Amidst all the piling on, I feel compelled to defend the PPP program. Not to say it couldn’t have been better-of course, and problems with this program underscore the need for auto-stabilizers that directly subsidize workers in times like these.

That said, the PPP program had its priorities right- focus on small business, require that most funds support payroll, and make the loans forgiveable if they do. The fact that many recipients were unsympathetic shouldn’t detract from the many more who needed and got help.

And I have to point out that the microscopic scrutiny of PPP stands in stark contrast to the Fed’s trillion dollar backstop of financial markets, in particular corporate debt. Iffy companies like Boeing and GE have been able to issue at low rates with NO STRINGS attached.

Companies like these were even able to pretend that they didn’t get government help, because the Fed’s announced “put” opened markets without the need for a lot of direct intervention.

I don’t fault the Fed for intervening, but just saying, if the bailout comes from them, it doesn’t seem to attract nearly the adverse public opinion and media scrutiny that comes when Congress tries to help the little guy.

And make no doubt, the harsh criticism scares away truly needy small businesses who are terrified of public backlash. I’ve heard from some in my community. They have foregone help, laying off workers instead of risking the growing stigma of PPP.

This program had to be put in place quickly and was desperately needed. Let’s cut it a little slack.