Sounds like a plan to me! The 'loans' could be presented as self-liquidating, as the boost to the economy they would provide would likely result in tax revenue increases that would more than cover their cost. And it could be presented as a 'fairness' issue - QE for the people. At least the people will spend the proceeds, unlike the banks, who still cannot find creditworthy borrowers for the largess they have received, and, even if they could, the big banks would be afraid to loan the money out as they need it to prop up their balance sheets, in case old loan loses become undeniable.

"It is not necessary to have hope in order to persevere."