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A deserted downtown in Rockton, Illinois. Photo: Scott Olson/Getty Images

The $349 billion cap for small business loans for the coronavirus stimulus was reached Thursday, taking less than two weeks to run out.

Why it matters: While it's a sign that more than 1.6 million small businesses (and some larger ones) will eventually get desperately needed cash, it's now officially a sign that more is needed.

  • Paycheck Protection Program (PPP) loans are forgivable if used for payroll and rent and similar expenses, and they're designed to keep otherwise healthy businesses afloat during this crisis.

The big picture: In roughly a month, coronavirus lockdowns have...

  1. Caused more than 1 in 10 working-age Americans to file for unemployment.
  2. Put historic pressure on businesses not initially affected by the lockdown, with a second wave of layoffs hitting nationwide. (WSJ)

The state of play, via Axios' Alayna Treene: Democrats and Republicans are still in a stalemate over how big an interim stimulus package should be — with both sides digging in deeper to their respective positions last night.

  • Republicans continue to argue that the most urgent need is to add money to the PPP, and that they can negotiate other funding measures once that’s passed.
  • Meanwhile, Democrats are insisting that the bill should include money for hospitals and state and local governments, citing mayors and governors who have pleaded for more federal aid.

What's next: House and Senate aides familiar with the talks say now that the fund is depleted, the pressure to come to a compromise is greater than ever to deliver emergency funding, and are confident they will reach an agreement soon. 

  • Some Trump administration officials say they’d be open to accepting more money for hospitals in order to get the $251 billion in small-business funding they've requested.
  • Treasury Secretary Steven Mnuchin and members of his staff are scheduled to resume talks with Senate Democratic and House majority leadership today to try and hammer out an agreement.

Go deeper

New York AG finds Cuomo sexually harassed women, violated state and federal law

Photo: Spencer Platt/Getty Images

An independent investigation found that New York Gov. Andrew Cuomo sexually harassed multiple women, including employees in his office, in violation of state and federal law, New York Attorney General Letitia James announced Tuesday.

Why it matters: Cuomo, who has denied wrongdoing and urged critics to wait for the results of the independent inquiry, will now face renewed pressure to resign. He must also determine whether he will continue his 2022 re-election campaign.

2 hours ago - Health

New York City to require vaccination proof for indoor activities

New York City will require proof of vaccination to participate in indoor activities, including visiting gyms and restaurants, Mayor Bill de Blasio announced Tuesday.

Why it matters: The mandate is the first of its kind for a major U.S. city, according to de Blasio. France and Italy announced similar requirements last month.

Updated 2 hours ago - Economy & Business

Exclusive: Facebook's first-ever paid movie premiere

Illustration: Aïda Amer/Axios

For the first time ever, a film distributor will use Facebook to debut a movie exclusively via a ticketed live event, executives tell Axios.

Driving the news: "The Outsider," a controversial documentary about the construction of the 9/11 Museum in Manhattan, will premiere publicly on Facebook for $3.99 on Aug. 19.

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