The Fed is not doing QE, but it is printing money

After seeing lots of fintwit drama, multiple youtubers debating whether the Fed has actually resumed doing QE, as an exercise for myself I decided to trace the money the Fed is loaning to distressed banks.

The Fed has made $300B worth of loans available to the mostly stressed regional banks, where they can get reserves for 4.75%. From what I understand half already been tapped. So where will that money go? Big banks, money market mutual funds and t-bills. Which means it will mostly end up in RRP? RRP is loan to the Fed for the same interest rate. So from the Fed's perspective, what it will receive it will pay back. However, there **is** more money being printed and it is going to the pockets of depositors. So it is not really a QE, but rather a more direct money printing into the pockets of depositors. Thus they are skipping the whole “trickle down” thing and sending the money directly to people accounts.

What do you guys think?

Thanks!