PPP was a poorly designed program, wildly more regressive than UI or checks, but given the administrative constraints I think you can make an argument it was worth doing. Liquidationism would have been bad - companies did not cause, and could not be expected to prepare for, covid
https://twitter.com/lydiadepillis/status/1483219799123578888
A better program would have only targeted companies that were actually harmed by covid. But lacking the capacity to do that, it seems like an ok second-best. Giving tax relief on PPP money was crazy though.
It seems like the US response still did less preservation of existing job matches compared to the EU responses. This can be good for creative destruction purposes, but also these linkages can be slow to re-form, and I'm not sure it'd be good if we had a bigger hole to dig out of
(also, workers lately have shown quite a willingness to sever job matches that aren't good fits - didn't need to starve out companies in a pandemic to do creative destruction)
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