Well the idea is to make the people still responsible for the debt but not the burden in some ways. Recapitialization of interest is one of biggest issues borrowers have seeing their original debt almost double over their payment period. It is still cleaner to simply eliminate the interest and make the principal payable over a new amortization of 10 years which I think most people can handle. A one time reorganization of the debt along these ways is so much better than simply erasing it and forgiving it.
I actually no interest is the way student debt should be handled going forward. However, if the goal is to stimulate the economy, dollar for dollar, eliminating student debt is probably the best thing we can do for the country.
CARES loans to businesses are forgivable. Plenty of the comps were downright negligent w/share buybacks prompting a harder fall. If the government's going to bail a comp. out, it doesn't need to choose from "let them fail" or "bail them out". It can take ownership and sell it later and/or liquidate it to another buyer. Politicians being corrupt assholes doesn't give corps. a pass on bailouts while giving basket weaving Johnny the shaft.