Millions In Federal Small Business COVID Relief Went To Chinese-Owned Firms
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.”