Skip to comments.Hundreds of millions in PPP loans went to CCP-backed firms, as U.S. small businesses went under
Posted on 05/02/2021 11:36:58 AM PDT by CheshireTheCat
The Golden Horseshoe is a weekly designation from Just the News intended to highlight egregious examples of wasteful taxpayer spending by the government. The award is named for the horseshoe-shaped toilet seats for military airplanes that cost the Pentagon a whopping $640 each back in the 1980s.
This week, our award is going to the United States Small Business Administration and Treasury Department for awarding at least $200 million, but as much as $420 million, to Chinese Communist Party-linked businesses by way of the Paycheck Protection Program, intended to assist U.S. small businesses that were devastated by the coronavirus pandemic, widely believed to have originated in China.
A report from the Horizon Advisory strategic consulting group illustrates how negligible congressional oversight allowed at least 125 Chinese firms to "take advantage of the international disaster” by benefitting “directly from U.S. investment and relief measures."
The authors of the report, Emily de la Bruyere and Nathan Picarsic, point out that Beijing positioning itself to take advantage of an international disaster is not a novel strategic move for the CCP. They point to the 2008 financial crisis as another moment when China purchased depreciated assets, captured market share in strategic domains, and worked to project Chinese standards from emerging systems.
The report, entitled "China's Protection Racket," reveals that publicly available data on the recipients of PPP loans show that "U.S. federal funds intended for Covid-19 recovery and emergency support of U.S. small businesses are benefitting a host of companies owned or invested in by entities based in the People's Republic of China."...
(Excerpt) Read more at justthenews.com ...
PPP is Biden’s CCP disaster.
That for posting, ‘Cat. I like Sophie.
"Xi, old buddy, ol' pal, together we will make China great again."
I thought that was the goal
Did “The Big Guy” get his 10% Cut??
Being a recovering aerospace engineer a $640 toilet seat is a bargain.
“Hundreds of millions in PPP loans went to CCP-backed firms, as U.S. small businesses went under”
Once again the government proves it is very proficient at grabbing money and then spending it foolishly.
Getting paid for the catastrophe you caused. Unbelievable brilliance by the Chinese. Off the charts brilliance.
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