The PPP is set to expire with more than $130 billion remaining in the fund, TikTok threatens legal action against President Trump's executive order to ban U.S. dealings with the app's Chinese owner, ByteDance, and many who are claiming unemployment benefits may be faced with a surprise tax bill next year. Keep reading for a look at the top financial headlines on Aug. 7, 2020. Sign up below for the "Fox Business Breaking News Alerts" newsletter for the latest headlines.
COVID-19's impact
Latest in Beirut
Beirut residents began trying to rebuild their shattered lives on Friday after the biggest blast in the Lebanese capital’s history tore into the city, killing at least 154 and leaving the heavily indebted nation with another huge reconstruction bill.
the US economy
Today's market
U.S. equity markets slid Friday morning as Congressional gridlock on a new COVID-19 relief package and growing tension with China overshadowed better-than-expected jobs growth.
Tech & Social Media
President Trump and the social media continue to bump heads. Earlier this week, both Facebook and Twitter pulled a video from his campaign's account that they claim spread false information about the coronavirus. Should social media outlets be the arbiters of truth and are their censoring decisions impacting the Presidential election?
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