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Data: U.S. Small Business Administration; Chart: Naema Ahmed/Axios

The Paycheck Protection Program (PPP) "appears to have missed the mark," S&P Global chief economist Beth Ann Bovino writes in a research report to be released today.

What it means: The PPP's first round largely skipped over states and industries that were the most in need, while the second round still has 39% of allocated cash remaining, even as many businesses are at risk of permanent closure.

  • And data shows that only about one in three small businesses reported applying for PPP funds and less than one-third of those received the loans.

Why it matters: Even as governors allow businesses to reopen, skittish customers and social-distancing requirements mean many will be dealing with reduced demand for some time and few have the resources to do so on their own.

  • A recent working paper from the National Bureau of Economic Research (NBER) finds that many small businesses are "financially fragile" and have only enough cash on hand to last for two weeks.

By the numbers: Bovino's analysis of the SBA's data finds the "bulk of the program seems to be benefiting states with fewer jobless claims."

  • Eight of the 10 states that received the smallest loan amounts had the highest unemployment rates.
  • Seven of 10 states that received the largest loan amounts had the lowest unemployment rates.

A similar theme is present in terms of industries — those hit hardest by the pandemic, in terms of job losses, received the least funding from the first program's total approved loans.

  • Service industries, which accounted for an unprecedented 12.9 million jobs lost in April (62.9% of the 20.5 million), received just 36% of loans.
  • Leisure and hospitality and retail lost 9.8 million jobs, or 48% of the total lost in April, but received only 19%.
  • In contrast, goods-producing industries lost 2.3 million jobs (11% of the April total) but got 27%.
  • Information services and financial industries lost 27% of jobs but got 36%.

Of note: These have somewhat improved in PPP's second round but remain tilted toward states and industries less affected by the pandemic.

Go deeper: The moving goalposts for PPP loans

Go deeper

Updated Oct 21, 2021 - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Vaccines: Pfizer booster has 95.6% efficacy, large study shows — FDA authorizes mix-and-match for booster shots — J&J expects $2.5 billion of vaccine sales this year.
  2. Health: Cases and deaths keep falling — White House unveils plan to "quickly" vaccinate kids ages 5-11 — The global coronavirus vaccine gap — Gates Foundation to send $120 million of antiviral pills to lower-income countries.
  3. Politics: Reports: Brazil leader to be accused of crimes against humanity over COVID — Puerto Rico leads U.S. vaccination rates — Hawaii invites fully vaccinated travelers to return from Nov. 1.
  4. Education: Education secretary reveals limits to Biden’s mask push on states — LA extends deadline for school employee vaccinations — Parent sues Wisconsin school district after child tests positive.
  5. Variant tracker: Where different strains are spreading.
Updated Oct 7, 2020 - Health

World coronavirus updates

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

New Zealand now has active no coronavirus cases in the community after the final six people linked to the Auckland cluster recovered, the country's Health Ministry confirmed in an email Wednesday.

The big picture: The country's second outbreak won't officially be declared closed until there have been "no new cases for two incubation periods," the ministry said. Auckland will join the rest of NZ in enjoying no domestic restrictions from late Wednesday, Prime Minister Jacinda Ardern said, declaring that NZ had "beat the virus again."

How "COVID fatigue" clouds judgment and endangers public health

Illustration: Sarah Grillo/Axios

Compounded stress and exhaustion from worrying about the coronavirus pandemic since the start of the year is leading to "COVID fatigue" and serious mental health issues, some medical experts say.

Why it matters: This can lead to risky behavior that can increase the spread of the coronavirus as well as raise levels of depression and anxiety that foment the abuse of alcohol or drugs.