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!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

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!

Axios on your phone

Get breaking news and scoops on the go with the Axios app.

Download for free.

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!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

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!

Illustration: Sarah Grillo/Axios

The Paycheck Protection Program (PPP) has left much to be desired for needy small businesses around the U.S., and the overwhelming majority of recipients are about to exhaust their funding and may start laying off employees.

Why it matters: The PPP has been derided by some economists and researchers as inefficient and ineffective, but a new Goldman Sachs survey shows that even for the businesses and employees it helped, it has not been enough.

What's happening: The Goldman survey, provided first to Axios, finds 84% of PPP loan recipients will exhaust their funding by the first week of August and only 16% say they're very confident they will be able to maintain payroll if no further government relief is provided.

  • A recent survey by the right-leaning National Federation of Independent Business found 22% of PPP recipients anticipate having to lay off at least one employee after using their loan.

The big picture: The $669 billion program was meant to be a bridge between government-imposed economic shutdowns and a reopened U.S. economy that would recoup its earlier strength.

  • Goldman's survey found 77% of loan recipients were able to maintain 75%–100% of payroll.
  • But extended lockdown periods, continued fear of the virus, and the recent uptick in new infections and deaths have meant small business owners are facing more significant troubles now than when the program was launched.

By the numbers: 63% of small business owners say less than 75% of their revenue before the pandemic started has returned.

  • 60% say that less than 75% of their customers from before the pandemic started have returned.

Between the lines: The picture is even worse for Black-owned businesses, Goldman notes.

  • 34% say less than 25% of their pre-coronavirus revenue has returned (compared to 20% of survey respondents overall).
  • 7% percent are very confident they will be able to maintain payroll if no further government relief is provided (Overall: 16%).
  • 28% believe they can survive another wave of the pandemic should similar shutdown protocols become necessary (Overall: 37%).

Of note: PPP applications were extended until Aug. 8 in an 11th-hour deal before the deadline expired June 30. However, there is still around $150 billion left unclaimed as few new borrowers have been approved for loans and more money has been returned.

Go deeper

Oct 21, 2020 - Health

CDC changes "close contact" guidance for COVID-19

Photo Illustration: Sarah Grillo/Axios. Photos: Noam Galai, Jamie McCarthy, Josep LAGO / AFP, Alfredo ESTRELLA / AFP, and Narayan Maharjan/NurPhoto, all via Getty Images

The Center for Disease Control and Prevention expanded its definition of who is considered a “close contact” of an individual infected with the coronavirus in a report released Wednesday.

Why it matters: The update is likely to pose challenges for schools, workplaces and other group settings as the U.S. prepares for a third coronavirus wave. It also reinforces the importance of masks in the face of President Trump’s repeated attempts to belittle their efficacy.

Oct 21, 2020 - Economy & Business

Boeing research shows disinfectants kill virus on airplanes

Electrostatic spraying of disinfectant. Photo: Delta Air Lines

Boeing and researchers at the University of Arizona say their experiment with a live virus on an unoccupied airplane proves that the cleaning methods currently used by airlines are effective in destroying the virus that causes COVID-19.

Why it matters: Deep cleaning aircraft between flights is one of many tactics the airline industry is using to try to restore public confidence in flying during the pandemic. The researchers say their study proves there is virtually no risk of transmission from touching objects including armrests, tray tables, overhead bins or lavatory handles on a plane.