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From: The Bloomberg Open <noreplygmail.bloombergbusiness.com> To: Subject: PPP puzzle Date: Tue, 07 Jul 2020 11:09:20 +0000 Bloomberg Good morning. Here's what you need to know to start your day. • Venture capital firms deny seeking PPP loans. • The Fed's Bostic warns the recovery is stalling. • Ghislaine Maxwell arrives in New York for hearing. Five Things You Need to Know A handful of venture capital firms said they didn't seek bailouts or get money even though yesterday's list of PPP recipients showed otherwise. Index Ventures and Foundation Capital, both listed as having been approved for more than $1 million, are among those saying they never applied for funding. Andreessen Horowitz's loan in question went to a portfolio company for which it's the beneficial owner. The list also included: Companies with ties to President Trump, more than 88,000 loans for religious organizations, a number of investment firms and some nonprofit groups that advocate against such massive government spending. Chinese companies including conglomerate HNA and affiliates of a state-owned defense giant were among recipients. Jacob Gottlieb, whose $8 billion hedge fund shut amid an insider trading scandal also appeared. And agriculture, forestry, fishing and hunting companies got at least $6.4 billion. Virus latest: Novavax got a $1.6 billion U.S. award for vaccine development. Shares jumped 27% premarket. Atlanta Mayor Keisha Lance Bottoms said she tested positive.