statement ahead of her sentencing. “And I have no way of comforting them through the glass in the visitation room in prison.”

She dreams of opening up a small business importing Taiwanese pineapples after she and a Taiwanese cellmate are released. With the profits, she would support other young people by helping to pay their legal fees and living expenses. “To do anything, you need money,” she said.

To make things easier on prisoners, Mr. Tang and some other activists have banded together to provide support. They write letters and gazettes to catch people up with protest news and raise funds to pay for better meals in jail while protesters await trials.

Mr. Tang frequently sees Ms. Yeung. During one visit to her prison near the border with the mainland city of Shenzhen, he brought pens and stamps. He left the stamps, but was unable to give her the pens, as it would have exceeded her monthly allowance of two.

For all of his dedication, Mr. Tang, who spent more than a half-year imprisoned after pleading guilty to arson charges, says it doesn’t feel like it’s enough.

“Many Hong Kongers have moved on and moved away and don’t think about how there is a group of people sitting behind bars for the movement we all fought for,” said Mr. Tang, who is in his late 30s. “It seems many have forgotten.”

Far from radicalizing during his time on the inside, Mr. Tang now struggles with cynicism and meaning in a city that suddenly seems unfamiliar. He has been disheartened by the protest movement’s stagnation and by the waves of migration out of the city. The camaraderie of protest has been replaced by dread of ever more targeted arrests. He sees it all as an abandonment of values and believes that escape is a privilege unavailable to many.

Mr. Tang’s protester friends from prison also seem to be moving on. A group chat they kept, called the “Lai Chi Kok Prisoners,” after the facility where they were detained, still lights up occasionally with holiday greetings and vague laments. But few want to talk politics. Sometimes those in prison that do speak out seem to be exaggerating their place in the movement. He rolls his eyes at one prisoner, who has taken to calling himself Mandela 2.0.

“All that we have left is our relationships with one another,” he said. “Some seem ready to let that go.”

Yet, for Mr. Tang, there is no road back — not that he’d take it. His former employer was understanding, but let him go when his absence stretched on. He has been unable to access his life savings, he said, after his bank account was frozen over automated donations he made in 2019 to a protester bail fund that police placed under investigation.

He has applied to managerial jobs like those he had worked in the past, only to be turned away because of his criminal record. Now, he’s mulling applying for a taxi license or working in construction.

He still faces four charges related to the protests that were filed just days before his release from prison. The thought of officers at his door has kept him away from the apartment he shares with his mother. He tells her he now works a night shift, and she doesn’t press him.

“I’m really tired,” Mr. Tang said. “The government has left us no room to resist and nowhere to go.”

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The Small Business Administration’s Gaffes Are Now Her Job to Fix

Isabella Casillas Guzman, President Biden’s choice to run the Small Business Administration, inherited a portfolio of nearly $1 trillion in emergency aid and an agency plagued by controversy when she took over in March. She has been sprinting from crisis to crisis ever since.

Some new programs have been mired in delays and glitches, while the S.B.A.’s best-known pandemic relief effort, the Paycheck Protection Program, nearly ran out of money for its loans this month, confusing lenders and stranding millions of borrowers. Angry business owners have deluged the agency with criticism and complaints.

Now, it’s Ms. Guzman’s job to turn the ship around. “It’s the largest S.B.A. portfolio we’ve ever had, and clearly there’s going to need to be some changes in how we do business,” she said in a recent interview.

When the coronavirus crisis struck and the economy went into a free fall last year, Congress and the Trump administration pushed the Small Business Administration to the forefront, putting it in charge of huge sums of relief money and complicated new programs.

confusing, often-revised loan terms and several technical meltdowns — the program enjoyed some success. Millions of business owners credit it with helping them survive the pandemic and keep more workers employed.

Economists are skeptical about whether the program’s results justify its huge cost, but Mr. Trump and Mr. Biden both embraced the effort as a centerpiece of their economic rescue plans. As the pandemic stretched on and the economy plunged into a recession, the Paycheck Protection Program morphed into the largest business bailout in American history. More than eight million companies got forgivable loans, totaling $788 billion — nearly as much money as the government spent on its three rounds of direct payments to taxpayers.

Fraud is a major concern. Thousands of people took advantage of the rushed program’s minimal documentation requirements and sought illicit loans, according to prosecutors, to fund gambling sprees, Lamborghinis, luxury watches, an alpaca farm and a Medicare fraud scheme. The Justice Department has charged hundreds of people with stealing more than $440 million, and scores of federal investigations are active. (During her confirmation hearing, Ms. Guzman promised that she would “prioritize the reduction of fraud, waste and abuse.”)

There were other problems. Female and minority business owners were disproportionately left out of the relief effort. A last-minute attempt by Mr. Biden to make the program more generous for solo business owners came too late to help many of them. This month, a new emergency popped up: The program ran short of money and abruptly closed to most new applicants.

“There was no warning,” Toby Scammell, the chief executive of Womply, a company that helps borrowers get loans, said of the latest debacle. His company alone has more than 1.6 million applicants caught in limbo.

low-interest disaster loans of up to $500,000 and new grant funds, created by Congress, for two of the hardest-hit industries: the Shuttered Venue Operators Grant for live-event businesses and the Restaurant Revitalization Fund. (The hotel industry is pushing for its own version.)

Each required the agency to create policies and technology systems from scratch. The venue program has been especially rocky. On its scheduled start day, in early April, the application system completely failed, leaving desperate applicants hitting refresh and relying on social media posts for information and updates.

“I turned to my associate director and said, ‘I figured something like this would happen,’” said Chris Zacher, the executive director of Levitt Pavilion, a nonprofit performing arts center in Denver. The Small Business Administration revived the system three weeks later and has received 12,200 applications, but it does not anticipate awarding grants until late May.

have turned into primal screams of pain. (“I SERIOUSLY CANNOT TAKE THIS WITH SBA ANY LONGER” is one of the milder replies.) She said she understood the urgency.

“It’s definitely unprecedented — across the board, across the nation — and we are seeing multiple disasters at the same time,” she said. “The agency is highly focused on just still responding to disaster and implementing this relief as quickly as possible.”

This is Ms. Guzman’s second tour at the Small Business Administration. When President Barack Obama picked Maria Contreras-Sweet in 2014 to take over the agency, Ms. Guzman went along as a senior adviser and deputy chief of staff. The women had met in the mid-1990s. Ms. Guzman, a California native with an undergraduate degree from the University of Pennsylvania’s Wharton School of Business, was hired at 7Up/RC Bottling by Ms. Contreras-Sweet, an executive there.

“I was always impressed with her ability to handle jobs with steep learning curves — she has a quick grasp of complex concepts,” Ms. Contreras-Sweet said.

Ms. Guzman spent her first stint at the agency focused on traditional projects like its flagship lending program, which normally facilitates around $28 billion a year in loans. The time, the job is radically different.

community navigators” program, which will fund local organizations, including nonprofits and government groups, to work closely with businesses owned by people with disabilities or in underserved rural, minority and immigrant communities. It’s an expansion of a grass-roots effort by several nonprofits to get vulnerable businesses access to Paycheck Protection Program loans.

Ms. Guzman said she was bullish about that effort and other agency priorities, like expanding Black and other minority entrepreneurs’ access to capital — but first, like the clients it serves, the Small Business Administration has to weather the pandemic.

And to do that, it has to stop shooting itself in the foot.

The much-awaited second attempt at opening the Shuttered Venue Operators Grant fund was preceded by one final debacle: The agency announced — and then, less than a day before the date, abandoned — a plan to open the first-come-first-served fund on a Saturday. For those seeking aid that has not yet arrived, the incident felt like yet another kick in the teeth.

Ms. Guzman said she was aware of the need for her agency to overcome its limitations and rebuild its checkered reputation.

“This is a pivotal moment in time where we can leverage the interest in small business to really deliver a remarkable agency to them,” she said. “I value being the voice for the 30 million small and innovative start-ups around the country. What I always say to my staff is that I want these businesses to feel like the giants that they are in our economy.”

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How Food Trucks Endured and Succeeded During the Pandemic

This article is part of Owning the Future, a series on how small businesses across the country have been effected by the pandemic.

The Covid pandemic hit California hard. It has seen well over 3.5 million cases and over 60,000 deaths. Scores of businesses have closed. But for Ana Jimenez the owner of Tacos El Jerry, a small fleet of food trucks in Santa Cruz County, it provided an opportunity to bring her business into the 21st century.

Ms. Jimenez’s four trucks began taking orders through an app and a website, delivering directly to customers, and cultivating a customer base through a new social media presence. All of that added up to a significant increase in sales.

Facebook and Instagram pages for the food trucks, a social media advertising campaign and began accepting credit card purchases. “Each truck is now serving around 300 people per day, which translates to roughly $5,000 in sales daily,” Ms. Jimenez said.

Food trucks — kitchens on wheels, essentially — are flexible by design and quickly became a substitute during the pandemic for customers who couldn’t dine indoors and coveted something different than their mainstream carryout options. That, in turn, has delivered a new client base to add on to an existing cadre of loyal followers. In a very real sense, food trucks are vehicles for equality in the post-pandemic world.

“While the pandemic has certainly hurt the majority of small businesses, it has also pushed many to be more innovative by looking for new revenue streams and ways to reach customers,” said Kimberly A. Eddleston, a professor of entrepreneurship and innovation at Northeastern University.

Like Ms. Jimenez, some businesses have “focused on ways to maintain their customer base by, for example, delivering products directly to customers,” Prof. Eddleston said. “While others have created products and services that attract new customers.”

Blue Sparrow food trucks in Pittsburgh, adding pizza, four-packs of local beer, gift cards and five-ounce bottles of housemade hot sauce.

Mr. Cypher’s main fare since he hit the streets in 2016 has been global street food. His menu carries a heavy Asian inspiration. There’s made-from-scratch kimchi on the menu daily. Dishes can include rice bowls, Vietnamese banh mi, falafel burritos, and a burger made with a ramen bun.

During the pandemic, Mr. Cypher’s business took a hit when 24 festivals and over a dozen weddings where he was booked were canceled. “I switched gears to keep things as lean as possible,” Mr. Cypher said.

He temporarily shut down a second food truck — a retrofitted 35-foot, 1956 Greyhound bus that he used for the big parties — and introduced a website to interact with his customers and an online ordering system for his smaller truck, which he usually parked at a neighborhood brewery.

“I switched the menu to focus on soups, noodles, burritos and pressed sandwiches, so that the things that we were handing our customers would make it home and still be a good experience after they opened up the bag and took it out,” he said.

And he began to make and sell pizza one day a week at the kitchen where he used to do his prep work for the trucks before the pandemic. (The pizza, too, has an international flair: a banh mi pie, for example, made with pork or tofu, miso garlic sauce, mozzarella, pickled carrots, cucumbers, and cilantro.)

Accion Opportunity Fund, a nonprofit organization providing small-business owners with access to capital, networks and coaching. “Many food truck owners stepped forward to seize opportunity during a time of great uncertainty,” she said.

As Pittsburgh emerges from the pandemic, Mr. Cypher is adding a twist at his kitchen location. “We have licensing to offer beer on draft from our local breweries, so we’re going to have a small beer garden,” he said. “And that’s a revenue stream that we’re going to kind of lean into that we probably never would have done if not for Covid.”

In 2020, Mr. Cypher’s food trucks had $200,000 in gross sales, down about 40 percent from the previous year, he said. “But with the new offerings, more efficiency and only running one rig, we were actually able to net enough to keep the business moving forward,” he said. “This year we’re already up about 30 percent from where we were at last year at this time.”

Shiso Crispy, timing was much tricker: she opened her first truck in November 2019, just a few months before the pandemic. And yet Ms. Whaley, 35, who offers handmade gyozas, bao buns and their signature dish, dirty rice, now has two trucks because of a strategy of regularly parking in certain neighborhoods and offering discounted and free meals outside a nearby Ronald McDonald House. (She added the second truck in January.)

One challenge: “The internet here is shoddy. And cellphone service in different areas out here just doesn’t work,” she said. “During the height of the pandemic, I was consistently losing two or more transactions at my point of sale every shift.”

Clover Flex point of sale program for touchless transactions. “It has digitally transformed my business,” Ms. Whaley said.

She also signed on to an app, called Best Food Trucks, that allows customers near her to pre-order once they know her location for the day.

“The inextricably connected stories of food trucks and Covid are a perfect microcosm of the undeniable reality that women, immigrants and people of color, historically relegated to the edges of the economy, are actually the foundation upon which the next economy must be built,” said Nathalie Molina Niño, author of “Leapfrog: The New Revolution for Women Entrepreneurs.”

But the silver lining from the pandemic for some operators is more personal — including bringing families together. “I have a ton of wisdom about how to operate food trucks and cooking,” Ms. Jimenez said. “It’s the coming together of the generations that made the business stronger now and for the future.”

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Stocks Rebound as Wall Street Shakes Off Inflation Worries: Live Updates

manufacturing activity in the United States and Europe showed a rapid pickup, as did retail sales data from Britain.

The Stoxx Europe 600 rose 0.6 percent led by gains in consumer companies. One of the biggest gainers was Richemont, the Swiss luxury goods company that owns brands including Cartier and Montblanc. Richemont shares rose after the company reported its full-year results with strong growth in sales in Asia especially for its jewelry and watch brands.

Oil prices rose. Futures of West Texas Intermediate, the U.S. crude benchmark, rose 1.4 percent to $63.48 a barrel.

There are many ways to measure how much the economy has reopened after pandemic lockdowns. One offbeat way is to compare the share prices of Clorox to Dave & Buster’s.

Nick Mazing, the director of research at the data provider Sentieo, came up with this metric to gauge shifts in postpandemic activity. The higher Clorox’s share price rises relative to Dave & Buster’s, the more people appear to be staying home and disinfecting everything than going out to crowded bars.

By this measure, the DealBook newsletter reports, conditions have nearly returned to prepandemic levels — indeed, Dave & Buster’s recently lifted its sales forecast, as nearly all of its beer-and-arcade bars have reopened.

Two more ratios that Mr. Mazing suggest comparing are Netflix versus Live Nation and Peloton versus Planet Fitness.

The first is also nearly back to where it was before the pandemic: Live Nation is preparing for a packed concert schedule, selling tickets to people who may have already binge-watched all of “Below Deck.”

The second, however, suggests that people aren’t as eager to get back to huffing and puffing at the gym as they are content to exercise at home. As restrictions lift and people feel safer in crowds, drinking and dancing appear to be higher priorities.

George Greenfield, the founder of CreativeWell, a literary agency in Montclair, N.J., applied for a loan in March with Biz2Credit. The initial amount he was offered was less than a quarter of what he was eligible for.
Credit…Ed Kashi for The New York Times

The government’s $788 billion relief effort for small businesses ravaged by the coronavirus pandemic, the Paycheck Protection Program, is ending as it began, with the initiative’s final days mired in chaos and confusion.

Millions of applicants are seeking money from the scant handful of lenders still making the government-backed loans. Hundreds of thousands of people are stuck in limbo, waiting to find out if they will receive their approved loans — some of which have been stalled for months because of errors or glitches. Lenders are overwhelmed, and borrowers are panicking, The New York Times’s Stacy Cowley reports.

The relief program had been scheduled to keep taking applications until May 31. But two weeks ago, its manager, the Small Business Administration, announced that the program’s $292 billion in financing for forgivable loans this year had nearly run out and that it would immediately stop processing most new applications.

Then the government threw another curveball: The Small Business Administration decided that the remaining money, around $9 billion, would be available only through community financial institutions, a small group of specially designated institutions that focus on underserved communities.

A roll of steel is packaged and labeled.
Credit…Taylor Glascock for The New York Times

The American steel industry is experiencing a comeback that few would have predicted even months ago.

Steel prices are at record highs and demand is surging as businesses step up production amid an easing of pandemic restrictions. Steel makers have consolidated in the past year, allowing them to exert more control over supply. Tariffs on foreign steel imposed by the Trump administration have kept cheaper imports out. And steel companies are hiring again, The New York Times’s Matt Phillips reports.

It’s not clear how long the boom will last. This week, the Biden administration began discussions with European Union trade officials about global steel markets. Some steel workers and executives believe that could lead to an eventual pullback of the Trump-era tariffs, which are widely credited for spurring the turnaround in the steel industry.

Record prices for steel are not going to reverse decades of job losses. Since the early 1960s, employment in the steel industry has fallen more than 75 percent. More than 400,000 jobs disappeared as foreign competition grew and as the industry shifted toward production processes that required fewer workers. But the price surge is delivering some optimism to steel towns across the country, especially after job losses during the pandemic pushed American steel employment to the lowest level on record.

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As Paycheck Protection Program Runs Dry, Desperation Grows

The government’s $788 billion relief effort for small businesses ravaged by the coronavirus pandemic, the Paycheck Protection Program, is ending as it began, with the initiative’s final days mired in chaos and confusion.

Millions of applicants are seeking money from the scant handful of lenders still making the government-backed loans. Hundreds of thousands of people are stuck in limbo, waiting to find out if their approved loans — some of which have been stalled for months because of errors or glitches — will be funded. Lenders are overwhelmed, and borrowers are panicking.

“Some of our lenders have been getting death threats,” said Toby Scammell, the chief executive of Womply, a loan facilitator that has nearly 1.6 million applications awaiting funding. “There’s a lot of angry, scared people who were really counting on this program and are afraid of being shut out.” More funding seems unlikely. Congress twice extended the program in December and March, anteing up nearly $300 billion total in new aid, but there is little indication that it will do so again.

The relief program had been scheduled to keep taking applications until May 31. But two weeks ago, its manager, the Small Business Administration, announced that the program’s $292 billion in financing for forgivable loans this year had nearly run out and that it would immediately stop processing most new applications.

reaching businesses owned by women and minorities, a priority for the Biden administration. But they are not intended to operate on a large scale — and suddenly thousands of desperate borrowers were beating down their door.

“I’m averaging 150 calls a day,” said Brooke Mirenda, the chief executive of the Sunshine State Economic Development Corporation, a Florida lender. “When you’re talking to borrowers who are crying because there’s $8,000 at stake and for them it’s months of their mortgage payment — that’s a really huge deal.”

In something akin to a game of musical chairs, banks and other lenders are now frantically trying to find community financial institutions to take over their backlog of applications. Even though most focus on underserved borrowers, they can process loans for any qualified applicant — but very few have the capacity to do that in large numbers.

contact community financial institutions to determine which ones are lending, but those who have tried said the effort was often fruitless.

Sheri, a photographer in Brooklyn who asked that her last name not be used to protect her privacy, wrote to more than a dozen lenders. Three replied. One was not offering P.P.P. loans, one said she did not meet its qualification rules, and the other requested more information and did not confirm whether or not it could offer her a loan.

Representatives of the Small Business Administration did not directly answer questions about the challenges of finding a willing lender.

“Community-based financial lenders play a key role in generating economic growth and opportunity in some of our most distressed communities,” Patrick Kelley, the head of the agency’s Office of Capital Access, said in a written statement.

“In just over seven days, more than 450 C.F.I.s have processed over 273,000 Paycheck Protection Program applications totaling $4.6 billion, more than 50 percent of the $9 billion remaining one week ago,” he added.

The Paycheck Protection Program has had a rocky road since its inception. Its early days, in April 2020, were plagued by technology problems and confusing rules. Big banks rebuffed many borrowers, and some prioritized bigger and wealthier businesses.

Fraud has been a constant challenge, too, and the Justice Department has charged hundreds of people with taking loans illegally. Many of the tiniest businesses were entirely shut out; a late move by the Biden administration to get more money to solo business owners wreaked havoc for lenders and contributed to the recent deluge of applications.

Now, an additional bottleneck is causing turmoil: Banks and other mainstream lenders are racing to finalize hundreds of thousands of applications that were still in progress when the Small Business Administration closed the program to new applications. Those loans could still be funded, the agency told them, but they would need to move fast.

That set off a panic, with anguished applicants besieging overwhelmed lenders — especially so-called fintechs, a group of online lenders that cranked out P.P.P. loans at a blistering pace. Many took on more customers than they could handle and are now struggling to manage irate borrowers clamoring for help and information.

George Greenfield, the owner of CreativeWell, a small literary agency and speakers’ bureau in Montclair, N.J., applied in March for a loan from Biz2Credit, a fintech lender.

But Mr. Greenfield’s application was complicated — he’s a sole proprietor, but one who, before the pandemic, had part-time employees — and Biz2Credit’s system struggled to accurately calculate his loan amount. The initial amount he was offered was less than a quarter of what he was eligible for.

Mr. Greenfield and his accountant spent more than a month trying to get the mistake fixed, with no success. Emails went unanswered. Online customer service agents could not help. And when the S.B.A. cut off new loans, his problem became urgent: If he abandoned his Biz2Credit application, he feared he would not be able to find a new lender.

“My blood is boiling,” Mr. Greenfield said last week of his stalled application. “This company has no regard for the small-business owners they said they wanted to serve.”

After a New York Times reporter contacted Biz2Credit, a company agent quickly called Mr. Greenfield and untangled his application. Within hours, he had the paperwork to finalize his loan for the correct amount. He was happy with the outcome but infuriated by the process.

Rohit Arora, the chief executive of Biz2Credit, acknowledged that Mr. Greenfield was not alone in his frustration. “We were thrown off guard by the S.B.A. shutdown,” he said. “They’re running a very chaotic program. There hasn’t been much communication.”

Biz2Credit processed more than 182,000 P.P.P. loans this year, but Mr. Arora estimated that he had tens of thousands of stranded applications that his company would be unable to fund. “For the last week, we’ve been slammed,” Mr. Arora said. “The customers have been very angry, very frustrated, very scared. I can understand.”

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Investors Put Millions Into a Luxury Student Dorm. They Say They Were Ripped Off.

Ms. Martinez, who lives not far from the dorm, said she had invested a little over $100,000 in the deal — money that came from the sale of a rental property. Like many investors in Skyloft, she was looking for a way to defer paying capital gains on the prior sale, and the private placement was marketed by brokers as a “1031 exchange” deal that would keep the Internal Revenue Service at bay.

A 1031 exchange deal, named after a section of the federal tax code, allows an investor to defer paying capital gains on the sale of property as long as the proceeds are invested into another property of equal or greater value to the one sold. These transactions are often criticized as a tax break for the rich, but the deals have also long attracted interest from investors of more moderate means.

The Biden administration is considering eliminating many of these deals as a way to raise additional revenue to pay for increased spending on child care and family leave programs. The Biden plan would allow 1031 exchanges to continue for most investors seeking to defer up to $500,000 in capital gains — many in the Skyloft deal fit that bill.

In recent years, student housing projects like Skyloft have become especially attractive real estate investments — especially as universities have encouraged the building of luxury apartment buildings to cater to students from wealthy families. Before the pandemic, there were, on average, $7 billion in student housing transactions in the United States each year. That was up from $3 billion just a decade ago, according to CBRE, a commercial real estate services firm.

Court filings and interviews with investors set out how the Skyloft project financing worked. To secure the $124 million purchase of Skyloft, Nelson Partners obtained a $66 million mortgage from a group of lenders led by UBS, in addition to the $75 million raised from ordinary investors. It also got $35 million in short-term financing from Axonic Capital, a New York hedge fund that specializes in commercial real estate transactions. The loan from Axonic was used to complete the purchase while Nelson Partners was raising money from investors.

Nelson Partners was to pay Axonic back the bridge loan, plus interest, using money raised from investors like Ms. Martinez. But Mr. Nelson’s firm did not pay back the loan, according to court filings. In February 2020, Axonic put Nelson Partners on notice, and it notified him last May that it was declaring Nelson Partners in default and taking control of the building.

Mr. Nelson opposed Axonic’s move but did not inform investors about his dealings with the hedge fund, according to the lawsuits. Instead, in April 2020, Nelson Partners stopped paying monthly cash dividends to the investors, telling them that it needed to conserve cash during the pandemic in the event students and their parents stopped paying rent. Mr. Nelson’s firm also received a loan of just over $1.2 million from the Small Business Administration’s Paycheck Protection Program.

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As Trillions Flow Out the Door, Stimulus Oversight Faces Challenges

WASHINGTON — Lawmakers have unleashed more than $5 trillion in relief aid over the past year to help businesses and individuals through the pandemic downturn. But the scale of that effort is placing serious strain on a patchwork oversight network created to ferret out waste and fraud.

The Biden administration has taken steps to improve accountability and oversight safeguards spurned by the Trump administration, including more detailed and frequent reporting requirements for those receiving funds. But policing the money has been complicated by long-running turf battles; the lack of a centralized, fully functional system to track how funds are being spent; and the speed with which the government has tried to disburse aid.

The scope of oversight is vast, with the Biden administration policing the tail end of the relief money disbursed by the Trump administration last year in addition to the $1.9 trillion rescue package that Democrats approved in March. Much of that money is beginning to flow out the door, including $21.6 billion in rental assistance funds, $350 billion to state and local governments, $29 billion for restaurants and a $16 billion grant fund for live-event businesses like theaters and music clubs.

The funds are supposed to be tracked by a hodgepodge of overseers, including congressional panels, inspectors general and the White House budget office. But the system has been plagued by disagreements and, until recently, disarray.

released a scathing report accusing other Treasury officials of blocking him from conducting more extensive investigations.

Mr. Miller was selected to oversee relief programs managed by the Treasury Department, but the agency’s officials believed his role was to track only a $500 billion pot of money for the Federal Reserve’s emergency lending programs and funds for airlines and companies that are critical to national security. Mr. Miller said that Treasury officials were initially cooperative during the Trump administration, but that after the transition to the new administration started, his access to information dried up.

After Mr. Miller’s requests for program data were denied, he appealed to the Justice Department’s Office of Legal Counsel, which ruled against him last month. His team of 42 people has been left with little to do.

Economic Injury Disaster Loans. But federal oversight experts and watchdog groups say the exact scale of problems in the $2 trillion bipartisan stimulus relief bill in March 2020 is virtually impossible to determine because of insufficient oversight and accountability reporting.

Mr. Miller has been pursuing cases of business owners double dipping from various pots of relief money, such as airlines taking small-business loans and also receiving payroll support funds. The Small Business Administration’s inspector general said last year that the agency “lowered the guardrails” and that 15,000 economic disaster loans totaling $450 million were fraudulent.

The Government Accountability Office also placed the small-business lending programs on its “high risk” watch list in March, warning that a lack of information about the recipients of aid and inadequate safeguards could lead to many more problems than have been reported. The report identified “deficiencies within all components of internal control” in the Small Business Administration’s oversight and concluded that officials “must show stronger program integrity controls and better management.”

proposal to revamp many, but not all, of its procedures.

Oversight veterans and some lawmakers say they want to see a more cohesive approach and more transparency from the Biden administration.

“It is just staggering how little oversight there is,” said Neil M. Barofsky, who was the special inspector general for the Troubled Asset Relief Program from 2008 to 2011. “Not because of the fault of the people who are there, but because of the failure to empower them and give them the opportunity to do their jobs.”

Senator Elizabeth Warren, Democrat of Massachusetts, said she had pushed hard for more oversight last year because she believed that Trump administration officials had conflicts of interest. Despite improvements, she said, the Biden administration could be doing more.

“I kept pushing for more oversight — we got some of it, but not all of what we need,” Ms. Warren said. “We are talking hundreds of billions here.”

She added: “The Biden administration is definitely doing better, but there’s no substitute for transparency and oversight — and we can always do better.”

programs intended to speed $25 billion for emergency housing relief passed last year.

Watchdog groups are wary that speed could sacrifice accountability.

Under Mr. Trump, the Office of Management and Budget, which is responsible for setting policy in federal agencies, refused to comply with all the reporting requirements in the 2020 stimulus that called for it to collect and release data about businesses that borrowed money under the small-business lending programs.

To some observers, Mr. Biden’s budget office has not moved quickly enough to reverse the Trump-era policy. Instead, Mr. Sterling’s team is working on a complex set of benchmarks — tailored to individual programs included in the $1.9 trillion relief bill — which will be released one by one in the coming months.

stymied by disagreements about a program to prop up struggling state and local governments.

Its legally mandated report to Congress was delayed for weeks, and a member of the panel, Bharat Ramamurti, accused his Republican colleagues of stalling the group’s work. Mr. Ramamurti has since left to work for the Biden administration, and the five-person panel now has three commissioners and no chair. Its latest report was only 19 pages.

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Luring Labor as a Beach Economy Booms

REHOBOTH BEACH, Del. — Dogfish Head Craft Brewery is struggling to hire manufacturing workers for its beer factory and staff members for its restaurants in this coastal area, a shortage that has grown so acute that the company has cut dining room hours and is now offering vintage cases of its 120 Minute India Pale Ale as a signing bonus to new hires.

The company is using its hefty social media presence “to get the bat signal out” and “entice beverage-loving adults” to join the team, Sam Calagione, the company’s founder, said on a steamy afternoon this month at Dogfish’s brewpub, which was already doing brisk business ahead of vacation season.

Economic activity is expected to surge in Delaware and across the country as people who missed 2020 getaways head for vacations and the newly vaccinated spend savings amassed during months at home.

Yet as they race to hire before an expected summertime economic boom, employers are voicing a complaint that is echoing all the way to the White House: They cannot find enough workers to fill their open positions and meet the rising customer demand.

April labor market report underscored those concerns. Economists expected companies to hire one million people, but data released on Friday showed that they had added only 266,000, even as vaccines became widely available and state and local economies began springing back to life. Many analysts thought labor shortages might explain the disappointment.

Some blame expanded unemployment benefits, which are giving an extra $300 per week through September, for keeping workers at home and hiring at bay. Republican governors in Arkansas, Montana and South Carolina moved last week to end the additional benefits for unemployed workers in their states, citing companies’ labor struggles.

President Biden said on Monday that there was no evidence that the benefit was chilling hiring. In remarks at the White House, he said his administration would make clear that any worker who turned down a suitable job offer, with rare exceptions for health concerns related to the coronavirus, would lose access to unemployment benefits. But school closings, child care constraints and incomplete vaccine coverage were playing a larger role in constraining hiring, the president said.

He called on companies to step up by helping workers gain access to vaccines and increasing pay. “We also need to recognize that people will come back to work if they’re paid a decent wage,” Mr. Biden said.

In tourist spots like Rehoboth Beach, companies face a shortage of seasonal immigrants, a holdover from a ban enacted last year that has since expired. But the behavior of the area’s businesses, from breweries to the boardwalk, suggests that much of the labor shortage also owes to the simple reality that it is not easy for many businesses simultaneously to go from a standstill to an economic sprint — especially when employers are not sure the new boom will last.

The New York Times visited last year to take the temperature of the labor market, think workers will come flooding back in September, when the more generous unemployment benefits expire.

At least 10 people in and around Rehoboth, managers and workers alike, cited expanded payments as a key driver of the labor shortage, though only two of them personally knew someone who was declining to work to claim the benefit.

“Some of them are scared of the coronavirus,” said Alan Bergmann, a resident who said he knew six or seven people who were forgoing work. Mr. Bergmann, 37, was unable to successfully claim benefits because the state authorities said he had earned too little in either Delaware or Pennsylvania — where he was living in the months before the pandemic — to qualify.

Whether it is unemployment insurance, lack of child care or fear of infection that is keeping people home, the perception that the job market is hot is at odds with overall labor numbers. Nationally, payroll employment was down 8.2 million compared with its prepandemic level, and unemployment remained elevated at 6.1 percent in April.

shorti” hoagies each shift for new associates. A local country club is offering referral bonuses and opening up jobs to members’ children and grandchildren. A regional home builder has instituted a cap on the number of houses it can sell each month as everything — open lots, available materials, building crews — comes up short.

Openings have been swiftly increasing — a record share of small business owners report having an opening they are trying to fill — and quit rates have rebounded since last year, suggesting that workers have more options.

Mr. Bergmann is among those who are benefiting. He said he had a felony on his record, and between that and the coronavirus, he was unable to find work last year. He struggled to survive with no income, cycling in and out of homelessness. Now he works a $16-an-hour job selling shirts on the boardwalk and has been making good money as a handyman for the past three months, enough to rent a room.

Brittany Resendes, 18, a server at the Thompson Island Brewing Company in Rehoboth Beach, took unemployment insurance temporarily after being furloughed in March 2020. But she came back to work in June, even though it meant earning less than she would have with the extra $600 top-up available last year.

“I was just ready to get back to work,” she said. “I missed it.”

She has since been promoted to waitress and is now earning more than she would if she were still at home claiming the $300 expanded benefit. She plans to serve until she leaves for the University of Delaware in August, and then return during school breaks.

Scott Kammerer oversees a local hospitality company that includes the brewery where Ms. Resendes works, along with restaurants like Matt’s Fish Camp, Bluecoast and Catch 54. He has been able to staff adequately by offering benefits and taking advantage of the fact that he retained some workers since his restaurants did not close fully or for very long during the pandemic.

optimism and trillions in government spending fuel an economic rebound. If many businesses treat the summer bounce as likely to be short lived, it may keep price gains in check.

At Dogfish Head, the solution has been to also temporarily limit what is on offer. The Rehoboth brewpub has cut its lunches, and its sister restaurant next door is closed on Mondays. Mr. Calagione said he did not want to think about the business they would forgo if they cannot hire the dozens of employees needed by the peak summer season.

But as it offers cases of its cult-favorite beer and signing bonuses to draw new hires, the company seems less focused on another lever: lasting pay bumps. Steve Cannon, a server at Dogfish Head, can walk to what he regards as his retirement job. He said he was not thinking of switching employers, but several co-workers had left recently for better wages elsewhere.

“There’s nobody,” said Mr. Cannon, 57. “So people are going to start throwing money at them.”

When asked if it was raising pay, Dogfish Head said it offered competitive wages for the area.

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She Kept Madrid Open in the Pandemic. Voters Rewarded Her.

MADRID — She is a conservative who campaigned on a slogan that came down to one word: Freedom. She offered herself as a champion of small business and scoffed at national coronavirus restrictions.

Her critics called her a “Trumpista.” But Isabel Díaz Ayuso is now a rising force in Spanish politics. Voters rewarded the right-wing leader of the Madrid region with a landslide victory on Tuesday after she defied the central government by keeping the capital’s bars and shops open throughout much of the pandemic.

She suggested that her victory showed that pandemic fatigue and economic distress had left Spaniards unwilling to endure more of the measures favored by the left-wing national government led by Prime Minister Pedro Sánchez.

“Madrid is freedom — and they don’t understand our way of living,” she told her supporters about her left-wing opponents who suffered a crushing loss in the vote.

overflowed with Covid-19 patients. But after the central government lifted a nationwide state of emergency last June, Ms. Ayuso ensured that the city was one of the most bustling in Europe, even when its Covid-19 infection rate crept back up after Easter.

This week, Covid-19 patients are filling 44 percent of the beds in Madrid’s intensive care units, which is about double the national average.

Ms. Ayuso’s handling of the pandemic provoked tensions even within her administration. After resigning last year as the head of Madrid’s regional health services, Dr. Yolanda Fuentes, recently attacked Ms. Ayuso’s campaign slogan on Twitter.

“To understand that freedom means to do whatever you want during a pandemic, when intensive care units are above capacity and colleagues feel defeated, seems to me indecent, to say the least,” Dr. Fuentes said.

other elections recently in Europe, where voters have been reluctant to turn out amid the health concerns.

In her closing campaign speech on May 2, which was a public holiday in Madrid that commemorates the city’s fight against the occupation of Napoleon’s troops, Ms. Ayuso made a thinly veiled comparison between the 1808 resistance against the French and her own stance against the central government during the pandemic.

Pablo Iglesias, the founder of the far-left Unidas Podemos party. He had unexpectedly abandoned his post as deputy prime minister of Spain to run in the Madrid regional election.

In a farewell address to his supporters, Mr. Iglesias said he was sorry to witness “the impressive success of the Trumpist right that Ayuso represents.”

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