Imho, the main error is that they gave away the money unconditionally. The fact that the particular government didn't foresee this outcome is quite astonishing.
The reasonable short notice caused the government to decide the lesser of evils: allow some abuse to help most, (un)fortunately this exposes the excesses. Booking.com "decided" to not take part in the second round three months later mainly due to the legal work being well enough established and in place to force the company to forgo any firing of people and any bonuses to executives.
True, but there were way to to help very quickly while mitigating some risks, and some of this is probably philosophical, really.
If I give your company a 10mm check, or 10mm in payroll tax relief, it's the same to your bottom line. The latter goes a long way to making sure it's applied to keeping people employed if that's your actual goal (which may or may not be your stated goal).