Treasury Secretary Steven Mnuchin said at a congressional hearing on Tuesday that the $134 billion in leftover funds from the Paycheck Protection Program (PPP) should be repurposed and extended to businesses that have suffered the most during the coronavirus pandemic, including "restaurants and hotels."
Why it matters: Today is the last day small businesses can apply for loans via the PPP, as coronavirus cases spike and some states are pausing or rolling back reopening plans. The prospects for small businesses, many of which have already seen significant revenue drops, are devastating.
The big picture: Mnuchin also said that additional stimulus money will be needed, though it should be targeted to "certain industries that have been hard hit by the pandemic."
Note: Axios returned the PPP loan that it qualified for.