Mnuchin prepares to testify before the House Financial Services Committee on Tuesday. Photo: Asos Katopodis/Pool/AFP via Getty Images

Treasury Secretary Steven Mnuchin said at a congressional hearing on Tuesday that the $134 billion in leftover funds from the Paycheck Protection Program (PPP) should be repurposed and extended to businesses that have suffered the most during the coronavirus pandemic, including "restaurants and hotels."

Why it matters: Today is the last day small businesses can apply for loans via the PPP, as coronavirus cases spike and some states are pausing or rolling back reopening plans. The prospects for small businesses, many of which have already seen significant revenue drops, are devastating.

The big picture: Mnuchin also said that additional stimulus money will be needed, though it should be targeted to "certain industries that have been hard hit by the pandemic."

"I do think we need to look at in the next CARES Act is additional funding for these industries that are the hardest hit so they can continue to rehire people."
— Steven Mnuchin

Note: Axios returned the PPP loan that it qualified for.

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Updated Jul 3, 2020 - Health

U.S. coronavirus updates

Data: The COVID Tracking Project; Map: Andrew Witherspoon/Axios

Adm. Brett Giroir, the Health and Human Services official overseeing the nation's coronavirus testing efforts, expressed concern that the July 4 holiday weekend could worsen already troubled cities and cause new outbreaks for others.

The big picture: The annual Macy’s fireworks show in New York is taking place as five-minute displays throughout the week in unannounced locations to prevent viewers from congregating, the Wall Street Journal reports.

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15 states broke single-day coronavirus records this week

Data: Compiled from state health departments by Axios; Map: Danielle Alberti/Axios

At least 15 states broke their single-day novel coronavirus infection records this week, according to state health department data reviewed by Axios.

The big picture: The number of coronavirus cases increased in the vast majority of states over the last week, and decreased in only two states plus the District of Columbia, Axios' Andrew Withershoop and Caitlin Owens report.

Updated 30 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 3 p.m. ET: 11,143,945 — Total deaths: 527,681 — Total recoveries — 6,004,593Map.
  2. U.S.: Total confirmed cases as of 3 p.m. ET: 2,818,588 — Total deaths: 129,584 — Total recoveries: 883,561 — Total tested: 34,213,497Map.
  3. States: Photos of America's pandemic July 4 ICU beds in Arizona's hot spot reach near capacity.
  4. Public health: U.S. coronavirus infections hit record highs for 3 straight days.
  5. Politics: Trump extends PPP application deadlineKimberly Guilfoyle tests positive.
  6. World: Mexican leaders call for tighter border control as infections rise in U.S.
  7. Sports: 31 MLB players test positive as workouts resume.
  8. 1 📽 thing: Drive-in movie theaters are making a comeback.