PPP Paradox

It is becoming painfully clear that firms that received most of the $500 billion in PPP money laid off few workers between late February and early April, when the PPP money first became available. This is because they were in sectors untouched by Sars-Cov-2! Essentially, those firms had no intention of ever laying off their workers. We paid them to do what they were planning to do; keep headcounts unchanged!