The $800 billion Paycheck Protection Program allowed businesses to keep millions of employees on payroll during the first two years of the COVID-19 pandemic. But only a quarter of the program’s funds went directly to workers’ paychecks, according to a recent study by the National Bureau of Economic Research.

Reset checks in with one of the authors of the report for more details.

Host: Sasha-Ann Simons

Producer: Char Daston

Guest: David Autor