While the $810 billion Paycheck Protection Program was timely and temporary, it was badly targeted. 94% of eligible firms, that is firms with fewer than 500 employees, received funding. This near-universal participation resulted in the saving of three million job-years of employment, but at an average cost/job-year saved of $169,000! The third PPP tranche of $285 billion distributed in 2021, had no employment impact, it came too late.