[itake]

I can't speak for this situation in Europe, but with the US PPP loans, companies basically had 2 months of their payroll paid for. This also means that got 2 months of free labor.

With the no payroll costs, where does that "extra" payroll money that would/should of gone to payroll go? Investors? Executives?

[nickff]

Well, a great deal of the money was to forestall layoffs; discount-rate labor doesn't do you much good if you don't need it.