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Senate passes PPP extension through August

The Senate passed legislation by unanimous consent Tuesday night extending the application period for the Paycheck Protection Program through August 8, just hours before the federal loan program was set to expire.

Yes, but: The House still needs to pass the Senate version of the relief bill, and President Trump will need to sign off. Prospects for either are uncertain. Approximately $130 billion in PPP funding remains available.


Why it matters: The extension comes as chunks of the U.S. economy are again having to close down to try to contain the COVID-19 pandemic, threatening to reverse economic progress of the past month and deepen the recession.

  • Treasury Secretary Steve Mnuchin said Tuesday that remaining PPP funds should go to the hardest-hit industries, including "restaurants and hotels," and noted that additional stimulus money will be necessary.

House will transmit article of impeachment to Senate on Monday, Schumer says

Senate Majority Leader Chuck Schumer (D-N.Y.) announced that the House will deliver the article of impeachment against former President Trump for "incitement of insurrection" on Monday.

Why it matters: The Senate is constitutionally required to begin the impeachment trial at 1 p.m. the day after the article is transmitted. Minority Leader Mitch McConnell (R-Ky.) had been pushing for the trial to begin in mid-February, arguing that it will force the Senate to delay other important business.

This story is breaking news. Please check back for updates.

Private equity bets on delayed tax reform in Biden administration

In normal times, private equity would be nervous about Democratic Party control of both the White House and Congress. But in pandemic-consumed 2021, the industry seems sanguine.

Driving the news: Industry executives and lobbyists paid very close attention to Treasury Secretary nominee Janet Yellen's confirmation hearings this week, and came away convinced that tax reform isn't on the near-term agenda.

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New Energy Department roles look to animate Biden's campaign themes

The burst of Biden administration staffing picks announced yesterday revealed that the Energy Department (DOE) has newly created roles that reflect what President Biden called campaign priorities.

Driving the news: One new position is "director of energy jobs," which is being filled by Jennifer Jean Kropke. She was previously the first director of workforce and environmental engagement with Local 11 of the International Brotherhood of Electrical Workers.

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Stuart Haselden steps down as CEO of luggage startup Away

Stuart Haselden is stepping down as CEO of smart luggage-maker Away, Axios has learned. He'll be succeeded on an interim basis by company co-founder Jen Rubio, and an outside search firm has been retained to find a permanent successor.

Why it matters: Haselden, formerly with Lululemon, appeared to have established executive stability at Away, whose co-founder Steph Korey previously resigned as CEO before retaking the reins alongside Haselden and then resigning again.

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2021 Tokyo Olympics hang in the balance as Japan's COVID-19 cases surge

10 months ago, the Tokyo Olympics were postponed. Now, less than six months ahead of their new start date, the dreaded word is being murmured: "canceled."

Driving the news: The Japanese government has privately concluded that the Games will have to be called off, The Times reports (subscription), citing an unnamed senior government source.

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Biden's centrist words, liberal actions

President Biden talks like a soothing centrist. He promises to govern like a soothing centrist. But early moves show that he is keeping his promise to advance a liberal agenda.

Why it matters: Never before has a president done more by executive fiat in such a short period of time than Biden. And those specific actions, coupled with a push for a more progressive slate of regulators and advisers, look more like the Biden of the Democratic primary than the unity-and-restraint Biden of the general election.

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Review of Trump ban marks major turning point for Facebook

Facebook's decision to ask its new independent Oversight Board to review the company's indefinite suspension of former President Trump is likely to set a critical precedent for how the social media giant handles political speech from world leaders.

What they're saying: "I very much hope and can expect … that they will uphold our decision," Facebook's VP of global affairs Nick Clegg tells Axios.

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What we know about the Apple car

Apple's moves toward breaking into the market for self-driving cars have come in fits and starts, but it has big ambitions for the space and is moving forward both with its own efforts and with potential partnerships with automakers.

Why it matters: Apple has great businesses in phones and computers, but its long-term growth potential will depend on conquering an entirely new market. Improving health care and playing a role in autonomous vehicles appear to be its two biggest bets on that front.

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