Illustration: Aïda Amer/Axios

Eastman Kodak (NYSE: KODK) secured a $765 million loan from the U.S. government, to create a business that will manufacture ingredients for use in key generic drugs (including hydroxychloroquine).

Why it matters: This is a lifeline for Kodak, which realized way too late that photography was going digital. It also seeks to remedy a situation in which the U.S. is reliant on foreign manufacturers (particularly in China and India) for drugs that are critical to national security.

Why Kodak? As one administration source explains to me, it was an "easy shell to transform."

Details: The loan appears to come from the U.S. International Development Finance Corp. (DFC), which was created in 2018 via the consolidation of OPIC and USAID, operating in collaboration with the U.S. Defense Department. The funding itself is coming via the CARES Act.

The bottom line: "The loan is the first of its kind under the Defense Production Act, which the Trump administration has previously invoked to speed the production of Covid-19 related supplies such as ventilators. ... Trump in May issued an order allowing the DFC to financially support the domestic production of strategic resources for the coronavirus pandemic and 'to strengthen any relevant domestic supply chains.'" — Rachael Levy, WSJ

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Elliott Abrams to replace Brian Hook as Trump's Iran envoy

Brian Hook. Photo: Tayfun Coskun/Anadolu Agency via Getty Image

President Trump's Iran envoy, Brian Hook, is stepping down, Secretary of State Mike Pompeo confirmed Thursday. He will be replaced with Venezuela envoy Elliott Abrams, a noted Iran hawk who will serve in both roles.

Why it matters: Hook had been tasked with executing Trump's "maximum pressure" policy toward Iran, working closely with Pompeo. That strategy has deepened tensions and thus far failed to force Iran back to the negotiating table, as Trump had hoped.

Ohio Gov. Mike DeWine tests positive for coronavirus ahead of Trump visit

Photo: Justin Merriman/Getty Images

Ohio Gov. Mike DeWine (R) has tested positive for COVID-19 and plans to quarantine at his home for the next 14 days, his office announced Thursday. He currently has no symptoms.

Why it matters: The 73-year-old DeWine was set to meet President Trump Thursday on the tarmac at an airport in Cleveland and was tested as part of standard protocol. He is the second governor known to have contracted the coronavirus, after Oklahoma Gov. Kevin Stitt (R).

Updated 45 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 12:30 p.m. ET: 18,860,908 — Total deaths: 708,676— Total recoveries — 11,394,821Map.
  2. U.S.: Total confirmed cases as of 12:30 p.m. ET: 4,834,546 — Total deaths: 158,445 — Total recoveries: 1,577,851 — Total tests: 58,920,975Map.
  3. Politics: Pelosi rips GOP: "Perhaps you mistook them for somebody who gives a damn" — Ohio Gov. Mike DeWine tests positive.
  4. Public health: Fauci says task force will examine aerosolized spread.
  5. Business: July's jobs report could be an inflection point for the recovery — Teladoc and Livongo merge into virtual care giant.
  6. Sports: Where college football's biggest conferences stand on playing.