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Illustration: Eniola Odetunde/Axios

The Paycheck Protection Program (PPP) used $520 billion worth of taxpayer funds to save around 13.6 million jobs, according to estimates of available data from S&P Global U.S. chief economist Beth Ann Bovino.

Why it matters: That comes out to $38,235 per job over an eight-week period.

  • It's also about one quarter of the "more than 51 million jobs" Small Business Administration representatives said were saved in an op-ed last week.

Details: Bovino's reporting is based on Census calculations of small businesses and the size of the workforce, rather than specific recipients of the program, she tells Axios.

  • Of the 5 million loans made, 81% of recipients were non-employers and 19% were small businesses averaging 10 employees.

Between the lines: Bovino assumed "that these small businesses would not have survived at the same pre-virus capacity, if not for the loan."

  • "However, that is an open question, as it’s not clear whether all of the loan recipients needed a loan in the first place."

Flashback: The efficacy of the program has faced serious questions, with a June study for the National Bureau of Economic Research concluding that the PPP had "little material impact on employment at small businesses."

  • While not ruling out "a small positive employment effect (approximately 3–4 percentage points on employment rates)," the authors noted that it was "clear that the program did not restore the vast majority of jobs that were lost following the COVID shock."

One level deeper: A recent survey by the National Federation of Independent Business found that about 22% of firms that received PPP money have fired workers or expect to lay off at least one after the loan term expires.

Go deeper

What banks' booming profits say about the economy

Illustration: Sarah Grillo/Axios

Some of America's biggest banks are making more money now than they were before the pandemic hit.

Why it matters: Quarterly earnings out this week hint that the worst economic scenarios haven't yet come to pass. Still, executives are warning there could be a rocky road ahead for the economy.

U.S. ambassador to Russia will return home briefly: State Department

John Sullivan, U.S. Ambassador to Russia, during a briefing in Moscow in 2015. Photo: Anton Novoderezhkin/TASS via Getty Images

The State Department said Monday that the U.S. ambassador to Russia, John Sullivan, will now be returning to the United States this week before returning to Moscow "in the coming weeks."

Why this matters: The statement, from a State Department spokesperson, comes just hours after Axios reported that Sullivan had indicated he intended to stand his ground and stay in Russia after the Kremlin “advised” him to return home to talk with his team.

Scoop: Leaked Ukraine memo reveals scope of Russia's aggression

Russian President Vladimir Putin visits a military exposition in Sevastopol, Crimea, in Jan. 2020. Photo: Mikhail Svetlov/Getty Images

Russia has been holding last-minute military exercises near commercial shipping lanes in the Black Sea that threaten to strangle Ukraine's economy, according to an internal document from Ukraine's ministry of defense reviewed by Axios.

Why it matters: With the eyes of the world on the massive buildup of troops in eastern Ukraine, the leaked memo shows Russian forces escalating their presence on all sides of the Ukrainian border.