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.
Policies & IssuesApr 24, 2020
House Passes $484B in Small Business, Hospital Funding
The new bill includes an additional $310 billion for the Paycheck Protection Program, which ran out of funding last week.
The U.S. House of Representatives passed an additional $484B in funding for small businesses and hospitals Thursday evening. (Image courtesy of Wikimedia Commons/Martin Falbisoner)
Washington—President Donald Trump is expected to sign off on $484 billion in funding Friday afternoon that will prop up small businesses and hospitals struggling amid the coronavirus pandemic.
The new bill includes an additional $310 billion for the Paycheck Protection Program, which offers loans to businesses with 500 or fewer employees that may be forgiven if used on payroll.
The program, approved by Congress and signed into law by the president last month, is part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which provides aid to keep businesses afloat during the coronavirus pandemic.
The PPP ran out of its previous $350 billion in available funding after applications poured in.
The rollout of the program was rocky, as banks and small businesses dealt with system crashes and a lack of direction from the federal government.
As the well ran dry and frustration mounted, reports that big business had been benefiting from PPP added fuel to the fire.
More than 100 publicly traded companies received millions in coronavirus aid earmarked for small businesses.
The text of the law allowed for any business classified under an “accommodation and food services” code that “employs not more than 500 employees per physical location” to qualify, which opened the door for big restaurant chains like Shake Shack and Ruth’s Chris Steak House to receive loans.
“The intent of this money was not for big public companies that have access to capital,” said Treasury Secretary Steven Mnuchin at a White House briefing Tuesday.
In response to backlash, Shake Shack returned the $10 million it had received while Ruth’s Chris Steak House gave back its $20 million.
The Small Business Administration issued new guidance Thursday to deter big businesses from applying for the renewed funding and put pressure on more big businesses to return the money.
“It is unlikely that a public company with substantial market value and access to capital markets will be able to make the required certification in good faith, and such a company should be prepared to demonstrate to SBA, upon request, the basis for its certification,” said the SBA.
Of the new $310 billion in funds, $60 billion will go to small lenders, set aside in response to Democrats blocking a $250 billion funding bill earlier this month that they felt did not include adequate funding for community-based financial institutions, which they said would benefit minorities, veterans, and rural Americans.
When applying for the first round of PPP loans,
those who had existing relationships with banking institutions were said to be prioritized.
In a recent Jewelers of America-led webinar, Dentons partner Randy Nuckolls noted it may speed up the process if retailers use their regular banks to apply.
Of the $60 billion for small lenders, $30 billion has been set aside for loans made by federally insured lenders with assets between $10 billion and $50 billion. The other $30 billion will go to loans made by community financial institutions, as well as small federally insured banks and credit unions with assets under $10 billion.
It has not been announced when the money will become available, but a source told CNN that once the bill is signed into law, it could take an additional day before the Small Business Administration can reopen the program.
The money could run out in less than 10 days due to the large backlog of applications, according to the CNN report.
The SBA will also receive $60 billion to put toward its Economic Injury Disaster Loan grants.
The SBA had offered a new emergency grant allowing a business that has applied for a disaster loan to get an immediate advance of up to $10,000, which can be used for payroll purposes.
The bill also includes $75 billion in grants to hospitals tending to COVID-19 patients. An additional $25 billion will go toward boosting coronavirus testing.
The House also approved putting in place a Democratic-majority select subcommittee to oversee the Trump administration’s use of $500 billion in funding for corporations, states, and municipalities hit hard by the coronavirus pandemic.
Trump lauded the passing of the bill at a White House briefing Thursday.
“At a time when many Americans are enduring significant economic challenges, this bill will help small businesses to keep millions of workers on the payroll,” the president said.
More than 26 million people have filed for unemployment insurance over the most recent five-week period, per government data released Thursday.
In response to the coronavirus pandemic, the government has allocated around $2.4 trillion across four relief bills, according to the Congressional Budget Office.
In a recent Jewelers of America-led webinar, Dentons partner Randy Nuckolls noted it may speed up the process if retailers use their regular banks to apply.
Of the $60 billion for small lenders, $30 billion has been set aside for loans made by federally insured lenders with assets between $10 billion and $50 billion. The other $30 billion will go to loans made by community financial institutions, as well as small federally insured banks and credit unions with assets under $10 billion.
It has not been announced when the money will become available, but a source told CNN that once the bill is signed into law, it could take an additional day before the Small Business Administration can reopen the program.
The money could run out in less than 10 days due to the large backlog of applications, according to the CNN report.
The SBA will also receive $60 billion to put toward its Economic Injury Disaster Loan grants.
The SBA had offered a new emergency grant allowing a business that has applied for a disaster loan to get an immediate advance of up to $10,000, which can be used for payroll purposes.
The bill also includes $75 billion in grants to hospitals tending to COVID-19 patients. An additional $25 billion will go toward boosting coronavirus testing.
The House also approved putting in place a Democratic-majority select subcommittee to oversee the Trump administration’s use of $500 billion in funding for corporations, states, and municipalities hit hard by the coronavirus pandemic.
Trump lauded the passing of the bill at a White House briefing Thursday.
“At a time when many Americans are enduring significant economic challenges, this bill will help small businesses to keep millions of workers on the payroll,” the president said.
More than 26 million people have filed for unemployment insurance over the most recent five-week period, per government data released Thursday.
In response to the coronavirus pandemic, the government has allocated around $2.4 trillion across four relief bills, according to the Congressional Budget Office.
More on Policies & Issues
The Latest
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.
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.
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.
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.
Weekly QuizNov 20, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
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.
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.
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.
CollectionsNov 19, 2025
Larkspur & Hawk Celebrates 25 Years With Helena Bonham Carter CampaignThe British actress and her daughter modeled pieces from the brand’s new “Palette” capsule for its “Once Upon a Time” holiday campaign.
TechnologyNov 19, 2025
Google Has a New Form for Reporting ‘Review Bombing’ Attacks Plus, the tech giant shares the steps retailers should take if they believe they’re a victim of a review extortion scam.
IndependentsNov 19, 2025
Houston Jeweler Keith Shaftel Retires, Next Generation Steps In Danny and Gaby Shaftel are now Shaftel Diamonds’ CEO and chief operating officer, respectively.
TrendsNov 19, 2025
Midas Chain Releases 2025 Holiday Style GuideThe jewelry manufacturer’s seasonal offering features its new “Melodie” bangles, as well as mini stud earrings and layering pieces.
