Policies & Issues

Paycheck Protection Program Deadline Extended

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.
Lenore Fedowis the associate editor, news at National Jeweler, covering the retail beat and the business side of jewelry.

The Latest

Lab-GrownAug 12, 2022
Report: State Bank of India to Begin Lending to Lab-Grown Producers

The loans will go mostly to the import of machinery rather than working capital, according to a recent article from The Economic Times.

FinancialsAug 12, 2022
Brilliant Earth’s Fine Jewelry a Hit in Q2

The company is also continuing its retail expansion.

AuctionsAug 12, 2022
2 Rolexes Paul Newman Gave to Stuntman Stan Barrett Head to Auction

The sale also will include a third Rolex, with all three watches tied to Barrett’s 1979 attempt to break the world record for land speed.

Brought to you by
The American Mined™ Collection: Ethical Sourcing That Matters

Rio Grande provides a pathway to responsibly sourced gemstones.

CollectionsAug 12, 2022
Piece of the Week: İTÄ Jewelry’s ‘Danza’ Ring

It mixes diamond shapes and colors.

Weekly QuizAug 11, 2022
This Week’s Quiz
Test your knowledge of the latest jewelry news with this quick test.
Take the Quiz
Supplier BulletinAug 11, 2022
AGTA GemFair™ Denver – Back and Better Than Before!

Sponsored by AGTA

AuctionsAug 11, 2022
Sotheby’s Is Preparing its First Art Jewelry Auction This Fall

“Art as Jewelry as Art” features works from artists like Salvador Dalí, Alexander Calder, and Max Ernst.

Brought to you by
Knowledge and Skills for Today’s Hot Topics

From laboratory-grown diamonds to design to country-of-origin, GIA's Alumni Collective™ has a seminar to suite your needs.

IndependentsAug 11, 2022
Martin Katz Is Moving to a Penthouse

The jeweler is relocating his Beverly Hills store after 20 years and has begun developing a lifestyle brand.

MajorsAug 11, 2022
Brilliant Earth Opens First Missouri Showroom in St. Louis

It’s the company’s seventh showroom opening this year.

Events & AwardsAug 11, 2022
HRD Antwerp Is Bringing Back Its Jewelry Design Competition

The Belgian organization is calling for entries from all over the world, with an eye on attracting emerging talent.

ColumnistsAug 10, 2022
On Data: What We Know About Jewelry Sales So Far This Year

Sherry Smith digs into year-to-date data on lab-grown vs. natural diamonds, the performance of colored gemstone jewelry, and more.

EditorsAug 10, 2022
Take a Tour Through Buccellati’s Vintage Jewelry Collection

Associate Editor Lenore Fedow leads readers through the Italian jeweler’s works from the 1940s to the 2000s.

CrimeAug 10, 2022
Smash-and-Grab NY Thieves Flee with $2M in Jewels

The NYPD is still searching for the four suspects who robbed Rocco’s Jewelry in the Bronx.

Events & AwardsAug 10, 2022
JA New York Returns with New Designer Gallery

The jewelry trade show is taking place Aug. 14-16 at the Javits Center in New York City.

MajorsAug 10, 2022
GIA Is Now a Sponsor of AGS Young Titleholders

The sponsorship will help fund programs and initiatives in the upcoming year.

MajorsAug 09, 2022
Signet to Buy Blue Nile in $360M Deal

The jewelry giant said the acquisition will allow it to tap into a pool of customers who are younger, more affluent and ethnically diverse.

TechnologyAug 09, 2022
Tiffany & Co.’s CryptoPunk Pendant NFTs Are Sold Out

There were only 250 made available, selling for more than $50,000.

CollectionsAug 09, 2022
Cora Sheibani Shows a Magic Garden of Jewelry at Sotheby’s

The British-based Swiss designer’s “Pottering Around” collection is for sale at Sotheby’s East Hampton starting this week.

SourcingAug 09, 2022
Diamond Price List Introduces ‘Insights’ Platform

It provides real-time diamond market analytics.

SourcingAug 09, 2022
Grandview Klein to Donate Dialysis Machines to Namibian Clinic

The diamond firm will give the donation at a ceremony in Namibia this month during a trip for select retail jeweler partners.

CrimeAug 08, 2022
Nehal Modi Sentenced to 3-9 Years in Grand Larceny Case

He was convicted last month after falsely claiming he had a deal with Costco in order to obtain millions in diamonds from LLD Diamonds USA.

TrendsAug 08, 2022
Amanda’s Style File: Spicy Spinels

Tough, vibrant, and full of personality, spinel is a perfect birthstone for August babies, Amanda Gizzi says.

IndependentsAug 08, 2022
Gemist, NDC to Offer Custom Pieces by BIPOC Designers

Dorian Webb, one of the designers in the Emerging Designers Diamond Initiative, will be the first to work with Gemist.

MajorsAug 08, 2022
Here’s How to Support Jewelers for Children this JFC Day

The charity will hold its fifth annual fundraising day on Sept. 24.

SourcingAug 05, 2022
Rare Earth Mining Co.’s Bill Heher Dies at 72

The passionate gem lover helped bring more than 300 different varieties of stones to the gem trade.

TrendsAug 05, 2022
Piece of the Week: Storrow Jewelry’s ‘Emblem Rosa’ Charm

The brand has attracted attention for its colorful, vintage-inspired pieces.


This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy