As we mentioned in our report, the government's financing tools, meaning short-term and long-term loans, do not go directly through PPP. When we try to determine the financing costs of PPP activities, we have to work with hypotheses. Here is the one we chose. Given that PPP funding comes from overall government disbursements to various organizations, the best rate for the loans would be a weighted rate for the financing tools or debt issued by the government through the year. That is essentially what we are describing.
The department says no, it was entirely short-term financing and that should therefore be the rate of short-term Treasury bills. We came to our own conclusion, which gave us the figure of $1.6 million. Using its own calculations, the department has come to a different conclusion. In other words, our working hypotheses are different. We can support the reasons why we feel that our hypotheses are the right ones. That gave us our result.