"The Paycheck Protection Program (PPP) directed hundreds of billions of dollars to small businesses and other organizations adversely affected by the COVID-19 crisis, providing resources to maintain payrolls, to hire back employees who may have been laid off and to cover important overhead.
But was this money well spent? A recent study offers evidence that the cost of each job saved was very high and that most of the program’s benefits flowed to small-business owners, their creditors and their suppliers rather than to workers. Other crisis programs, including unemployment insurance and economic impact payments, were targeted much more successfully to wage earners."
|"Only about one-quarter of PPP funds supported jobs that otherwise would have disappeared"|