Over 125 China-Backed Companies Get Millions in U.S. PPP Loans

 

More than 125 companies owned by or linked to China have received hundreds of millions of dollars in Paycheck Protection Program (PPP) loans meant for American small businesses during the Chinese coronavirus crisis, a report alleges.

According to an analysis by the Horizon Advisory consulting firm, published by the New York Times, anywhere from $192 million to $419 million in PPP loans — funded by American taxpayers — has been awarded to more than 125 China-backed companies since March.

The report states that at least 32 of those China-backed companies have secured loans for more than $1 million, totaling $180 million alone. The loans were intended to help small businesses with fewer than 500 employees stay afloat amid an economic shutdown spurred by the pandemic.

Read more: https://nonperele.com/report-over-125-china-backed-companies-get-millions-in-u-s-ppp-loans/

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