Popular press article: https://qz.com/2114758/the-us-...-richest-20-percent/

Federal Reserve’s paper: https://www.nber.org/papers/w29669
PDF: https://www.nber.org/system/fi...rs/w29669/w29669.pdf

Short version:

• The 2020 program got a lot of money that went to those with higher income - mostly because of time pressure to deal with the suddenness of the pandemic and the country did not have the infrastructure to do better targeting at the time
  
• The 2021 program was better at targeting the money at those with lower income