Guest post by Blue State Conservative – When you heard about the Paycheck Protection Program and the loans given out as part of it, who did you imagine those loans, most of which were forgivable, were going to? Small business owners? American companies unable to do business because of the ridiculously awful lockdown policies? Me too. Unfortunately, that’s not the whole truth.
Thanks to government incompetence, hundreds of millions of dollars in PPP loans were given out to Chinese businesses.
According to a report by Horizon Advisory entitled “PPP Loans to PRC-owned or -invested Entities,” a report which scrutinized over 20,000 individual loans to determine how many were given to Chinese businesses, the problem of CCP-owned entities receiving PPP loans was a widespread one.
For example, on page one of the report, the authors state that more than 125 companies that the CCP or CCP-entities own or have invested in received loans under the Paycheck Protection Program. Those loans, authorized by the Small Business Administration, totaled somewhere between $192 million and $419 million. The exact amount is hard to tell because of the opaque nature of PPP releases.
Also, of those 125 CCP companies that received PPP loans, 32 received over $1 million each, with the total for those 32 companies alone amounting to somewhere between $82 and $180 million.
Yet worse, some of them were state-owned entities (SOEs). 8 were companies affiliated with Chinese defense companies and 3 were part of the Chinese propaganda network! We paid our enemies to build weapons to kill us and produce propaganda to discredit us!
The rest of the report, which you can read here, is certainly worth reading.