Who?
This is kind of an investment question.
[1] https://www.marketwatch.com/story/trillions-in-coronavirus-spending-could-explode-deficits-to-world-war-two-levels-2020-03-31
It's more that people who had "paper money" (i.e. shares) are being "kept whole" through the purchase of assets at pre-COVID prices.
Just because you own 1 share of AAPL (out of 4.334 million) at $310 in notional value doesn't mean that there's $1.34 trillion dollars of liquidity in the market. If shareholder all tried to exit at once that would quickly evaporate. So the fed is picking up the slack of folks existing out of panic, to keep more people from exiting out of panic, to preserve the value that society has as a whole in assets.
The Fed then plans to exit its positions once the market stabilizes, and cancels out the newly created money, net of any profits they may or may not have earned.
tl;dr: The investor class retains its net worth through the addition of liquidity. People aren't really "gaining" anything, not for as long as assets broadly remain below their pre-COVID levels.
They were supposed to do exactly that after 2008, too. Somehow didn't ever come to be.
The stimulus checks are probably the most effective weapon they have in their war chests, as people at the bottom of the food chain are the most likely to spend that money immediately on essentials. This induces economic activity, it increases the velocity of money, and it helps to counteract the natural deflationary pressures a recession creates.
By the very nature of fractional reserve lending, banks cannot honor their contracts, requiring money printing to prevent bankruptcy.
If you’re wondering who’s getting filthy rich, there’s a half trillion dollar fund being distributed to businesses. Trump has already said he won’t comply with oversight around that: https://www.vox.com/policy-and-politics/2020/3/28/21197995/c... and https://en.m.wikipedia.org/wiki/Special_Inspector_General_fo...