, a nonprofit public policy organization based in Washington, DC.
The JA letter also calls for an extension to the PPP, stating: “It is clear that extended public health restrictions and a slow return to normal work will result in small businesses having limited customers and revenue far beyond June 30.”
The CARES Act prohibits the use of relief funds for non-payroll expenses, including rent and utilities.
The letter asks for a change to this rule, as these expenses represent a “significant portion” of a jeweler’s financial obligations.
For more information about the letter, visit JA’s website.
“Work with an institution that is still accepting applications during this time and do your research to ensure you’re fully packaging your application with no errors,” Wood wrote in an email to National Jeweler.
“I would say around 75-90% of the applications we receive need some form of correction—a missing piece of documentation, the wrong documentation, an incorrect payroll calculation, etc.,” said Fundera founder Jared Hecht in a tweet earlier this month.
In a Twitter thread, Hecht also outlined some of the problems banks and applicants have been facing from “antiquated software” that goes down for hours at a time to issues reaching customer service.
He noted some banks have been prioritizing their own customers when it comes to processing the loans.
“There’s unlimited demand for these loans, so banks want to provide preference to their own customers,” tweeted Hecht.
In a Jewelers of America-led webinar last week, Dentons partner Randy Nuckolls echoed that sentiment, noting if retailers use their regular banks, that may speed up the process.
In a message on its website, Fundera said it has a “high level of confidence” Congress will provide additional funding for PPP and is still accepting and packaging applications to send to its bank partners if the program reopens.
In a tweet Friday morning, Jewelers of America shared a link to a form jewelers can fill out and send to Congress, urging legislators to provide more relief for businesses.
The letter suggests appropriating an additional $600 billion for the PPP and providing additional funding for the Exchange Stabilization Fund, a program used during the coronavirus crisis to provide funding for mid-size to large businesses, which JA said may soon run out of money as well.
“The U.S. Treasury is using its Exchange Stabilization Fund during the coronavirus crisis to backstop new Federal Reserve lending programs aimed at stabilizing credit and money markets,” explained The Brookings Institution, a nonprofit public policy organization based in Washington, DC.
The JA letter also calls for an extension to the PPP, stating: “It is clear that extended public health restrictions and a slow return to normal work will result in small businesses having limited customers and revenue far beyond June 30.”
The CARES Act prohibits the use of relief funds for non-payroll expenses, including rent and utilities.
The letter asks for a change to this rule, as these expenses represent a “significant portion” of a jeweler’s financial obligations.
For more information about the letter, visit JA’s website.
More on Policies & Issues
The Latest
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.
