CollectionsApr 26, 2024
Piece of the Week: Jacquie Aiche’s Starry Galaxy NecklaceThe necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
Policies & IssuesMay 13, 2020
House Democrats Propose $3T Coronavirus Relief Bill
The plan includes provisions for small businesses, including changes to the Paycheck Protection Program.
A bill proposed by House Democrats would allocate new funding to small businesses struggling during the coronavirus pandemic. (Image courtesy of Wikimedia Commons/Martin Falbisoner)
Washington, D.C.—House Democrats unveiled a new $3 trillion coronavirus relief bill Tuesday afternoon that includes aid for state and local governments and additional funds for small businesses.
The House may vote as soon as Friday, but Senate Republicans are not expected to take up the bill until after Memorial Day.
Senate Majority Leader Mitch McConnell (R-Ky.) told reporters Monday, “We have not yet felt the urgency of acting immediately.”
President Donald Trump expressed similar sentiments last week, stating he was in “no rush” to pass another stimulus bill.
The 1,800-page bill, titled the Health and Economic Recovery Omnibus Emergency Solutions Act, or HEROES Act, includes about $1 trillion in relief funds for state, local, and tribal governments with a focus on suburban and rural areas.
Individuals could receive another round of $1,200 stimulus checks with households receiving up to $6,000.
In addition, the bill calls for the extra $600 per week in unemployment benefits to be extended through January. It is currently set to expire after July.
Essential workers facing health risks would be eligible for $200 billion in hazard pay. The bill would also allocate $175 billion in rent, mortgage, and utility assistance.
An additional $10 billion would go to the emergency Economic Injury Disaster Loans (EIDL) program, which provides emergency disaster assistance loans for small businesses administered by the Small Business Administration.
No additional funds would go to the Paycheck Protection Program, which was replenished in the previous bill, but the new bill would give companies until the end of the year to rehire workers and still qualify for loan forgiveness.
There would be a change to the way forgiven PPP loans are treated that could translate to billions in tax savings, according to Bloomberg.
The change would allow businesses to deduct payroll, rent, and other costs covered by PPP loans. The IRS had said those expenses are not deductible if the loan is forgiven.
The proposed bill also would extend the loans to more nonprofits, including trade associations and professional organizations, as well as to local tourism bureaus and chambers of commerce.
Following a rocky rollout of the PPP, which included big businesses taking millions in loans, the bill also focuses on getting funding to smaller businesses.
It would set aside 25 percent of the remaining funds for businesses with 10 or fewer employees, as well as allocate any returned or cancelled loan amounts to those businesses. Another 25 percent of the remaining funds would go to nonprofits.
The
Editors' Picks
Sponsored by
employee retention tax credit would also be revised, said Bloomberg.
Under the new version, employers would get a tax credit worth up to $12,000 per employee per quarter, an increase of $5,000 per employee for the rest of the year.
Turning to the health aspect of the crisis, the bill would set aside $75 billion for an increase in testing and contact tracing, measures health officials have said are crucial to reopening businesses safely.
As the unemployment rate reaches nearly 15 percent, the bill would also include subsidies and an Affordable Care Act enrollment period for those who have lost health coverage from their employer.
The bill would also give $25 billion to the cash-strapped U.S. Postal Service and allocate $3.6 billion in funds to help local governments hold safe elections and arrange for voting by mail.
The new bill, the fourth of the coronavirus relief packages, would top the previous bill as the biggest emergency spending measure in U.S. history.
Though a House vote is likely Friday, the bill is expected to face opposition in the Senate.
Sen. McConnell said last week officials should hit pause and evaluate the effects of the previous relief package before deciding on a new one, while House Speaker Nancy Pelosi (D-Calif.) stressed the urgent need for relief.
“To those who would suggest a pause, I would say the hunger doesn’t take a pause, the rent doesn’t take a pause,” she said Monday in an interview with MSNBC.
McConnell characterized the bill as a “big laundry list of pet priorities” and said a bill would not pass in the Senate that did not include liability protections for business owners to protect against COVID-19 exposure lawsuits.
“This is not a time for aspirational legislation. This is a time for practical response to the coronavirus pandemic,” McConnell said Tuesday after the bill was made public.
Senate Republicans are not expected to vote on any additional relief provisions until June, following a Memorial Day recess.
Under the new version, employers would get a tax credit worth up to $12,000 per employee per quarter, an increase of $5,000 per employee for the rest of the year.
Turning to the health aspect of the crisis, the bill would set aside $75 billion for an increase in testing and contact tracing, measures health officials have said are crucial to reopening businesses safely.
As the unemployment rate reaches nearly 15 percent, the bill would also include subsidies and an Affordable Care Act enrollment period for those who have lost health coverage from their employer.
The bill would also give $25 billion to the cash-strapped U.S. Postal Service and allocate $3.6 billion in funds to help local governments hold safe elections and arrange for voting by mail.
The new bill, the fourth of the coronavirus relief packages, would top the previous bill as the biggest emergency spending measure in U.S. history.
Though a House vote is likely Friday, the bill is expected to face opposition in the Senate.
Sen. McConnell said last week officials should hit pause and evaluate the effects of the previous relief package before deciding on a new one, while House Speaker Nancy Pelosi (D-Calif.) stressed the urgent need for relief.
“To those who would suggest a pause, I would say the hunger doesn’t take a pause, the rent doesn’t take a pause,” she said Monday in an interview with MSNBC.
McConnell characterized the bill as a “big laundry list of pet priorities” and said a bill would not pass in the Senate that did not include liability protections for business owners to protect against COVID-19 exposure lawsuits.
“This is not a time for aspirational legislation. This is a time for practical response to the coronavirus pandemic,” McConnell said Tuesday after the bill was made public.
Senate Republicans are not expected to vote on any additional relief provisions until June, following a Memorial Day recess.
More on Policies & Issues
The Latest
Events & AwardsApr 26, 2024
AGS Conclave and GIA Symposium Are ConvergingThe two organizations will host a joint event, “Converge,” in September 2025.
SourcingApr 26, 2024
Anglo American Reportedly Shopping De Beers as BHP Eyes Anglo Big changes appear to be on the horizon for the diamond miner and its parent company, Anglo American.
Brought to you by
The Blueprint for Success in Scalable, Personalized Jewelry RetailWith Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
Events & AwardsApr 25, 2024
Alexis Padis Takes Over as AGS Board President Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
Weekly QuizApr 26, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
EditorsApr 25, 2024
5 Tips for Creating Fans from the Top (Savannah) Banana Jesse Cole, founder of Fans First Entertainment, shared the “five Es” of building a fan base during his AGS Conclave keynote.
WatchesApr 25, 2024
Audemars Piguet and John Mayer Partner on Limited Edition WatchThe Royal Oak Perpetual Calendar "John Mayer" was celebrated at a star-studded party in LA last week.
Brought to you by
How Jewelers of America Represents Your BusinessFor over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
SourcingApr 25, 2024
De Beers Lowers Production Guidance for 2024The announcement came as the company reported a 23 percent drop in production in Q1.
MajorsApr 25, 2024
Detroit Lions’ QB Jared Goff Keeps Going to JaredThe three-time Pro Bowler continues to partner with the retailer, donating to a Detroit nonprofit and giving watches to fans.
CrimeApr 24, 2024
Jewelry Crime Declines Significantly, But Dollar Losses Remain High A double-digit drop in the number of in-store crimes was offset by a jump in off-premises attacks, JSA’s 2023 crime report shows.
CollectionsApr 24, 2024
Pippa Small Announces ‘Venus’ CollectionInspired by the Roman goddess of love, the designer looked to the sea for her new collection.
FinancialsApr 24, 2024
Kering’s Jewelry Brands a Bright Spot in Tough Q1The luxury titan posted declining sales, weighed down by Gucci’s poor performance.
Events & AwardsApr 24, 2024
JCK Industry Fund Announces 2024 Grant RecipientsThe selected nine organizations have outlined their plans for the funds.
SourcingApr 24, 2024
Rio Tinto’s Q1 Production Drops Amid Pause to Honor Lost Colleagues The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.
WatchesApr 24, 2024
These Are Rolex’s New Watches for 2024 The crown introduced a dozen timepieces in Geneva, including a heavy metal version of its deep-sea divers’ watch.
ColumnistsApr 23, 2024
The Smart Lab: Advanced Email Marketing Strategies for Mother’s DayEmmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
IndependentsApr 23, 2024
Hannoush Jewelers Opens New Store in New York Located in the town of Queensbury, it features a dedicated bridal section and a Gabriel & Co. store-in-store.
SourcingApr 23, 2024
Lucapa Sells 3 Diamonds for $10.5M in First Lulo Tender of 2024A 203-carat diamond from the alluvial mine in Angola achieved the highest price.
GradingApr 23, 2024
GIA Has a New Book About William RuserRuser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.
CollectionsApr 22, 2024
Jacquie Aiche’s New Campaign Stars Adam Levine, Behati PrinslooThe “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
EditorsApr 22, 2024
The 22 Best Quotes from AGS Conclave 2024 Editor-in-Chief Michelle Graff shares the standout moments from the education sessions she attended in Austin last week.
SourcingApr 22, 2024
Virtual Diamond Boutique Rebrands as ‘VDB’The overhaul includes a new logo and enhanced digital marketplace.
MajorsApr 22, 2024
Signet Raises Nearly $9M for St. Jude Children’s Research HospitalThe money will go toward supporting ongoing research and aftercare programs for childhood cancer survivors.
CollectionsApr 19, 2024
Piece of the Week: Retrouvaí’s Treasure NecklaceA new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
CrimeApr 19, 2024
Grand Jury to Hear Case Against Jeweler Charged in Fatal Shove Following IJO ShowLast month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
MajorsApr 19, 2024
Unique Designs Acquires China PearlThe move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
