Data: U.S. Small Business Administration; Table: Axios Visuals

As Congress pushes closer to extending a second round of relief payments to small businesses after its $350 billion Paycheck Protection Program ran out of funds in two weeks, banks are facing severe backlash over their handling of the program.

Driving the news: A class-action lawsuit on behalf of small business owners alleges JPMorgan, Bank of America, Wells Fargo and US Bank prioritized larger loan applications over small ones in order to collect larger processing fees.

Yes, but: While much of the program's total amount went to companies who were able to show their operations needed $1 million or more in assistance, suggesting they were hardly small businesses, nearly three-quarters of the total loans given out were for under $150,000.

  • Almost nine out of 10 PPP loans (87.5%) were for less than $350,000, reports from the Small Business Administration show, a number that grew steadily in the final days of the program.

What's next: Banks are warning their customers that even if Congress provides an additional $300 billion by this week, they may not be able to provide loans to small businesses. They say the program needs closer to $1 trillion to meet demand, according to Politico.

  • A survey from the National Federation of Independent Business found that only about 20% of small businesses that applied for a PPP loan had money deposited in their account as of April 17.

Go deeper: Shake Shack returning entire $10 million PPP loan

Go deeper

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 7:30 p.m. ET: 18,982,658 — Total deaths: 712,266— Total recoveries — 11,477,642Map.
  2. U.S.: Total confirmed cases as of 7:30 p.m. ET: 4,873,747 — Total deaths: 159,931 — Total recoveries: 1,598,624 — Total tests: 59,652,675Map.
  3. Politics: Pelosi rips GOP over stimulus negotiations: "Perhaps you mistook them for somebody who gives a damn" — Ohio Gov. Mike DeWine tests positive.
  4. Public health: Majority of Americans say states reopened too quicklyFauci says task force will examine aerosolized spread.
  5. Business: The health care sector imploded in Q2More farmers are declaring bankruptcyJuly's jobs report could be an inflection point for the recovery.
  6. Sports: Where college football's biggest conferences stand on playing.
Updated 1 hour ago - Health

World coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Axios Visuals

An uptick in coronavirus cases in Europe is stoking fears that some countries, including France and Germany, could see a second wave, The New York Times reports.

The big picture: Both Germany and France have reported their highest number of new daily COVID-19 cases in months this past week. Some coronavirus mitigation efforts, like social distancing, aren't being enforced as strongly as they previously were.

Trump launches "Embers Strategy" in coronavirus hotspots

President Trump during a news conference on July 23. Photo: Drew Angerer/Getty Images

The Trump administration is sending increased personal protective equipment, coronavirus test kits and top health officials like Drs. Anthony Fauci and Deborah Birx to coronavirus hotspots across the U.S. as part of a campaign called the “Embers Strategy," White House officials tell Axios.

Why it matters: The push is part of a larger effort to show that President Trump is taking the pandemic seriously, something White House officials describe as a "renewed focus."