I worked on a paper that showed that the "Paycheck Protection Program loans increased employment at small businesses by only 2%, implying a cost of $377,000 per job saved" in April 2020: https://opportunityinsights.org/wp-content/uploads/2020/05/t... It still hurts me to read. Over a third of a million, 7 times the average salary, to save a job during the pandemic under this plan