On The Money: McConnell says it’s time to restart coronavirus talks | New report finds majority of Americans support merger moratorium | Corporate bankruptcies on pace for 10-year high

Happy Tuesday and welcome back to On The Money, where we’re giving a shout out to anyone making masks at home. I’m Sylvan Lane, and here’s your nightly guide to everything affecting your bills, bank account and bottom line.

See something I missed? Let me know at slane@digital-stage.thehill.com or tweet me @SylvanLane. And if you like your newsletter, you can subscribe to it here: http://bit.ly/1NxxW2N.

Write us with tips, suggestions and news: slane@digital-stage.thehill.com, njagoda@digital-stage.thehill.com and nelis@digital-stage.thehill.com. Follow us on Twitter: @SylvanLane, @NJagoda and @NivElis.

EVENT

On Thursday, August 13, The Hill Virtually Live hosts a virtual event, Breaking Through: U.S. Businesses Powered By Global Exports. Global trade is messier today than years ago — a pandemic is creating unforeseen challenges, sanctions are back, and the WTO is wobbly. But global trade is still thriving in many sectors. While nations may be squabbling, businesses are finding ways to deliver their products to consumers. Rep. Rick Larsen, former Commerce Secretary Carlos Gutierrez and more join The Hill’s Steve Clemons. RSVP here.

THE BIG DEAL—McConnell says it’s time to restart coronavirus talks: Senate Majority Leader Mitch McConnell (R-Ky.) is calling for the Trump administration and congressional Democrats to restart negotiations on a fifth coronavirus deal after talks collapsed late last week. 

McConnell, during an interview with Fox News, said it was “time for everybody to get back to the table,” though the GOP leader gave no indication that he would reach out to Democratic leaders himself.  

The Hill’s Jordain Carney breaks it down here.

What went wrong last week: Negotiations among Speaker Nancy Pelosi (D-Calif.), Senate Minority Leader Charles Schumer (D-N.Y.), Treasury Secretary Steven Mnuchin and White House chief of staff Mark Meadows collapsed on Friday after nearly two weeks of daily talks resulted in little progress. 

What has changed this week: Nothing, really. 

• The congressional Democrats and the White House negotiators haven’t spoken since Friday, and appear to be putting the onus on each other to restart talks. Pelosi told reporters on Tuesday that she had not heard from Mnuchin or Meadows.
• Mnuchin and Meadows briefed Senate Republicans on Tuesday morning for nearly an hour. But they appeared to give GOP senators no reason to think there would be a quick resumption of the negotiations. 
• Instead the two parties have spent the past two days trading blame over the impasse.  

Meanwhile, more than 30 million Americans are dealing with steep declines in unemployment benefits and around 20 million Americans could face homlessness or eviction. President Trump over the weekend issued a round of executive orders intended to help with this, but it’s not clear if they are legal or effective at doing what they purport to do.

• Governors and state officials aired their frustrations with a memo from Trump that would require states to cover a portion of enhanced unemployment benefits for their residents.
• “One of the unifying themes of the overall package is that it creates more uncertainty than it alleviates,” said Maya MacGuineas, president of the Committee for a Responsible Federal Budget, a budget watchdog group.
• Senate Finance Committee Chairman Chuck Grassley (R-Iowa) also said Tuesday that he would only support making President Trump’s payroll-tax holiday permanent if it was coupled with a larger reform to ensure the long-term solvency of Social Security.

Read more: What Trump’s orders will and won’t do for payroll taxes, unemployment benefits

LEADING THE DAY

New report finds majority of Americans support merger moratorium: Nearly 60 percent of Americans would support a moratorium on mergers for the country’s biggest companies during the coronavirus pandemic, according to a report released Tuesday.

• The poll, conducted by Data for Progress and released in a report with the Justice Collaborative Institute, found that 57 percent of the likely voters surveyed would support a pandemic merger and acquisition ban for companies worth more than $100 million.
• Only 19 percent of those surveyed opposed, while 24 percent said they were unsure.

The merger moratorium poll comes after a bill introduced by Sen. Elizabeth Warren (D-Mass.) and Rep. Alexandria Ocasio-Cortez (D-N.Y.) earlier this year. The Hill’s Chris Mills Rodrigo tells us more about it here.

Corporate bankruptcies on pace for 10-year high: Corporate bankruptcies are on pace to reach a 10-year high in 2020 amid the coronavirus pandemic and its related economic downturn, S&P Global Market Intelligence reported Tuesday. 

As of Sunday, a total of 424 companies have filed for bankruptcy, more than any year since 2010. A decade ago, 546 companies had declared bankruptcy as of Aug. 9, followed by another 273 firms. 

Experts attribute the boost in bankruptcies to the hardships many companies are facing due to the pandemic and government shutdowns that stalled some business for months.

GOOD TO KNOW

• Stocks reversed from early gains to close with losses Tuesday after the S&P 500 neared a new record high.
• About 80 percent of CEOs say they expect a more widespread remote workforce as a result of the coronavirus pandemic, according to a global survey from accountancy firm PwC released Tuesday.
• Walt Disney World is scaling back operating hours at its theme parks after the company recently reported a significant drop in park revenue amid the novel coronavirus pandemic.