These are loans, to be forgiven only if used to pay employees.
Basically, it's printing money to keep income for workers to sustain demand and keep the economy from cratering.
I see no problem with that, but I do see a problem with still another program that favors employees of large companies over small business employees - what this does is both benefit employees of large companies (the same way companies deducting health insurance from their taxable income is a subsidy, if you have to buy your own insurance you do so with after tax dollars for the most part) and create barriers to exit (i.e. the employee won't be tempted to go to a smaller company or start their own firm).
We need, as John Galbraith pointed out a half century ago, for the government to be a counter-balance to the large corporation, and not a corporate state where there's an unholy partnership between politicians and big companies (not just the Koch brothers lobbying for the right to pollute, but also the lack of antitrust action to keep Google and Facebook from swallowing potential competitors).
There's a happy medium between Republican oligarch policies and Sanders "blow it all up."
But it requires accepting the necessity of strong, efficient government, higher taxes, a stronger safety net, aggressive antitrust action against monopolists and monopsony, and rational regulation guided by science and economics, not political favoritism.
We should be looking at Germany and the North Sea countries as our role models - but to emulate them we also need to develop a stronger sense of both community and personal responsibility, we need to drop the "rights" rhetoric of the left and the punitive "pull yourself up by your bootstraps even if you don't have shoes" rhetoric of the right. No rights without duties, no self-reliance without an even playing field and compassion for those left behind.
However, I'm pessimistic Americans can do so, the primary storyline seems to be victimization, everyone wants and nobody wants to sacrifice. Even the armed forces seem corrupted these days at the upper levels, where careerism seems to be more important than duty to country and your men.