Kudlow says more PPP loans may be needed

This is CNBC’s live blog covering all the latest news on the coronavirus outbreak. All times below are in Eastern time. This blog will be updated throughout the day as the news breaks. 

States across the U.S. are reopening after some coronavirus lockdowns meant to curb the spread of the virus are eased despite the country seeing its deadliest day on record, according to data collected Friday by the World Health Organization. Warren Buffett revealed at Berkshire Hathaway’s first virtual annual meeting on Saturday that he sold all of his airline stocks and didn’t see any value in any major acquisitions amid the coronavirus pullback in stocks.

  • Global cases: More than 3.4 million
  • Global deaths: At least 244,229
  • US cases: More than 1.1 million
  • US deaths: At least 66,385

The data above was compiled by Johns Hopkins University.

10:37 am: Kudlow doesn’t commit to third round of funding for PPP small business loans 

Larry Kudlow, director of the U.S. National Economic Council, speaks to members of the media at the White House in Washington, D.C., U.S., on Monday, April 6, 2020.

Stefani Reynolds | Bloomberg | Getty Images

National Economic Council Director Larry Kudlow said the White House has made no decision on providing further funding for the emergency loan program for small businesses impacted by the coronavirus pandemic. 

Asked by CNN’s Jake Tapper on “State of the Union” whether a third round of funding is needed, Kudlow said “it may be” but did not commit to more assistance for PPP or funding for state and local governments. 

The initial $349 billion for the Paycheck Protection Program in the $2.2 trillion stimulus package passed in March was exhausted in a matter of days. The second round of the program, launched last Monday,  has so far provided loans worth more than $175 billion out of the total $310 billion Congress authorized in the latest relief package. —Melodie Warner 

9:59 am: Americans paying for TV sports they’re not receiving shouldn’t expect refunds any time soon

More than 80 million American households still have cable or satellite television and have been paying for live televised sports they haven’t received for almost two months. About $20 of a standard monthly cable bill can be attributed to paying for sports, and New York Attorney General Letitia James argued this week that Americans shouldn’t be forced to pay that money

Cable executives may be willing to give refunds to customers, but only if the programmers that they pay for sports give them refunds. If sports seasons are completely canceled, it’s possible the leagues will refund programmers for TV fees. In that case, programmers would likely refund distributors and those distributors would credit consumers. —Melodie Warner 

9:44 am: Small towns and rural hospitals could be weeks away from their coronavirus peak

Men look at cattle at a stockyard in Lexington, Nebraska, U.S., on Friday, April 24, 2020. Nebraska businesses that have laid off workers during the coronavirus crisis could be forced to repay tax credits and other incentives they have received through the states main business-incentive program, the state Department of Revenue said.

Dan Brouillette | Bloomberg | Getty Images

Hospitalizations related to Covid-19 have started to decelerate in some cities, yet it could take the virus weeks to peak in more rural communities across the U.S., health officials warn. The virus also has the potential to be more deadly in many rural communities where a larger portion of the population are older and have underlying health conditions like obesity and diabetes that could put them at risk of serious illness or death.

It took less than three weeks for Hall County to become Nebraska’s biggest hot spot of Covid-19 cases. The area reported its first case of coronavirus in late March, just as the outbreak was surging, and now has more than 1,000 cases of Covid-19 as of Friday. —Melodie Warner 

7:27 am: Vietnam reports first coronavirus case in nine days

Vietnam reported its first confirmed coronavirus case in nine days on Sunday, bringing its reported positive cases to 271, its health ministry said. Vietnam is said to have implemented strict quarantine and contact tracing measures early on in the course of the pandemic, quarantining towns with suspected cases as early as February, using the help of the military and public surveillance. The country has reported no coronavirus deaths. 

6:00 am: Roche expects to make more than 100 million antibody tests monthly by end of this year

A photo showing the logo of Swiss pharmaceutical giant Roche in Basel.

SEBASTIEN BOZON | AFP | Getty Images

Swiss drugmaker Roche said on Sunday it expects to be able to produce “significantly more” than 100 million of its new antibody tests monthly by the end of 2020, doubling its current production.

Roche earlier on Sunday received an emergency use authorization from the U.S. Food and Drug Administration approving its test, which relies on taking intravenous blood samples to identify whether someone has previously been infected with the coronavirus and whether they have the antibodies to defend against it.

Roche said its Elecsys Anti-SARS-CoV-2 antibody test has a specificity greater than 99.8%, meaning very few false-positive tests, and that it can help assess people’s immune response to the virus. The company said it has already started shipping the new antibody test to top laboratories globally.

5:59 am: Iran death toll rises by 47 to 6,203

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