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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

Ben Geman, author of Generate
4 mins ago - Politics & Policy

Biden to sign suite of major climate change orders

Illustration: Aïda Amer/Axios

President Biden will sign new executive actions today that provide the clearest signs yet of his climate plans — and will begin an intense battle with the oil industry.

Driving the news: One move will freeze issuance of new oil-and-gas leases on public lands and waters "to the extent possible," per a White House summary.

The rebellion against Silicon Valley (the place)

Photo illustration: Sarah Grillo/Axios. Smith Collection/Gado via Getty Images

Silicon Valley may be a "state of mind," but it's also very much a real enclave in Northern California. Now, a growing faction of the tech industry is boycotting it.

Why it matters: The Bay Area is facing for the first time the prospect of losing its crown as the top destination for tech workers and startups — which could have an economic impact on the region and force it to reckon with its local issues.

Erica Pandey, author of @Work
4 hours ago - Economy & Business

Telework's tax mess

Illustration: Annelise Capossela/Axios

As teleworkers flit from city to city, they're creating a huge tax mess.

Why it matters: Our tax laws aren't built for telecommuting, and this new way of working could have dire implications for city and state budgets.