Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Mnuchin (L) and Powell at the IMF and World Bank Annual Meetings, Oct. 17, 2019, Washington, D.C. Photo: Olivier Douliery/AFP via Getty Images

Small business loan recipients, or at least their lawyers, will be glued to their computers today, as both Treasury Secretary Steve Mnuchin and Fed Chair Jay Powell testify "in front" of the Senate Banking Committee.

On the grill: Expect lots of questions about the Paycheck Protection Program, in terms of application, effectiveness and possible changes.

The SBA did finally release forgiveness guidelines on Saturday, a scant 20 days past its legislated deadline.

  • It included some clarification and simplification of the "covered period," which is eight weeks.
  • There has been a growing push to expand the "covered period" to upward of 24 weeks, particularly for businesses that received PPP loans but have not yet reopened.
  • That was a constant refrain yesterday from restaurant owners and CEOs during a White House roundtable whose headlines got hijacked by President Trump's personal medical regimen. Every time Trump pivoted to meal deductibility or payroll tax cuts, the restauranteurs brought it back to the covered period. And, in doing so, indirectly criticized Mnuchin, who was sitting directly to Trump's left.
  • Mnuchin said that he was negotiating a covered period extension, but it would likely be short of 24 weeks.

Around $164 billion of PPP2 was spoken for as of Saturday night, with no indication that the replenished pot will be exhausted. Overall, the PPP program has approved over 4.3 million loans totaling around $513 billion, with average loan sizes of $118,000.

  • California's small businesses received the most loans and loan dollars, followed by Texas, New York and Florida.
  • Two lenders have approved more than $25 billion in loans each, although the SBA did not disclose their identities. There still has been no disclosure of individual loan recipients, nor a public commitment by the SBA to do so.

Also: Both Mnuchin and Powell will be asked about the bigger company lending programs and why a large amount of the allocated money hasn't been disbursed. It should be interesting to see if issues like affiliation and leverage limits get raised, as both remain top of mind for private equity.

The bottom line: The CARES Act was bipartisan, which means both sides of the aisle have a vested interest in its success.

Go deeper

Aug 14, 2020 - World

Lawmakers demand answers from World Bank on Xinjiang loan

Illustration: Sarah Grillo/Axios

U.S. lawmakers are demanding answers from the World Bank about its continued operation of a $50 million loan program in Xinjiang, following Axios reporting on the loans.

Why it matters: The Chinese government is currently waging a campaign of cultural and demographic genocide against ethnic minorities in Xinjiang, in northwest China. The lawmakers contend that the recipients of the loans may be complicit in that repression.

Scoop: Biden briefing calls for 20,000 child migrant beds

President Biden, during a virtual meeting with Mexican President Andrés Manuel López Obrador. Photo: Anna Moneymaker-Pool/Getty Images

A briefing scheduled for President Biden this afternoon outlines the need for 20,000 beds to shelter an expected crush of child migrants crossing the U.S.-Mexico border, Axios has learned.

Why it matters: The rapid influx of unaccompanied children is building into the administration's first new crisis. A presentation created by the Domestic Policy Council spells out the dimensions with nearly 40 slides full of charts and details.

FBI director: Jan. 6 Capitol attack was domestic terrorism

The FBI views the Jan. 6 Capitol siege as an act of domestic terrorism, director Christopher Wray testified in his opening statement Tuesday before the Senate Judiciary Committee.

Why it matters: The FBI's designation of the attack as domestic terrorism puts the perpetrators "on the same level with ISIS and homegrown violent extremists," Wray said.