These were supposed to keep at-risk companies from failing when the economy crashed, but then the economy didn't crash and instead it was just a huge government handout of free money to most companies.
"We want to prevent the economy from crashing hard and long" is how I'd phrase motivations. Certain sectors did crash immediately, and yet the overall blast radius wasn't very large and a lot of stuff bounced back immediately.
That seems like a great success.
Loans being forgiven to generously even for companies that did NOT see a sustained dip in demand, on the other hand, is a more targeted specific problem, and a lesson to learn. But if you learn too broad a lesson like "stimulus is dumb" then you just drive yourself back off a difference cliff next time something exceptional happens.
This is naive and ignores the real sequence of events.
Things like conferences were getting canceled before the first official government actions in the US. Groceries were being hoarded. People were paying attention to events. The government sticking its head in the sand or just repeating "everything is fine, stay calm" messages wouldn't have prevented any impact.
Uncertainty is an economic killer. And if you remember early on, that uncertainty also led to a lot less controversy over the canceled events and restrictions than arose later. (Though in retrospect, even many "paranoid" estimates back then were far less than a million US deaths...)
Some level of stimulus was almost certain to be necessary regardless of official Covid actions in March 2020 unless you wanted to just let those companies and workers drown as people chose to change their behavior.
(The "restrictions should've been loosened earlier" argument is a much more reasonable one, but IMO still ignores how much of this was already local by winter of 2020, and also that at that point the initial economic damage was done.)
(That's before getting into the recklessness of assuming future severe novel diseases won't be even more deadly on limited early data...)
These people who bought homes and shit with ppp are going to go to prison. I hope at least.
> Do you see any problem in anyone spending their own money in any way they'd like?
"How dare you tell the bank robber to return the money he stole. Who are you to tell him how to spend his own money? That's awfully moralistic and judgmental of you."
Since when is revenue and profit dictated by anyone's sense of fairness? That's an awfully moralistic and judgemental take on everyone else's needs and desires.
Sadly this blend of judgemental view of everyone's money already hit small things like buying groceries. Damn the have-nots for generating inflation by actually stocking on the decent food that the well-to-do used to buy.
Do you see any problem in anyone spending their own money in any way they'd like?