There’s a specific kind of quiet disappointment that hits when you read stats like this. You already know—but seeing it in print still lands hard.

A 2022 study by the American Economic Association titled “The $800 Billion Paycheck Protection Program: Where Did the Money Go and Why Did It Go There?” found that three-quarters of the funds went to the top 20% wealthiest households—and very little went to actually keeping workers in their jobs.

—Lyn Alden

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