CrimeDec 01, 2025
Fourth Man Charged in Louvre Jewelry HeistThe man, who has a criminal history, is suspected of being the fourth member of the four-man crew that carried out the heist.
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
AuctionsDec 01, 2025
Christie’s Presents ‘Splendor & Style’ CollectionThe single-owner collection includes one of the largest offerings of Verdura jewels ever to appear at auction, said Christie’s.
IndependentsDec 01, 2025
Lustig Jewelers’ New Owner Is a Fellow Chicago JewelerMichael Helfer has taken the reins, bringing together two historic Chicago jewelry names.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
MajorsDec 01, 2025
PGI Debuts Platinum-Filled Holiday Gift GuideThe guide features all-new platinum designs for the holiday season by brands like Harwell Godfrey, Ritani, and Suna.
Weekly QuizNov 20, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
FinancialsNov 26, 2025
Movado CEO Talks Tariffs, Growing Interest in Accessible Luxury WatchesDuring its Q3 call, CEO Efraim Grinberg discussed the deal to lower tariffs on Swiss-made watches, watch market trends, and more.
TrendsNov 26, 2025
Piece of the Week: Rosior’s Pumpkin RingRosior’s high jewelry cocktail ring with orange sapphires and green diamonds is the perfect Thanksgiving accessory.
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.
IndependentsNov 26, 2025
Greenwich St. Jewelers Launches Colorful Holiday CampaignThe “Embrace Your True Colors” campaign features jewels with a vibrant color palette and poetry by Grammy-nominated artist Aja Monet.
MajorsNov 26, 2025
Serafino Consoli Names New VP of Sales, Brand Development for the AmericasLuxury veteran Alejandro Cuellar has stepped into the role at the Italian fine jewelry brand.
Events & AwardsNov 26, 2025
Grandview Klein Presents 4 Scholarships in NamibiaThe company gave awards to four students at the Namibia University of Science & Technology, including one who is a Grandview Klein employee.
IndependentsNov 25, 2025
Pearl Stringer Margaret Hoisik DiesShe is remembered as an artist who loved her craft and was devoted to her faith, her friends, and her family.
SourcingNov 25, 2025
Finestar Opens Diamond Manufacturing Facility in JohannesburgIt joins the company’s other manufacturing facilities globally, including in India, Botswana, and Namibia.
TrendsNov 25, 2025
Amanda’s Style File: Polka DotsThe polka dot pattern transcends time and has re-emerged as a trend in jewelry through round-shaped gemstones.
CrimeNov 25, 2025
Former Arizona AG Official Charged With Trafficking Stolen JewelryVanessa Hickman, 49, allegedly sold a diamond bracelet that was mistakenly sent to her home.
Events & AwardsNov 25, 2025
GIA Awards Susan Jacques With Its Highest HonorGIA’s former president and CEO was presented with the Richard T. Liddicoat Award for Distinguished Achievement.
Recorded WebinarsNov 24, 2025
Watch: Top Tips for Social Media EtiquetteSocial media experts spoke about protecting brand reputation through behaving mindfully online.
WatchesNov 24, 2025
Breitling Reveals Plans for Gallet, Universal GenèveIn 2026, the three will come together as “House of Brands,” with Gallet sold in Breitling stores and Universal Genève sold separately.
CollectionsNov 24, 2025
Muse Debuts a Wicked 'Have a Heart x Cynthia Erivo' SequelThe second drop, which includes more Elphaba-inspired pieces from additional designers, will continue to benefit nonprofit Dreams of Hope.
IndependentsNov 24, 2025
J.R. Dunn Jewelers Names New PresidentSecond-generation jeweler Sean Dunn has taken on the role.
MajorsNov 21, 2025
Natural Diamond Council Names New CEOAmber Pepper’s main focus will be on digital innovation and engaging younger consumers.
SourcingNov 21, 2025
De Beers’ Branded, Traceable Diamonds Roll Out to 19 Retailers Called “Origin by De Beers Group,” the loose, polished diamonds are being sold in a total of 30 stores in the United States and Canada.
CollectionsNov 21, 2025
Piece of the Week: Melissa Kaye’s ‘Rocky Infinity’ NecklaceThe lariat necklace features a 4.88-carat oval-cut Zambian emerald in 18-karat yellow gold.
AuctionsNov 20, 2025
Vanderbilt Jewels Shine at Phillips Sale, Pink Diamond WithdrawnA 43-carat sapphire brooch from the Vanderbilt collection was the top lot of the Geneva sale.
CollectionsNov 20, 2025
Rebecca Rau Jewels Debuts With ‘Then & Now’ CollectionRau is a fourth-generation art and antique dealer from M.S. Rau gallery whose first jewelry collection merges artifacts with modern design.
WatchesNov 20, 2025
LVMH Takes Minority Stake in Citizen Group-Owned Movement Maker La Joux-Perret is based in La Chaux-de-Fonds, Switzerland, and makes solar quartz as well as mechanical watch movements.
GradingNov 20, 2025
Julia Griffith Joins SSEF as Head of EducationShe previously taught at Gem-A and is the founder of The Gem Academy.
