All of the money being printed will eventually be inflationary.
But until that money has "velocity," it won't be inflationary.
The example I've used in the past is this: I could have a "magic printing press" which could produce $100 bills which are undistinguishable from real currency and which would pass in commerce as real. I could print $3 trillion in these bills, effectively adding $3 trillion to the "money supply."
Is this inflationary?
Not if I stash it in my (theoretical huge) closet or bury it in the back yard. The money has no velocity, it doesn't enter commerce, and it doesn't stoke inflation at all.
If, on the other hand, I inject it into the economy and it starts exchanging hands in economic activity -- if the $3 trillion has "velocity" -- then yes, it WILL be inflationary.
In the current environment, money is having little velocity -- consumers, businesses and banks are hoarding cash. People aren't borrowing or spending much and banks aren't lending much. As long as these entities hoard cash, it's like burying the money until they start spending it again. But until these entities start unleashing some of the hoarded cash, the extra printed money isn't going to be inflationary.
So it may take a while before confidence returns and these entities are ready to start considerably reducing their stash of hoarded cash. And when that happens, when money starts serioiusly regaining velocity in commerce -- be it a few months, a year or two, whatever -- THAT is when all this printed and borrowed money will probably turn inflationary.