Illustration: Sarah Grillo/Axios

The Senate unanimously passed a bill on Wednesday to loosen some of the rules that small businesses must follow when applying for Paycheck Protection Program loans.

By the numbers: Businesses now have 24 weeks to use loans obtained through the program, instead of eight weeks. Only 60% of a PPP loan now has to be used for payroll, instead of 75% — a requirement that "tens of thousands of borrowers" weren't expected to meet, per a recent inspector general report.

Our thought bubble, via Axios' Felix Salmon: There has always been a tension between the PPP as a way of saving jobs or as a way of saving small businesses. This bill moves the needle decidedly in the direction of the latter.

What they're saying: “While this measure does a good job making the PPP work better for businesses that are eligible, other PPP enhancements will be needed to make sure all the key pieces are in place when the recovery begins — in particular, extending eligibility to non-profit and quasi-governmental entities that are vital drivers of local and regional economic development," the U.S. Travel Association said in a statement.

Go deeper: Paycheck Protection Program borrowers get more flexibility

Go deeper

Dan Primack, author of Pro Rata
Aug 5, 2020 - Economy & Business

Why the employee retention credit is an overlooked stimulus issue

Illustration: Eniola Odetunde/Axios

D.C. remains deadlocked on the next stimulus package, days after extended unemployment benefits ended and days before PPP is set to expire.

Where it stands: One unresolved issue that hasn't gotten enough attention is a proposed expansion of the employee retention credit, which could have a significant impact for companies that have experienced severe revenue declines.

Updated 47 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 7 a.m. ET: 30,804,120 — Total deaths: 957,348— Total recoveries: 21,062,785Map.
  2. U.S.: Total confirmed cases as of 7 a.m. ET: 6,766,631 — Total deaths: 199,268 — Total recoveries: 2,577,446 — Total tests: 94,211,463Map.
  3. Education: What we overlooked in the switch to remote learning
  4. Politics: In reversal, CDC again recommends coronavirus testing for asymptomatic people.
  5. Health: The dwindling chances of eliminating COVID-19.
  6. World: Guatemalan president tests positive for COVID-19 — The countries painting their pandemic recoveries green.

What we overlooked in the switch to remote learning

Illustration: Eniola Odetunde/Axios

America’s rapid and urgent transition to online school has come with a host of unforeseen consequences that are only getting worse as it continues into the fall.

The big picture: The issues range from data privacy to plagiarism, and schools are ill-equipped to deal with them, experts say.