Data: Treasury Department via the Peter G. Peterson Foundation; Chart: Axios Visuals

The PPP initially made headlines for leaving out many small businesses who were muscled out by large corporations and savvier peers with long banking histories, but now even those who secured the funding say the program needs to be overhauled.

Driving the news: "It’s difficult to successfully use the Paycheck Protection Program loan," Jackie Victor, founder and owner of Detroit's Avalon Breads, writes in an op-ed for the New York Times.

  • She points out that requirements for the money to be spent within 60 days, that the business retains all its employees and that it uses 75% of the money for payroll makes practical use of the loan almost impossible.
  • Other business owners point out that for companies with workers who make less than they would through the government's expanded unemployment benefits, putting them back on payroll when they are not allowed to work is cruel and will actually hurt the relationship between employer and employee.

Details: The CARES Act increased eligibility for unemployment benefits, provided an additional $600 per week and extended insurance payments beyond the typical 26 weeks.

  • Since the enactment of those provisions in late March, federal spending on unemployment insurance has risen noticeably, the Peterson Foundation notes in a recent blog.

Go deeper: Unemployment is likely already at Great Depression-era highs

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Updated Aug 9, 2020 - Politics & Policy

Republicans and Democrats react to Trump's coronavirus aid action

President Trump speaks to workers at a manufacturing facility in Clyde, Ohio, on Thursday. Photo: Scott Olson/Getty Images

Some Republicans joined Democrats in criticizing President Trump Saturday night for taking executive action on coronavirus aid, with Democratic leaders demanding the GOP return to negotiations after stimulus package talks broke down a day earlier.

Why it matters: Trump could face legal challenges on his ability to act without congressional approval, where the constitutional power lies on federal spending. Sen. Ben Sasse (R-Neb.) was the most vocal Republican critic, saying in a statement: "The pen-and-phone theory of executive lawmaking is unconstitutional slop."

Updated 31 mins ago - Health

World coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Axios Visuals

France reported more than 2,500 new COVID-19 cases in 24 hours — the largest single-day number since May. French officials said the situation was "clearly worsening," per France 24.

By the numbers: Over 745,600 people have died of the novel coronavirus globally and over 20.4 million have tested positive, per Johns Hopkins. Almost 12.7 million have recovered from the virus.

Biden campaign raises $26 million in 24 hours after announcing Harris as running mate

Joe Biden and Kamala Harris. Photo: Olivier Douliery/AFP via Getty Images

Joe Biden's campaign announced on Wednesday that it raised $26 million in the 24 hours after revealing Sen. Kamala Harris as his vice presidential pick.

Why it matters: The cash influx signals that Harris has helped the Democratic presidential campaign pick up steam. Nearly 150,000 contributors were first-time donors, according to the campaign statement.