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Mnuchin says leftover PPP funds should go to hardest-hit industries

Jun. 30, 2020 06:25PM EST
 Dan Ackermann

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."

"I do think we need to look at in the next CARES Act is additional funding for these industries that are the hardest hit so they can continue to rehire people."
Steven Mnuchin

Note: Axios returned the PPP loan that it qualified for.

Harvard and MIT sue Trump administration over rule barring foreign students from online classes

Harvard and MIT on Wednesday filed a lawsuit against the Department of Homeland Security to block federal guidance that would largely bar foreign college students from taking classes if their universities move classes entirely online in the fall.

The big picture: Colleges, which often rely heavily on tuition from international students, face a unique challenge to safely get students back to class during the coronavirus pandemic. Some elite institutions, like Harvard, have already made the decision to go virtual.

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Facebook auditors say it's failing on civil rights

The findings from a new civil rights audit commissioned and released by Facebook show that the tech giant repeatedly failed to address issues of hatred, bigotry and manipulation on its platform.

Why it matters: The report comes as Facebook confronts a growing advertiser boycott and criticism for prioritizing freedom of speech over limiting misinformation and protecting users targeted by hate speech.

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Sports in the coronavirus era might need an asterisk

American sports leagues are back, and COVID-permitting, we're finally entering the period of uninterrupted sports bliss we've been anticipating for months.

The question: Given the unusual circumstances, it's worth considering how each season will be remembered years from now. So we pose the question: Do sports in 2020 need an asterisk?

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What China's uneven economic recovery means for the U.S.

Adapted from Institute of International Finance; Chart: Axios Visuals

China and much of Southeast Asia look to be bouncing back strongly from the coronavirus pandemic as stock markets and much of the country's economic data are returning to pre-pandemic levels.

What's happening: "Our tracking points to a clear V-shaped recovery in China," economists at the Institute of International Finance said in a note to clients Tuesday, predicting the country's second-quarter growth will rise above 2% after its worst quarter on record in Q1.

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Chief Justice John Roberts was hospitalized in June after fall

Chief Justice John Roberts was hospitalized overnight after a fall on June 21, a Supreme Court spokesperson confirmed to the Washington Post on Tuesday.

Why it matters: Speculation regarding justices' health — given their lifetime appointments — always runs rampant, and this incident may have not been made public if the Post hadn't "received a tip."

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Congress vs. tech's gang of four

The CEOs of tech's four leading giants will defend their industry's growing concentration of power from critics on both right and left who view them as monopolists when they testify, most likely virtually, before Congress on July 27.

Why it matters: The joint appearance by Facebook's Mark Zuckerberg, Apple's Tim Cook, Amazon's Jeff Bezos and Google's Sundar Pichai will mark a historic collision between the leaders of an industry that has changed the world and political leaders who believe those changes have harmed democracy and individual rights.

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As pandemic rages, Trump left without news to rally around

Data: Newswhip; Graphic: Axios Visuals — Note: Hover over the graphic on desktop to see weekly articles and interactions for candidates and issues.

The three topics generating the most intense interest online are the coronavirus, racial injustice and foreign policy, according to data from NewsWhip provided exclusively to Axios — and all are issues that are working against President Trump right now.

Why it matters: Storylines in Trump's populist sweet spot that carried the news cycle for much of his presidency — immigration, trade, a strong economy — have fallen away during the pandemic.

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Coronavirus deaths rising in hotspots like Arizona, Florida and Texas

Data: The COVID Tracking Project; Note: The U.S. daily count had an anomalous spike on June 25 due to New Jersey recording a large number of probable deaths; Chart: Andrew Witherspoon/Axios

Coronavirus deaths are ticking up in the new hotspots of Florida, Texas and Arizona, even as they continue to trend down nationally.

Why it matters: As infections soar, deaths will inevitably follow. And infections are soaring.

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