- Aug 6, 2012
- 27,950
- 24,754
- 2,405
A fairly large news network, China in Focus also covered this issue. They suggested $400M of U.S virus funding went to China. Wow.
www.wmal.com
The Payroll Protection Program was funded in coronavirus stimulus packages, but it ultimately sent hundreds of millions to companies tied to China, the origin of the COVID-19 pandemic.
Businesses linked to the Chinese Communist Party, and therefore subject to force technology transfer to the government in China, received at least $192 million and as much as $419 million in initial PPP loans from the U.S. Small Business Administration, JusttheNews.com reported.
The data comes from a Horizon Advisory report “China’s Protection Racket” released last August, and the large range is a function of the broad way PPP loans are publicly disclosed. PPP loans are listed in ranges such as $5-$10 million.
The report highlighted the lack of congressional oversight of at least 125 CCP-connected firms able to “take advantage of the international disaster” by benefiting “directly from U.S. investment and relief measures.”
China also maneuvered to benefit from the 2008 financial crisis bailouts, authors of the report Emily de la Bruyere and Nathan Picarsic wrote, noting China purchased depreciated assets, captured strategic market share, and positioned itself in emerging markets.
“U.S. federal funds intended for COVID-19 recovery and emergency support of U.S. small businesses are benefiting a host of companies owned or invested in by entities based in the People’s Republic of China,” the report concluded.
Chinese-Tied Businesses Received Hundreds of Millions in PPP Loans
Chinese-Tied Businesses Received Hundreds of Millions in PPP Loans
www.wmal.com
The Payroll Protection Program was funded in coronavirus stimulus packages, but it ultimately sent hundreds of millions to companies tied to China, the origin of the COVID-19 pandemic.
Businesses linked to the Chinese Communist Party, and therefore subject to force technology transfer to the government in China, received at least $192 million and as much as $419 million in initial PPP loans from the U.S. Small Business Administration, JusttheNews.com reported.
The data comes from a Horizon Advisory report “China’s Protection Racket” released last August, and the large range is a function of the broad way PPP loans are publicly disclosed. PPP loans are listed in ranges such as $5-$10 million.
The report highlighted the lack of congressional oversight of at least 125 CCP-connected firms able to “take advantage of the international disaster” by benefiting “directly from U.S. investment and relief measures.”
China also maneuvered to benefit from the 2008 financial crisis bailouts, authors of the report Emily de la Bruyere and Nathan Picarsic wrote, noting China purchased depreciated assets, captured strategic market share, and positioned itself in emerging markets.
“U.S. federal funds intended for COVID-19 recovery and emergency support of U.S. small businesses are benefiting a host of companies owned or invested in by entities based in the People’s Republic of China,” the report concluded.
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