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Venture capital-backed startups will become eligible for $350 billion in small business loans guaranteed by the federal government, House Minority Leader Kevin McCarthy (R-Calif.) told the Axios Pro Rata Podcast on Thursday: "I just got off the phone with Treasury Secretary Mnuchin and this is going to be solved."

In context: The Paycheck Protection Program, which provides forgivable loans of up to $10 million for companies with fewer than 500 employees, was included in the $2 trillion stimulus plan passed last week. But it also maintained something called the "affiliation rule" for most applicants, which likely excluded many small businesses that count venture capitalists among their shareholders.

  • McCarthy and House Speaker Nancy Pelosi (D-Calif.) have in recent days pushed for the Treasury Department to issue guidance easing the affiliation rule.
  • McCarthy says that in the next day or two, Treasury will release guidance that sets a simple guideline for PPP loan eligibility.
  • If a small business is not controlled by a single outside shareholder, it would be eligible.

Between the lines: This does leave out possibly thousands of private equity-owned small businesses. McCarthy says there could be future efforts, or maybe even a subsequent piece of legislation, to address such companies, but for now he and Mnuchin agreed that "control" is the simplest and fairest way to determine eligibility.

Go deeper: Bipartisan push could save private equity-owned small businesses

Go deeper

Ben Geman, author of Generate
25 mins ago - Energy & Environment

The energy crises roiling Europe and China — and beyond

Data: FactSet; Chart: Axios Visuals

Energy crises in Europe and China are spilling into economic forecasts, supply chains and beyond.

Driving the news: Europe has for weeks been facing sky-high natural gas and power prices, while China — the world's second-largest economy — is facing electricity shortages that are hobbling factories.

Americans' concern about climate hits all-time highs

The flooded Major Deegan Expressway following a night of heavy rain from remnants of Hurricane Ida on Sept. 2, 2021, in New York City. Photo: Spencer Platt/Getty Images

After disaster-filled summer, a record number of Americans are concerned about global warming, according to a new poll from the Yale Program on Climate Change Communication.

Driving the news: The number of Americans who said they are “very” or “somewhat worried” about global warming has reached an all-time high of 70%, the Yale group found as part of a survey it has been conducting since 2008.

Updated 15 seconds ago - Politics & Policy

Senators grill top Pentagon leaders over Biden's Afghanistan exit

Photo: Carolone Brehman/Pool/AFP via Getty Images

Defense Secretary Lloyd Austin, Joints Chiefs of Staff Chairman Gen. Mark Milley, and the head of U.S. Central Command, Gen. Frank McKenzie, are testifying publicly this week for the first time since the chaotic U.S. withdrawal from Afghanistan.

The latest: Austin said in his opening statement that military leaders began planning for a non-combatant evacuation of Kabul as early as the spring, and that this is the only reason U.S. troops were able to start the operation so quickly. "Was it perfect? Of course not," he acknowledged.