ORDINARILY, IT’S cause for celebration when a large federal program comes in well under budget. That’s not the case, however, for the government’s key program to stabilize the private sector during the novel coronavirus-related economic crisis: the Paycheck Protection Program (PPP), administered by the Small Business Administration. The PPP expires on June 30, yet as of May 18, only $513.3 billion of a potential $649 billion worth of soft loans had been delivered to the businesses Congress intended to bolster. The fundamental reason: the law, and Trump administration rules interpreting it, have imposed conditions on how the money may be used that are deterring companies from applying for it. This must change, and soon.