CNBC.com's MacKenzie Sigalos brings you the day's top business news headlines. On today's show, CNBC wealth editor Robert Frank digs into the Paycheck Protection Program's newly released data to find the billionaires who took small business loans from the federal government. Plus, after President Trump vows to put pressure on governors to open schools in the fall, CNBC's Ylan Mui breaks down how much it will cost to bring kids back into the classroom.
The billionaires and country clubs that received small business loans from the government
Billionaires, country clubs, private jet companies and Kanye West all received millions in government funding under the Paycheck Protection Program, according to the Small Business Administration.
The PPP loans and grants were part of the $2 trillion CARES Act, which President Donald Trump signed into law this spring. The loans were designed to help small businesses hurt by the coronavirus pandemic to retain or rehire employees. Yet according to a list of individuals and companies that received loans or grants of more than $150,000, recipients included large companies and billionaires that had access to other sources of capital and have recovered quickly from the pandemic.
Trump vows to pressure governors to reopen schools in the fall
President Donald Trump on Tuesday said the White House plans to pressure state governors and educators to reopen schools in the fall, despite a soaring rate of coronavirus infections in several states and an overall increase nationwide.
"We're very much going to put pressure on the governors and the schools to reopen," Trump said at a White House event Tuesday on school reopenings. "Open your schools in the fall," the president told attendees, who were seated close together despite the fact that very few were wearing masks.
The question of just how to reopen schools has become one of the thorniest issues of the entire national response to the deadly pandemic.
More than 50 million children attend school in the United States, and the near blanket closures of schools this spring forced millions of parents to become teachers overnight, often on top of holding down their own full-time jobs.
U.S. is 'looking at' banning TikTok and Chinese social media apps, Pompeo says
The U.S. is "looking at" banning TikTok and other Chinese social media apps, Secretary of State Mike Pompeo told Fox News on Monday.
His comments come amid rising tensions between the U.S. and China and as scrutiny on TikTok and Chinese technology firms continues to grow.
When asked in a Fox News interview if the U.S. should be looking at banning TikTok and other Chinese social media apps, Pompeo said: "We are taking this very seriously. We are certainly looking at it."
