Stock buybacks and cash-hoarding are exactly what corporate America did with the vast bulk of it's Covid money. Damn little went to employees or busted infrastructure e.g. Southwest Airlines.
It's also so strangely exactly what they did with the corporate tax cut in 2017.
Amazingly, those tax cuts did not "trickle down" and they did not spawn a massive new round of investment. It's a real head-scratcher but it went to stock buybacks and dividends.