CollectionsDec 05, 2025
Piece of the Week: Robinson Pelham’s ‘Tsar Star’ EarringsThe new pink sapphire version of the piece dances with its wearer in the brand’s “Icons After Dark” holiday campaign.
Policies & IssuesJul 07, 2020
Paycheck Protection Program Deadline Extended
The Treasury Department and the Small Business Administration also released more information about where the PPP money went.
President Donald Trump signed a temporary extension of the Paycheck Protection Program into law, extending the application deadline to Aug. 8 from June 30.
Washington, D.C.—President Donald Trump signed a temporary extension of the Paycheck Protection Program into law Saturday, pushing back the deadline for small businesses to apply for a loan.
The legislation moved the deadline to Aug. 8 from June 30.
The extension received approval both in the Senate and the House.
The program was first signed into law in March as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which provided $2 trillion in aid to keep small businesses afloat during the COVID-19 pandemic.
Set up by the Small Business Administration (SBA), the PPP offers forgivable loans to cover payroll for small businesses with 500 or fewer employees.
The program ran through its $350 billion in funds as applications piled up and was replenished with an additional $310 billion.
In June, Congress passed the Paycheck Protection Program Flexibility Act with the goal of addressing the problems that plagued the program’s rocky rollout.
In its opening days, the PPP was fraught with issues for banks and businesses alike and took heat after reports that money was going to big business as mom-and-pop stores struggled.
Hundreds of publicly traded companies received millions in coronavirus aid earmarked for small businesses.
The backlash led recipients Shake Shack and Ruth’s Chris Steak House to return the millions they had received from the program.
Treasury Secretary Steven Mnuchin spoke out against the big businesses receiving funds at a White House briefing, and the SBA followed by issuing guidance to deter that from happening again.
Mnuchin initially said the White House would not disclose the names of program participants, though Democrats continued to push for more transparency.
The Treasury Department and the SBA then said they would release the names of businesses who received PPP loans of $150,000 or more, sharing that partial list Monday.
While loans for more than $150,000 represent around three-fourths of the total loan dollars approved, that segment represents a minority percentage of the total number of loans.
Nearly 87 percent of loans approved were for less than $150,000, as per the SBA. The average loan is for $107,000.
“Today’s release of loan data strikes the appropriate balance of providing the American people with transparency, while protecting sensitive payroll and personal income information of small businesses, sole proprietors, and independent contractors,” Mnuchin said in a statement.
By industry, the largest share of PPP money went to health and social assistance, professional, scientific and technical services, construction and manufacturing.
The retail trade came in
sixth, sending in 450,181 applications and receiving $40.36 billion, or nearly 8 percent of net dollars.
By state, California received the most money with $68.2 billion, for about 4.1 million employees.
Texas is in second place with $41.1 billion and 2.7 million employees, followed by New York at $38.3 billion and 2 million employees.
Small businesses, as defined by the U.S. Census, employ 59.9 million people in the U.S.
Between 72 percent to 96 percent of estimated small business payroll was covered by PPP loans across all 50 states, said the SBA.
Companies in rural areas received 15 percent of the funds while those in areas the SBA described as economically distressed received 23 percent of the money.
“Today’s data shows that small businesses of all types and across all industries benefited from this unprecedented program,” said SBA Administrator Jovita Carranza in a statement.
Carranza pointed to last week’s improved unemployment numbers as evidence that “PPP is working by keeping employees on payroll and sustaining millions of small businesses through this time.”
The SBA said it approved 4.9 million loans, totaling more than $521 billion. There are $131.91 billion in funds remaining.
By state, California received the most money with $68.2 billion, for about 4.1 million employees.
Texas is in second place with $41.1 billion and 2.7 million employees, followed by New York at $38.3 billion and 2 million employees.
Small businesses, as defined by the U.S. Census, employ 59.9 million people in the U.S.
Between 72 percent to 96 percent of estimated small business payroll was covered by PPP loans across all 50 states, said the SBA.
Companies in rural areas received 15 percent of the funds while those in areas the SBA described as economically distressed received 23 percent of the money.
“Today’s data shows that small businesses of all types and across all industries benefited from this unprecedented program,” said SBA Administrator Jovita Carranza in a statement.
Carranza pointed to last week’s improved unemployment numbers as evidence that “PPP is working by keeping employees on payroll and sustaining millions of small businesses through this time.”
The SBA said it approved 4.9 million loans, totaling more than $521 billion. There are $131.91 billion in funds remaining.
More on Policies & Issues
The Latest
TrendsDec 05, 2025
Pantone’s Color of the Year for 2026 Is … WhiteA choice that’s generated a lot of commentary, Pantone says “Cloud Dancer” marks a fresh start and encourages relaxation and creativity.
MajorsDec 05, 2025
Stuller Releases ‘Wrapped in Wonder’ CampaignThe manufacturer’s holiday campaign features a gift guide filled with trending designs and jewelry that can be personalized.
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.
CrimeDec 04, 2025
Man Arrested After Allegedly Swallowing Fabergé Egg PendantThe man was charged with theft, accused of ingesting the necklace while in a jewelry store in Auckland, New Zealand.
Weekly QuizDec 04, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsDec 04, 2025
Step Inside JR Dunn Jewelers’ Giant New Store The Florida independent expanded its store from 8,000 to 14,000 square feet, fulfilling the vision of its late co-founder, Jim Dunn.
Supplier BulletinDec 04, 2025
Introducing Shop Natural Day: A New Movement Celebrating Natural DiamondsSponsored by De Beers Group
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.
WatchesDec 04, 2025
Casio Shrinks its G-Shock WatchThe classic 5600 series G-Shock has been scaled down to about a tenth of its size, becoming a fully functioning watch ring.
Events & AwardsDec 04, 2025
AGA Announces 2026 Tucson Speaker LineupThe association’s annual conference and gala will take place Feb. 4, 2026, during the Tucson gem shows.
Events & AwardsDec 04, 2025
CBG Announces Speaker Lineup for 2026 Miami Event The January show will include a workshop for jewelry retailers on implementing AI to strengthen their businesses.
TrendsDec 03, 2025
Miley Cyrus Debuts Edgy Engagement RingFellow musician Maxx Morando proposed to the star with a chunky, cushion-cut diamond ring designed by Jacquie Aiche.
SurveysDec 03, 2025
A Record 202.9M Shoppers Turned Out Thanksgiving WeekendBlack Friday is still the most popular shopping day over the five-day holiday weekend, as per the National Retail Federation’s survey.
AuctionsDec 03, 2025
Fabergé’s 'The Winter Egg' Achieves Record $30MThe historic egg, crafted for Russia's ruling family prior to the revolution, was the star of Christie’s recent auction of works by Fabergé.
FinancialsDec 02, 2025
Signet Jewelers’ Q3 Sales Up Amid Continued Focus on Lower Price PointsThe retailer offered more fashion jewelry priced under $1,000, including lab-grown diamond and men’s jewelry.
CollectionsDec 02, 2025
Briony Raymond Introduces First FragranceThe eau de parfum is held in a fluted glass bottle that mirrors the decor of the brand’s atelier, and its cap is a nod to its “Sloan” ring.
SourcingDec 02, 2025
Petra Diamonds Elevates Interim CEOs to Permanent StatusVivek Gadodia and Juan Kemp, who’ve been serving as interim co-CEOs since February, will continue to lead the diamond mining company.
MajorsDec 02, 2025
Lee Krombholz Takes Over as Chair of MJSA Education FoundationIn addition, a slate of new officers and trustees were appointed to the board.
IndependentsDec 02, 2025
RJO Welcomes Its 1,200th Retail MemberWitt’s Jewelry in Wayne, Nebraska, is the organization’s new milestone member.
SourcingDec 02, 2025
Brendan Laurs Honored With 2025 Bonanno AwardLaurs is the editor-in-chief of Gem-A’s The Journal of Gemmology and an expert on the formation of colored gemstone deposits.
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.
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.
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.
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.
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.
