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U.S. Small Business Bailout Money Flowed to Chinese-Owned Companies
WASHINGTON — President Trump has blamed China for the coronavirus pandemicand the ensuing economic crisis, but as the White House looks to stabilize small businesses in the United States, the rescue effort has had an unintended beneficiary: Chinese companies.
Millions of dollars of American taxpayer money have flowed to China from the $660 billion Paycheck Protection Program that was created in March to be a lifeline for struggling small businesses in the United States. But because the economic relief legislation allowed American subsidiaries of foreign firms to receive the loans, a substantial chunk of the money went to America’s biggest economic rival, a new analysis shows.
According to a reviewof publicly available loan databy the strategy consulting firm Horizon Advisory, $192 million to $419 million has gone to more than 125 companies that Chinese entities own or invest in. Many of the loans were quite sizable; at least 32 Chinese companies received loans worth more than $1 million, with those totaling as much as $180 million.
“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,” wrote Emily de La Bruyère and Nathan Picarsic, the co-founders of Horizon Advisory, referring to the People’s Republic of China.
American and Chinesebusinesses even as relations between the countries have deterioratedin recent months. Mr. Trump has regularly vented his anger at China and accused it of spreading a virus that has left the once-thriving United States economy in tatters.
You hate to see it.
WASHINGTON — President Trump has blamed China for the coronavirus pandemicand the ensuing economic crisis, but as the White House looks to stabilize small businesses in the United States, the rescue effort has had an unintended beneficiary: Chinese companies.
Millions of dollars of American taxpayer money have flowed to China from the $660 billion Paycheck Protection Program that was created in March to be a lifeline for struggling small businesses in the United States. But because the economic relief legislation allowed American subsidiaries of foreign firms to receive the loans, a substantial chunk of the money went to America’s biggest economic rival, a new analysis shows.
According to a reviewof publicly available loan databy the strategy consulting firm Horizon Advisory, $192 million to $419 million has gone to more than 125 companies that Chinese entities own or invest in. Many of the loans were quite sizable; at least 32 Chinese companies received loans worth more than $1 million, with those totaling as much as $180 million.
“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,” wrote Emily de La Bruyère and Nathan Picarsic, the co-founders of Horizon Advisory, referring to the People’s Republic of China.
American and Chinesebusinesses even as relations between the countries have deterioratedin recent months. Mr. Trump has regularly vented his anger at China and accused it of spreading a virus that has left the once-thriving United States economy in tatters.
You hate to see it.
they tax the shyt outta regular citizens like you and me but allow these corporations to get away with fukking murder... and look how easy it was for a foreign nation to steal from them...
Brehs fitting to get familiar with whose really running the Cilivization game called the world.