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Friday, August 07, 2020

Millions Worth of PPP Loans Went to Chinese-Owned Companies, Report Finds

Hundreds of millions of U.S. taxpayer dollars went to Chinese companies from the Paycheck Protection Program (PPP), which was designed to help small businesses survive during the pandemic, according to a new report.

A review of public PPP loan data by consultancy firm Horizon Advisory found that $192 million to $419 million in loans were given to more than 125 Chinese-owned or -invested companies operating in the United States. Many of the loans were substantial, with at least 32 Chinese-owned firms receiving more than $1 million under the program, totaling between $85 million and $180 million, it found.

The recipients included Chinese state-owned enterprises, companies that supported Beijing’s military development program, firms identified by the United States as national security threats, and media outlets controlled by the Chinese Communist Party (CCP), the report said. Many were based in critical industries such as aerospace, pharmaceuticals, and semiconductor manufacturing. These are sectors that the CCP has slated for aggressive development to achieve global dominance, with the goal of supplanting competitors in the United States and other countries.

The report concluded that “without appropriate policy guardrails and monitoring of U.S. tax dollars intended for relief, recovery, and growth of the U.S. economy, there is a significant risk that funds will support foreign strategic rivals, namely China.”

Many of these Chinese-linked firms could have tapped into other sources of capital from public or private markets to support their American operations, the report said.

“Their PPP participation saved U.S.-based jobs, but likely at the expense of other U.S. small businesses.”

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15 comments:

Anonymous said...

But of course they did and the banks were glad to help.

Anonymous said...

On EVERY single gov "program", a very small part of it goes to the "program".

They are all designed to be massively skimmed from.

The Mafia was more honest than our government.

Anonymous said...

Whoops! Didn't see that coming!🙄

Anonymous said...

But the democrats did 4:40

Anonymous said...

On EVERY single gov "program", a very small part of it goes to the "program".

They are all designed to be massively skimmed from.

The Mafia was more honest than our government.

Anonymous said...

WOW. Feinstien and other sure do take care of their Masters don't They??

Anonymous said...

CONgress not doing the right thing and helping their friends. Aka PORK!

Anonymous said...

Unreal !!!

Anonymous said...

The US Government always encourages its citizens to view itself as incompetent.

Because the alternative is that the US Government is criminally corrupt.

Think: PPP Loans, 911, USS Liberty, Vietnam Nam, Korea War, Free Trade Agreements (all of them).

Anonymous said...

Seems banks nowadays only helping liberals and foreigners get rich.

Anonymous said...

Thanks trump....drain the swamp eh?

Anonymous said...

“The Mafia was more honest than our government” One of the best statements lately. And they still are.

Anonymous said...

Seems like we should replace all the poodles with bulldogs, as our watchdogs. (example- AG Bill Barr)

Anonymous said...

$$$$$ (Taxpayer American Money ) to the ENEMY !!! Lock up the
Democrats !!! Just like Obama sent plane load of cash to Iran !!!

Anonymous said...

The problem with the PPP money is the banks and Democrats took care of all of their rich friends first. I understand https://www.refinery29.com/en-us/2020/07/9904175/famous-ppp-loan-recipients-sba-list Pelosi's husbands company and also Soros businesses https://www.sgtreport.com/2020/07/soros-linked-progressive-groups-got-millions-from-ppp/. This is why the mom and pop businesses could not get any help. THE DEMOCRATS SCREWED THE PEOPLE AGAIN.