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Illustration: Aïda Amer/Axios
While the second round of Payroll Protection Program loans for small businesses launched yesterday, stark disparities from Round 1 are surfacing, Axios markets reporter Courtenay Brown writes.
What's going on: Small businesses in the Midwest, notably Nebraska, got a big share of the loans. But states like New York and California — hit hard by the economic shutdown — came up comparably short.
Montana community bankers "were literally sitting up all night waiting for those [SBA] portals to open and were submitting loans within minutes," Brent Donnelly, who heads up Montana’s SBA office, tells Axios.
The intrigue: Some small businesses are ditching their banks over PPP loans.
Note: Axios qualified for a loan under this program. More details here.
The big picture: Week 7 of our national survey (1,021 adults; margin of error: ±3.4 percentage points) shows people recalibrating risk and pacing themselves for an open-ended slog.
"When you force one question over the other, health is still more important, over the economy," said Cliff Young, president of Ipsos U.S. Public Affairs. "But that’s going to start changing."
The survey shows an especially grim way Democrats have been affected by the pandemic: They're twice as likely (15%) as Republicans (8%) to know someone who died.
Between the lines: Partisanship is the biggest driver of concerns about communities reopening prematurely.
A vending machine offers washable face masks in a subway station in Berlin. Photo: Michael Sohn/AP
In the worldwide race for a coronavirus vaccine, Oxford University is sprinting fastest, the N.Y. Times' David Kirkpatrick reports:
🚗 P.S. Detroit's car companies — GM, Ford and Fiat Chrysler — are targeting May 18 to resume some production at U.S. factories, after talks with UAW leaders and Michigan Gov. Gretchen Whitmer’s office. — The Wall Street Journal
Photo: Wilbert Bijzitter/ANP/AFP via Getty Images
A nursery created this aerial spectacle by snapping the heads off 3 million tulips in a field in Bant, the Netherlands.
Photo: "Axios on HBO"
In an interview for "Axios on HBO," New York Gov. Andrew Cuomo told Jonathan Swan he wishes he had sounded the alarm sooner about the coronavirus.
Swan asked Cuomo what he wishes he could change about his response to the virus. His response:
Dr. Lorna Breen — a top emergency room doctor at NewYork-Presbyterian Allen Hospital in Manhattan, who had gone back to work after recuperating from the coronavirus — died by suicide while staying with family in Charlottesville, Va.
Investors are suddenly worried about inflation, based on the Fed's seemingly limitless monetary policy and the open-floodgates fiscal response by the White House and Congress, Dion Rabouin writes in today's Axios Markets newsletter.
What we're watching: M2 (graphic above) is a measure of the U.S. money supply that's a closely watched inflation indicator.
Michael Ashton, research director and portfolio manager at Real Asset Strategies, writes that the growth in the money supply has broken the record from 1976: "And they're just getting started."
Illustration: Sarah Grillo/Axios
States are facing their biggest fiscal crisis since the Great Depression, with revenues plunging as obligations soar, Axios' Dan Primack and Felix Salmon write.
Reality check: States cannot currently file for bankruptcy, unlike cities and towns.
Between the lines: Many Republican lawmakers tend to like the idea of state bankruptcy because it's the only way to forcibly renegotiate contracts and pension agreements with public-sector unions.
Jersey Shore towns, contemplating what reopening might look like for this summer like no other, may require at least six feet between beach blankets.
Oprah and former President George W. Bush will be among 200 star participants this weekend in "The Call to Unite," a 24-hour global livestream event that begins Friday at 8 p.m. ET.
We're told that President Bush recorded audio for a voiceover segment from his ranch in Crawford, Texas.
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