To be fair, the Fed is buying corporate bonds, essentially lending them money with interest. Yeah, it helps businesses but then I doubt the Fed will lose any money in the long term.
Sure the companies benefit, a lot. Warren Buffet might give them loans with 12% a year, the Fed at 3% or whatever. But what does the Fed lose? Nothing, if x% don't pay others will make up for it and USGOV will try to recoup from the failing biz whatever they can.
If they go bankrupt or downsize, what does USA gain, other than more unemployed people? So this is great IMO. Lend them money, as long as the money comes back, the Fed can create trillions and trillions.
What they're doing is monetary fascism, where they are picking the winners and losers based on arbitrary criteria. Some companies and industries will get more help than others. Whoever gets the money first will have an advantage over who gets money last. The moral hazards of this interventionism are many.
It also means that people who properly hedged for risk, the way capitalism actually works, are getting punished.
(https://www.google.com/amp/s/www.cnbc.com/amp/2020/03/31/ban...)