An MIT team concluded that the PPP handed out $500 billion in loans yet saved only 2.3 million jobs over roughly six months. Assuming that most of the loans are ultimately forgiven, the annualized cost of the program comes out to roughly $500,000 per job.

https://www.foreignaffairs.com/articles/united-states/2020-10-02/capitalism-after-covid-19-pandemic

Of course, when responding to emergencies and improvising, It shouldn’t be surprising that things cost more than they should. But … ? By an order of magnitude?