How is not a loan if they’ve been repaying it?
There is nothing loan-like in government "loans" (of 2008, or of 2021, see the PPP heist [2]) almost by definition: no interest, no shares changing hands, not even a share buyback restriction (how most of the government loans are spent anyway).
[1] https://www.youtube.com/watch?v=iKYEUXlYcSI
[2] "How Did PPP Scammers Steal $100+ Billion", https://www.aura.com/learn/ppp-loan-fraud