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Photo: Erin Schaff-Pool/Getty Images

Senate Majority Leader Mitch McConnell announced Tuesday he will be working with Minority Leader Chuck Schumer and Treasury Secretary Steven Mnuchin to increase funding for the Payroll Protection Program, the federal backstop to help small businesses maintain operations and keep workers employed amid the coronavirus outbreak.

Why it matters: The $350 billion lending program — which opened for business last Friday — has had a highly problematic rollout, with banks and small businesses alike expressing frustration about system crashes and a lack of direction from the federal government. As the program proceeds, it's become clear that the initial funding wouldn't be nearly enough.

Our thought bubble, via Axios' Felix Salmon: The Payroll Protection Program looks set to be one of the most popular and effective ways of getting stimulus money into Americans' hands. The rollout has been predictably rocky, but this move should at least lengthen the amount of time before cash runs out.

What they're saying: In a statement, McConnell said he is aiming to get funding approved this week, and hopes to pass the measure through unanimous consent or a voice vote, the Wall Street Journal reports.

  • “It is quickly becoming clear that Congress will need to provide more funding or this crucial program may run dry," McConnell said. "That cannot happen.”
  • Small Business Committee Chairman Sen. Marco Rubio tweeted: "We will need at least another $200-$250 billion for #PPPloan."

Go deeper: America's small business bailout is off to a bad start

Go deeper

2 hours ago - Politics & Policy

Senate Democrats target billionaires

Illustration: Annelise Capossela/Axios

After failing to get a deal on other planned tax increases, key Senate Democrats are pivoting to a billionaires' income tax to pay for President Biden's social spending.

The big picture: No advanced economy has attempted anything similar on such a scale.

Anti-abortion activists' Supreme Court dreams are coming true

Photo illustration: Annelise Capossela. Photos: Kevin Dietsch/Getty Images

This is the moment the conservative legal movement has been building toward for decades: The solidly conservative Supreme Court is about to hear two major abortion cases within a month of each other.

Why it matters: All of this is likely to end with significant new restrictions on abortion and a clear path for Republican-led states to win the next big abortion cases, too — the culmination of a long and bitter fight for control of the judiciary.

Felix Salmon, author of Capital
7 hours ago - Economy & Business

Trump's volatile return to the stock market

Expand chart
Data: YCharts; Chart: Axios Visuals 

Donald Trump this week became both a meme stock and a social-media entrepreneur at the same time, by announcing that a new company called Trump Media & Technology Group was going to merge with an existing company listed on the stock market.

Why it matters: The medium-term promise of Trump's media company is that it will replace Twitter for anybody wanting to keep track of Trump's messages. The short-term promise is that it can be a hot new speculative vehicle for people wanting to get rich quick in the stock market.