Illustration: Aïda Amer/Axios

The U.S. Treasury Department is pointing the finger at lenders for errors discovered in Monday's PPP data disclosure.

What they're saying: "Companies listed had their PPP applications entered into SBA’s Electronic Transmission (ETran) system by an approved PPP lender. If a lender did not cancel the loan in the ETran system, the loan is listed," a senior administration official said.

This explanation makes the most sense for phantom loans like the one listed for e-scooter company Bird, given that the SBA shouldn't otherwise have its financial information.

What we still don't know, however, is how many errors were made. I'm now hearing more talk of audits, although it remains unclear exactly what form they would take.

There also was a ton of reporting yesterday about PPP loans received by companies with ties to people like Donald Trump, Jared Kushner, Nancy Pelosi, and Joe Biden.

  • Such disclosure carries not just the intrinsic value of transparency for taxpayers, and also serve as receipts if politicians later criticize PPP or claim to have not really supported it.
  • But, but, but: There isn't anything wrong with any of these connections, so long as the loan recipient was truthful in the application. PPP was primarily designed to keep people on payroll, whether a small-town bartender or a front-desk worker at a Trump-branded hotel. It was an intentionally blunt instrument that didn't discriminate by the wealth or connections of someone's employer.

What's next: Soon we could get a better picture about how many payrolls were actually protected, as loan forgiveness applications are submitted and processed.

  • Treasury provided an estimate of 51 million jobs, but that's already coming under scrutiny (and not just because of phantom loans).

Go deeper

Why the employee retention credit is an overlooked stimulus issue

Illustration: Eniola Odetunde/Axios

D.C. remains deadlocked on the next stimulus package, days after extended unemployment benefits ended and days before PPP is set to expire.

Where it stands: One unresolved issue that hasn't gotten enough attention is a proposed expansion of the employee retention credit, which could have a significant impact for companies that have experienced severe revenue declines.

Ohio Gov. Mike DeWine tests positive for coronavirus ahead of Trump visit

Photo: Justin Merriman/Getty Images

Ohio Gov. Mike DeWine (R) has tested positive for COVID-19 and plans to quarantine at his home for the next 14 days, his office announced Thursday. He currently has no symptoms.

Why it matters: The 73-year-old DeWine was set to meet President Trump Thursday on the tarmac at an airport in Cleveland and was tested as part of standard protocol. He is the second governor known to have contracted the coronavirus, after Oklahoma Gov. Kevin Stitt (R).

Updated 33 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 12:30 p.m. ET: 18,860,908 — Total deaths: 708,676— Total recoveries — 11,394,821Map.
  2. U.S.: Total confirmed cases as of 12:30 p.m. ET: 4,834,546 — Total deaths: 158,445 — Total recoveries: 1,577,851 — Total tests: 58,920,975Map.
  3. Politics: Pelosi rips GOP: "Perhaps you mistook them for somebody who gives a damn" — Ohio Gov. Mike DeWine tests positive.
  4. Public health: Fauci says task force will examine aerosolized spread.
  5. Business: July's jobs report could be an inflection point for the recovery — Teladoc and Livongo merge into virtual care giant.
  6. Sports: Where college football's biggest conferences stand on playing.