> They seem mostly isolated to these mega-corps that got PPP money, hired way too much, and are now trimming back the fat.

I think your general point is correct: FAANG over hired during the pandemic, but I'm not sure you understand how PPP worked or how the money was distributed. Google, Amazon, and Meta weren't the primary recipients of PPP money (they directly received 0 of it).

Their stock price increased due to both performance during the pandemic, and the general loose environment created by the Federal Reserve which probably played more of a role than PPP targeting mid-size businesses.