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And pay those employees less than minimum wage if they can get away with it.

> It's very rare for a large company to take a subsidy and hoard it, or not use it for public goodwill.

Citation needed.

Their PR team of course!

> And pay those employees less than minimum wage if they can get away with it.

Citation needed. Regardless, it's not up to companies to be charities - everyone is acting in their own best interest, of course.

Really? I don’t typically think of companies as magnanimously providing public goodwill, and you could argue that hoarding cash is what plenty of companies have been doing for the last 15 years.

To what degree does that money convert to salary for employees that aren't managerial level? And if a company is in bad shape, shouldn't cuts happen despite a cash infusion?

Big companies top priorities are investor returns, not employing the masses. The result you describe is dependent on many more variables, like product demand actually necessitating hiring.