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

Unemployment benefits aren't creating a disincentive for job seekers

Illustration: Annelise Capossela/Axios

The extra $600 a week of unemployment insurance isn't creating a disincentive for job seekers, per a new study by Yale economists.

Why it matters: Even with that extra help, millions of Americans are barely making ends meet. Now it has expired, and congressional Republicans' argument against extending it — that it rewards unemployment — isn't backed by the data.

Elliott Abrams to replace Brian Hook as Trump's Iran envoy

Brian Hook. Photo: Tayfun Coskun/Anadolu Agency via Getty Image

President Trump's Iran envoy, Brian Hook, is stepping down, Secretary of State Mike Pompeo confirmed Thursday. He will be replaced with Venezuela envoy Elliott Abrams, a noted Iran hawk who will serve in both roles.

Why it matters: Hook had been tasked with executing Trump's "maximum pressure" policy toward Iran, working closely with Pompeo. That strategy has deepened tensions and thus far failed to force Iran back to the negotiating table, as Trump had hoped.

Ohio Gov. Mike DeWine tests positive for coronavirus ahead of Trump visit

Photo: Justin Merriman/Getty Images

Ohio Gov. Mike DeWine (R) has tested positive for COVID-19 and plans to quarantine at his home for the next 14 days, his office announced Thursday. He currently has no symptoms.

Why it matters: The 73-year-old DeWine was set to meet President Trump Thursday on the tarmac at an airport in Cleveland and was tested as part of standard protocol. He is the second governor known to have contracted the coronavirus, after Oklahoma Gov. Kevin Stitt (R).