Chinese Communist Defense Contractors Reaped $200- $400 Million In U.S. Covid Relief Payments By Adam Andrzejewski
Yes, it is PPP for the CCP.
A Covid relief program – Paycheck Protection Program (PPP) – meant to help U.S. small businesses on Main Street was hijacked by 125 defense firms with strong ties to the Communist Chinese Party (CCP). A legal loophole sent millions of taxpayer dollars to Chinese companies.
The $660 billion Paycheck Protection Program created in March 2020 to help struggling small businesses in the U.S. has allowed American subsidiaries of foreign companies to get the forgivable loans, sending millions to Chinese companies, according to The New York Times.
The paper cited a study from strategy consulting firm Horizon Advisory that combed through loan data available to the public and found that more than 125 companies that Chinese entities own or invest in had received $192 million to $419 million.
At least 32 Chinese companies received loans of more than $1 million, the report found.
Nanjing Xinbai, a Chinese state-invested company whose controlling shareholder is tied to the Communist Party, owns Dendreon Pharmaceuticals, a California-based biotech company, which received a loan worth $5 million to $10 million.
Aviation Industry Corporation of China, a Chinese military company, owns Continental Aerospace Technologies, which got a loan of up to $10 million, and Aviage Systems, which collected a loan of up to $350,000.
China’s HNA Group, a real estate, aviation, and financial services transactions company is part of the Fortune Global 500 and owns HNA Group North America LLC and HNA Training Center NY, both of which received loans of up to $1 million.
By talking about taking on our biggest economic rival while leaving a loophole to fund China’s state-owned companies with American taxpayer dollars, our leaders’ words are nothing but lip service.
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