I am not commenting on whether or not they should have been. I am not interested in tying them back to discussion of any other loans or loan forgiveness.
Why call them loans if they are not?
In: Economics
They were loans, full stop. BUT, if you met certain requirements and did certain things with the money, then you didn’t have to pay back the loan. Structuring it this way allowed the government to inject that money into the economy and to direct at certain things, like payroll expenses, utilities, and rent. If you didn’t use the money in the specified ways, you were obligated to pay it back.
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