Good news for small businesses and their furloughed employees.

New data shows companies with fewer than 500 workers have been able to re-hire workers more quickly than larger companies.

The federal Paycheck Protection Program likely saved between 1.5 to 3.5 million jobs, according to a new study by researchers at MIT, the Federal Reserve and the ADP Research Institute.

The PPP, created in March, was meant to reduce job losses, mostly at companies with fewer than 500 workers.

If the companies maintained their employment levels, the government would ultimately forgive the loans.

Business subsidies do have one major disadvantage, especially relative to unemployment benefits, The New York Times reported.

The government can’t know precisely which companies would have held onto their workers even without help and, as a result, subsidizes some firms that don’t need it.

“This is very expensive,” said David Autor, an MIT professor and one of the economists who conducted the new study.

“But we got something for it.”