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Editor's note: Axios has returned the loan. Details here.

Axios is among the small businesses that qualified for a PPP loan to protect existing jobs and help weather the coronavirus crisis.

Why it matters: We are in the somewhat unique position of being both a media company, which covers government and business, and a job-creating small business with a national presence. So we wanted to be fully transparent about our thinking. 

  • We have taken a financial hit like other small businesses. Our physical event business is gone until the crisis subsides, and some ad buyers are pulling back to measure the economic fallout.  The media, broadly speaking, is getting crushed by the economic fallout. The good news is that demand for our trusted journalism is stronger than ever.

Our plan: We qualified for just shy of $5 million. Along with quick moves we made early in the crisis to reduce non-personnel expenses, this loan ensures we can avoid layoffs and pay cuts for our almost 200-person staff for the rest of the year, regardless of how much the overall economy deteriorates.

  • This will  be good for readers, our employees and the economy. 
  • In the spirit of full transparency, we will note our participation in PPP when writing stories predominantly focused on that topic. 

The big picture: This is a tough time for small businesses and the media alike. All of us should work our tails off to help others navigate this economic mess.

  • Many organizations have had to lay off talented journalists and teams, or even shut down. Our commitment is to not only protect existing jobs but, with time, grow new ones. 
  • Hopefully, our journalism and business will help lift others through this crisis.

Go deeper

U.S. Chamber of Commerce warns of racial inequality for small businesses

Illustration: Aïda Amer/Axios

Attitudes and beliefs about racial inequality are changing quickly as protests and media attention have helped highlight the gaps in opportunity between white- and minority-owned businesses in the United States.

Driving the news: A new survey from the U.S. Chamber of Commerce and MetLife provided early to Axios shows a 17-point increase in the number of small business owners who say minority-owned small businesses face more challenges than non-minority-owned ones.

Updated 59 mins ago - Politics & Policy

Supreme Court rejects Trump's attempt to shield documents from Jan. 6 committee

Photo: Melissa Sue Gerrits/Getty Images

The Supreme Court rejected on Wednesday night a bid by former President Trump to block the release of documents and records from his administration to the House committee investigating the Jan. 6 riot at the Capitol.

Why it matters: Trump asked the Supreme Court to step in and block the release of the documents last month after a panel on the U.S. Court of Appeals for the D.C. Circuit unanimously denied his attempt to prevent the committee from obtaining the materials.

Senate Republicans block voting rights bill

Senate Minority Leader Mitch McConnell walks to the Senate floor on Jan. 18. Photo: Eric Lee/Bloomberg via Getty Images

Senate Republicans blocked Democrats' voting rights legislation from coming to a final vote on Wednesday in what was largely viewed as a doomed effort from the start.

Why it matters: The failed vote underscores the Democratic Party's current uphill battle to pass sweeping legislation in a 50-50 Senate.