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 Sep 23, 2020 - Politics & Policy

House Democrats and Trump admin strike deal to avert government shutdown

House Speaker Nancy Pelosi on Capitol Hill. Photo: Tom Williams/CQ-Roll Call via Getty Images

The House on Tuesday passed legislation to fund the government through Dec. 11, by a vote of 359-57.

Why it matters: The bill's passage comes shortly after House Democrats and the Trump administration struck an agreement on the short-term legislation, averting the threat of a government shutdown when funding expires in eight days.

Updated 8 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 p.m. ET: 32,471,119 — Total deaths: 987,593 — Total recoveries: 22,374,557Map.
  2. U.S.: Total confirmed cases as of 10 p.m. ET: 7,032,524 — Total deaths: 203,657 — Total recoveries: 2,727,335 — Total tests: 99,483,712Map.
  3. States: "We’re not closing anything going forward": Florida fully lifts COVID restaurant restrictions — Virginia Gov. Ralph Northam tests positive for coronavirus.
  4. Health: Young people accounted for 20% of cases this summer.
  5. Business: Coronavirus has made airports happier places The expiration of Pandemic Unemployment Assistance looms.
  6. Education: Where bringing students back to school is most risky.
Mike Allen, author of AM
11 hours ago - Politics & Policy

Biden pushes unity message in new TV wave

A fresh Joe Biden ad, "New Start," signals an effort by his campaign to make unity a central theme, underscoring a new passage in his stump speech that says he won't be a president just for Democrats but for all Americans.

What he's saying: The ad — which began Friday night, and is a follow-up to "Fresh Start" — draws from a Biden speech earlier in the week in Manitowoc, Wisconsin: