U.S. customs agents in El Paso, Texas, intercepted the package, which would have been worth $9 million if the jewelry was genuine.
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.

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,
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.
The Latest

Health monitors become statement pieces when paired with the brand’s new collection of stackable diamond-studded bands.

Ten organizations were selected this year.

Supplier Spotlight Sponsored by GIA

Kim Carpenter and Sam Gevisenheit have joined the brand.


“Shell Auranova” is the next generation of the brand’s bridal line, featuring half-bezel engagement rings with bold and fluid designs.

Boucheron and Pomellato performed well in an otherwise bleak quarter for Kering amid struggles at Gucci.

Six new retail businesses were selected for the 2025 program, which began in January.

Designer Deborah Meyers created her birds from oxidized sterling silver, rose-cut diamond eyes, and Akoya Keshi pearl feathers.

The company said it expects sightholders to remain “cautious” with their purchasing due to all the unknowns around the U.S. tariffs.

Sponsored by the Gemological Institute of America

Simon 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.

A third-generation jeweler, Ginsberg worked at his family’s store, Ginsberg Jewelers, from 1948 until his retirement in 2019.

The company failed to file its quarterly reports in a timely manner.

The organization also announced its board of directors.

Charms may be tiny but with their small size comes endless layering possibilities, from bracelets to necklaces and earrings.

Located in Valenza, the now 355,000-square-foot facility includes a new jewelry school that’s open to the public, Scuola Bulgari.

Paola Sasplugas, co-founder of the Barcelona-based jewelry brand, received the Fine Jewelry Award.

A platinum Zenith-powered Daytona commissioned in the late ‘90s will headline Sotheby’s Important Watches sale in Geneva next month.

The basketball stars wear men’s jewelry from the “Curb Chain” collection.

The Signet Jewelers-owned retailer wants to encourage younger shoppers to wear fine jewelry every day, not just on special occasions.

The 21 pieces, all from a private collector, will be offered at its Magnificent Jewels auction next month.

Lilian Raji answers a question from a reader who is looking to grow her jewelry business but has a limited marketing budget.

GCAL by Sarine created the new role to sharpen the company’s focus on strategic partnerships and scalable expansion.

The Indiana jeweler has acquired Scottsdale Fine Jewelers in Scottsdale, Arizona.

“Cartier: Design, Craft, and Legacy” opened earlier this month at the Victoria and Albert Museum in London.

Van Cott Jewelers in Vestal, New York, is hosting a going-out-of-business sale.