Max PPP loans only covered 2.5x months of payroll.
Yes they did. PPP loans were per year, that makes it about 20% of their yearly salary. Which is what most people get on unemployment. On one end of the spectrum, there are the well publicized cases of people making more on unemployment than while working. On the other end of the spectrum, unemployment tops out at such a small percentage of someone's salary that it's not worth bothering with. For many people unemployment is 20-30% of their salary.
The point of PPP was not to completely make up for someone's salary. It was basically to allow them to get the equivalent of unemployment while still on payroll. It was to keep people on payroll. Which is the big thing companies had to do to make it a grant instead of a loan. Money is fungible. If they used the PPP loan to pay their employees then the loan is forgiven. If they used the money for other purposes, like rent, then it's not. It has to be paid back.
