Axios

Rural, minority and women-owned businesses may not have received loans as intended through the federal Paycheck Protection Program due to a lack of prioritization by the Small Business Administration, the agency's inspector general said in a Friday report.

The big picture: Many businesses funded by the program — which managed to allocate $342.3 billion in loans — were already rich or had access to capital markets, Axios' Felix Salmon reported last month.

America's unemployment rate is now at its highest since the Great Depression, and it's likely a major underestimate.

The big picture: More than 30 million have filed for unemployment since the coronavirus lockdowns started — the government said there were 20.5 million net jobs lost in April alone — but the fallout has been far from equal.

Louisiana's presidential primary was again delayed until July 11 — the second time the state rescheduled the contest. Voters in the state can request an absentee ballot if they're at a higher risk for COVID-19, have tested positive or been advised by a doctor to self-quarantine.

The big picture: Since Sen. Bernie Sanders dropped out of the 2020 race, former Vice President Joe Biden has been established as the presumptive Democratic nominee, and President Trump has already gathered enough delegates to clinch the Republican nomination. Most of the remaining 18 presidential primaries have been postponed from their original dates and more than 20 states have stay-at-home orders in place.

Vice President Mike Pence's press secretary Katie Miller has tested positive for the coronavirus, President Trump said Friday. The news comes a day after Trump's valet did the same.

Why it matters: This shows that, despite regular testing and measures to protect Trump and Pence, White House officials can still be — and are being — exposed to the virus.

DES MOINES — A second member of Vice President Pence’s staff tested positive for the coronavirus Friday, a day after a valet to President Trump did the same.

Why it matters: At a time when Trump is encouraging a brisk approach to reopening the economy, the results are a reminder that the virus remains widespread.  

Video apparently showing Vice President Pence delivering empty boxes of personal protective equipment to a Virginia nursing home on Thursday that later went viral was edited by "Jimmy Kimmel Live!" to remove important context.

The state of play: The video from Kimmel's monologue on Thursday night was tweeted by Democratic pollster Matt McDermott, but it does not show the full context of Pence's appearance. Kimmel later apologized on Twitter.

Seventy-five dealmakers and small business owners yesterday crowded into a Zoom call to be greeted by their host, who had originally planned to make his remarks in front of a live audience in Dallas. The participants, many of whom represented private equity firms and family offices, then split off into a lengthy series of 1-on-1 meetings.

Why it matters: Large-market private equity is mostly sitting on the sidelines right now, outside of some opportunistic minority deals, but lower middle-market activity remains relatively vibrant.

As more and more cities look to automate the coronavirus testing process, tech companies are working together to ensure that people can use an app or website to schedule tests instead of waiting in a potentially dangerous line.

Why it matters: Many testing locations remain overwhelmed by demand, but some are still underused. More efficient coordination could help make better use of the resources we have.

In the latest version of its volunteer effort, the Help Main Street project is linking directly to the many small businesses offering their own ordering systems, in an effort to help them avoid giving a cut to various middlemen.

Why it matters: Large, tech-based intermediaries like Grubhub often take a significant cut of revenue, eating into badly needed cash for already struggling restaurants.

The consultancy IHS Markit now expects roughly 14 million barrels per day of crude oil production worldwide to be "cut or shut-in" during the second quarter.

The big picture: IHS analyst Jim Burkhard, in a statement, said a "rapid and brutal adjustment of global oil supply to a lower level of demand is underway."

The Premier Lacrosse League will hold a 16-day quarantined tournament without fans this summer, replacing its previously scheduled second season, which was originally set to begin this month.

The state of play: The NBA, MLB and NHL have all explored a similar "bubble" model, but those leagues have two things working against them that the PLL does not: legacy and scale.

The U.S. economy shed a record 20.5 million jobs in April as the unemployment rate skyrocketed to 14.7% — more than quadrupling from the rate seen before the coronavirus outbreak — according to government data released Friday.

Why it matters: It's by far the worst jobs report in history, highlighting the depth of the unprecedented toll the pandemic is having on the labor market.

Americans pulled back on revolving credit — namely their credit card use — as states began to impose shelter-in-place orders, new data from the Federal Reserve shows.

Why it matters: It’s the latest indication of how the coronavirus is changing consumer behavior.

Friday's horrific jobs report will catch the eye of even the most casual economic data watcher, but don’t be surprised if the stock market shrugs.

Why it matters: Grim economic news hasn't derailed the market's comeback. The stark difference between what's happening in the coronavirus-hit economy vs. the stock market has never been more on display.

Sens. Kamala Harris (D-Calif.), Bernie Sanders (I-Vt.) and Ed Markey (D-Mass.) will propose a bill Friday that would give most Americans a monthly $2,000 payment until the coronavirus pandemic ends, Politico reports.

Why it matters: The proposal — coming from some of the biggest Democratic names in the Senate — is one of the most expensive put forward so far in Congress, which is taking its time before moving forward with its next stimulus package.

The debate over reopening the economy splits Silicon Valley, like every other community in the U.S., in two. But in place of the usual blue state/red state, Democrat/Republican divide, tech's argument is between technocrats and libertarians.

Why it matters: The pandemic has only amplified tech giants’ power, ensuring their mindset and choices will play an outsize role in shaping how the U.S. reopens its economy. Nailing or bungling that process could save or cost the nation thousands of lives and billions of dollars.

Small hospitals going through bankruptcy are suing the Small Business Administration, arguing it is unlawful for the federal government to deny them loans under the Paycheck Protection Program.

Why it matters: Allowing bankrupt hospitals access to PPP loans could keep their doors open, and could force the federal government to reverse its stance and allow other bankrupt firms to get PPP loans.

Minorities and low-income people are more likely to become seriously ill if infected with the coronavirus, according to a new Kaiser Family Foundation analysis.

Why it matters: These populations are also less likely to be able to social distance, or have been hit hardest economically by doing so. The coronavirus may be a national problem, but its impact is most devastating on the people who were already worse off.

Black people in England and Wales are roughly twice as likely to die from the novel coronavirus than white people, the U.K.'s Office for National Statistics reported in new data released Thursday.

The big picture: Health officials in the U.S. have outlined causes for the heightened coronavirus risks for people of color in America: chronic health conditions and the effects of economic inequality. The NHS analysis found that the disparity is partly caused by socioeconomic disadvantages.