SourcingNov 06, 2025
De Beers’ Production, Sales Increase in Q3 De Beers also announced more changes in its upper ranks ahead of parent company Anglo American’s pending sale of the company.
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
WatchesNov 05, 2025
Shinola President Steps Down Just as He Starts Former Signet CEO Mark Light will remain president of Shinola until a replacement for Ulrich Wohn is found.
AuctionsNov 05, 2025
Taylor Swift’s Engagement Ring Designer Makes Her Auction DebutKindred Lubeck of Artifex has three rings she designed with Anup Jogani in Sotheby’s upcoming Gem Drop sale.
Brought to you by
Jewelers of America Aligns New Mission to Create Meaningful Impact for MembersFrom educational programs, advocacy, and recent MJSA affiliation, Jewelers of America drives progress that elevates businesses of all sizes.
FinancialsNov 05, 2025
Pandora Posts Modest Q3 Sales Growth Amid ‘Weak’ Consumer Sentiment The company focused on marketing in the third quarter and introduced two new charm collections, “Pandora Talisman” and “Pandora Minis.”
Weekly QuizOct 30, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
FinancialsNov 05, 2025
Brilliant Earth’s Q3 Sales Climb 10%The jewelry retailer raised its full-year guidance, with CFO Jeff Kuo describing the company as “very well positioned” for the holidays.
MajorsNov 04, 2025
Danny Clark to Become Stuller CEO, Succeeding Matt StullerStuller COO Belit Myers will take on the additional role of president, with all changes effective at the start of 2026.
ColumnistsNov 04, 2025
Peter Smith: What Do Birds Have to Do With the Price of Gold? Smith cautions retailers against expending too much energy on things they can’t control, like the rising price of gold.
TrendsNov 04, 2025
Amanda’s Style File: Fall Colors for November BirthdaysCitrine and topaz are birthstones fit for fall as the leaves change color and the holiday season approaches.
IndependentsNov 04, 2025
Weston Jewelers Heads to Fort LauderdaleThe family-owned jeweler will open its fourth store in Florida in late 2027.
CrimeNov 03, 2025
Men Dressed as Construction Workers Burglarize Jeweler’s Home The NYPD is looking for three men who stole a safe and jewelry valued at $3.2 million from the home of a jeweler in Jamaica Hills, Queens.
MajorsNov 03, 2025
Matthew Rosenheim Takes Over as JA Board ChairThe trade organization also announced its executive committee and five new directors.
CollectionsNov 03, 2025
Muse’s ‘Have a Heart’ Collab Returns, Now With DDGThe “Have a Heart x Diamonds Do Good” collection is championed by model and humanitarian Flaviana Matata and will benefit her foundation.
AuctionsNov 03, 2025
Kashmir Sapphire Ring Tops Christie's Online AuctionThe ring, set with a nearly 17-carat Kashmir cabochon sapphire, sold for $1 million.
TrendsOct 31, 2025
Piece of the Week: A Spinner Fit for ‘Frankenstein’This “Mother Father” spinner necklace from Heavenly Vices Fine Jewelry draws inspiration from Victorian Era jewelry.
CrimeOct 31, 2025
5 More Arrested in Louvre Heist, Jewelry Still Missing The suspects were rounded up in Paris and its suburbs on Wednesday night, but none of the stolen jewels were recovered with them.
Recorded WebinarsOct 31, 2025
Watch: How to Master Google Reviews for Your BusinessExperts share top tips on how to encourage positive reviews and handle negative feedback.
Supplier BulletinOct 30, 2025
Protect Your Customers and Your BusinessSponsored by the Gemological Institute of America
CrimeOct 30, 2025
29-Year-Old Man Charged in Multiple Seattle-Area Smash and Grabs The suspect faces charges in the August robbery of Menashe & Sons Jewelers and is accused of committing smash and grabs at two pawn shops.
Lab-GrownOct 30, 2025
Alison Lou’s New Collection Uses Lab-Grown Diamonds and ResinThe “Lumière Fine” collection was born from designer Alison Chemla’s interest in the transformative power of light.
TrendsOct 30, 2025
Amanda’s Style File: A Haunted HalloweenShow off your spooky side with these 12 festive jewels.
Events & AwardsOct 30, 2025
Jewelers Mutual to Host Jewelry Panel at Frazier History MuseumThe “Brilliant & Beyond” panel coincides with the “Love & Marriage” exhibition curated by Davis Jewelers in Louisville, Kentucky.
Events & AwardsOct 29, 2025
October Brings Little Change to Consumer Confidence Consumers are feeling more optimistic about their present situation while the short-term future remains a little scary.
Events & AwardsOct 29, 2025
Couture Partners With Time to WatchesThe company, which organizes a watch show in Geneva every spring, will bring a selection of watch brands to the 2026 Couture show in Vegas.
TrendsOct 29, 2025
Beth Bernstein Releases Vintage Jewelry Guide“The Modern Guide to Vintage Jewellery” follows the evolution of jewelry design from the ‘30s to the ‘80s with buying and styling advice.
EditorsOct 29, 2025
Why Creepy, Crawly Bugs Inspire Beautiful JewelryFor her annual Halloween story, Senior Editor Lenore Fedow explores the symbolism behind spiders, beetles, and other eerie insects.
