Millions of American taxpayer dollars have gone to support businesses that Chinese entities own or invest in by way of the Paycheck Protection Program, according to The New York Times.
- The federal government’s $660 billion Paycheck Protection Program was created to support small businesses experiencing hardship during the coronavirus pandemic.
- According to a review of the loan data by strategy consulting firm Horizon Advisory, it appears that $192 million to $419 million went to more than 125 companies that are owned or invested in by Chinese entities. Of those companies, at least 32 received a sizable loan of over $1 million.
- Emily de La Bruyère and Nathan Picarsic, the co-founders of Horizon Advisory, which is the strategy consulting firm that reviewed the data, wrote:
“The extent and nature of P.R.C.-owned, -invested and -connected entities among the P.P.P. loan recipients indicate that without appropriate policy guardrails, U.S. tax dollars intended for relief, recovery and growth of the U.S. economy — and small businesses in particular — risk supporting foreign competitors, namely China.”
- This discovery comes as President Trump has been highly critical of China since the start of the pandemic. He said on Friday:
“It’s China’s fault. China should be paying for it, and maybe they will.”