Jul 1, 2020 - Politics & Policy

Senate passes PPP extension through August

Mitch McConnell. Photo: Stefani Reynolds/Getty Images

The Senate passed legislation by unanimous consent Tuesday night extending the application period for the Paycheck Protection Program through August 8, just hours before the federal loan program was set to expire.

Yes, but: The House still needs to pass the Senate version of the relief bill, and President Trump will need to sign off. Prospects for either are uncertain. Approximately $130 billion in PPP funding remains available.

Why it matters: The extension comes as chunks of the U.S. economy are again having to close down to try to contain the COVID-19 pandemic, threatening to reverse economic progress of the past month and deepen the recession.

Treasury Secretary Steve Mnuchin said Tuesday that remaining PPP funds should go to the hardest-hit industries, including "restaurants and hotels," and noted that additional stimulus money will be necessary.

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Bob Herman

11 hours ago - Health

Hospitals, doctors are major recipients of PPP loans

Physicians' offices applied for PPP loans to help offset patient volumes that stopped. Photo: John Moore/Getty Images

Small hospitals, physician clinics, surgery centers, dental offices and other health care businesses were among the most common recipients of loans under the Paycheck Protection Program, according to data released by the federal government on Monday.

The big picture: Medical facilities had to halt routine procedures in the early days of the coronavirus pandemic as a way to prevent spread of infection and keep hospital beds open. PPP loans saved some, but certainly not all, of the jobs that are dependent on those routine procedures.

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Dan Primack

Jul 6, 2020 - Economy & Business

Treasury releases names of some PPP loan recipients

Illustration: Sarah Grillo/Axios

The Treasury Department and Small Business Administration disclosed Monday the names of over 600,000 small businesses that received Public Paycheck Protection loans, as part of the pandemic stimulus program.

Why it matters: This data should help Congress and others analyze the effectiveness of PPP, which so far has disbursed over $500 billion, as debate begins on a new federal stimulus package.

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Dan Primack

6 hours ago - Economy & Business

Breaking down the PPP disclosure debacle

Illustration: Eniola Odetunde/Axios

The U.S. Treasury Department Monday morning released the names of over 660,000 small businesses that received Paycheck Protection Program loans of at least $150,000, per its recent compromise with Congress. Well, at least that's what we thought Treasury did.

What happened: Within hours, several well-known companies and investment firms on the list denied that they had ever applied for PPP loans, let alone received them.