The Trump administration is closing in on a deal with Congress to provide another $300bn to coronavirus-hit small businesses. Then, the FT’s US economics editor, Brendan Greeley, explains how state budgets are coping without their normal tax revenue. Plus, the European Central Bank has held high-level talks about creating a eurozone bad bank for non-performing loans, and investors have pushed back on pleas by the G20 group of big economies to allow emerging markets to pause their debt repayments.

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