Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the dayโ€™s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Axios on your phone

Get breaking news and scoops on the go with the Axios app.

Download for free.

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Biden's nominee for small business administrator, Isabel Guzman. Photo: Chip Somodevilla/Getty Images

The Biden administration will temporarily prevent big businesses from applying for loans through the Paycheck Protection Program, restricting applications to businesses with fewer than 20 employees, according to administration officials.

Why it matters: The White House wants to target small businesses and ensure that they are not shut out of the application process, as some were during the first round of the program last spring.

  • On Wednesday, a two-week window will open, where only business under the 20 employee threshold will be allowed to apply.
  • The administration wants to ensure that small businesses, which account for 44% of GDP and employ roughly half of America's workers, have ample time to work with their banks and apply for loans and keep their businesses afloat.
  • The administration will also change some eligibility requirements, concerning applicants with felony records, outstanding student loans and uncertain citizenship status.

By the numbers: In the $900 billion relief package signed by President Trump in January, the Small Business Administration received an additional $284 billion to allocate to businesses.

  • Some $134 billion of that pot of money has already been obligated.
  • Since the first relief packages were passed last year, Congress has authorized $806 billion.
  • In his American Rescue Plan, Biden is proposing an additional $7 billion.
  • Applications for latest round of funding closes at the end of March.

Go deeper

Updated 10 mins ago - Sports

Olympics dashboard

๐Ÿ„โ€โ™€๏ธ: American Carissa Moore wins first-ever women's Olympic gold in surfing

๐ŸŽพ: Naomi Osaka eliminated from Olympic tennis tournament

๐Ÿ‰: USA men's rugby knocked out after blowing 21-0 lead to Great Britain

๐ŸŠโ€โ™€๏ธ: Teen swimmer Lydia Jacoby wins first U.S. women's Tokyo Games gold

โœŠ๐Ÿฟ: Costa Rican gymnast pays tribute to Black Lives Matter in Olympic routine

๐Ÿค–: The robot Olympics

Go deeper: Full Axios coverage - Medal tracker

Tech's massive money shield

Illustration: Shoshana Gordon/Axios

The tech industry's leading giants are floating on a cushion of record profits in lakes of reserve cash, and all that money makes them just about unsinkable.

Driving the news: Tech's big five โ€” Google, Apple, Amazon, Facebook and Microsoft โ€” all report their earnings between Tuesday and Thursday this week. Recent quarters have delivered blowout results for these companies, and many observers expect the same again.

1 hour ago - Health

The floodgates have opened for vaccine mandates

Illustration: Sarah Grillo/Axios

State governments, private businesses and even part of the federal government are suddenly embracing mandatory coronavirus vaccinations for their employees.

Why it matters: Vaccine mandates have been relatively uncommon in the U.S. But with vaccination rates stagnating and the Delta variant driving yet another wave of cases, there's been a new groundswell of support for such requirements.