A $70B loan program would have small, though measurable, effect on the economy. The issue is that those loans are not just being given to people who cannot repay them, resulting in a wide array of accumulating economic issues. So we're not looking at the impact of one small event, but an avalanche in slow motion now amounting a $1.8 trillion one.
As one other aside, inflation doesn't drive monetary supply. It's the other way around.
As one other aside, inflation doesn't drive monetary supply. It's the other way around.