WSJ: 300 Companies That Got PPP Loans Went Bankrupt

The Wall Street Journal reported that hundreds of businesses that received aid during the pandemic's first round are now bankrupt. Approximately 300 companies received a total of half a billion dollars from the Paycheck Protection Program, but it was insufficient. As a result, over 23,000 jobs were lost due to these business closures.

Why did the companies feel that the aid they received was insufficient?

What was the outcome for more than 23,000 people as a result of business closures?