It depends on the cost of borrowing that you're looking at. You have to look at the cost of borrowing over the lifespan of the program, when the program was first launched and so on. It would have to be significantly higher than the cost of borrowing to take into consideration the impact of either taxation or the cost of setting up the program. There are administration costs, of course. These factors would have to be taken into consideration as well.
On March 10th, 2020. See this statement in context.