U.S. Small Business Bailout Money Flowed to Chinese-Owned Companies
WASHINGTON — President Trump has blamed China for the coronavirus pandemic and the ensuing economic crisis, but as the White House looks to stabilize small businesses in the United States, the rescue effort has had an unintended beneficiary: Chinese companies.
Millions of dollars of American taxpayer money have flowed to China from the $660 billion Paycheck Protection Program that was created in March to be a lifeline for struggling small businesses in the United States. But because the economic relief legislation allowed American subsidiaries of foreign firms to receive the loans, a substantial chunk of the money went to America’s biggest economic rival, a new analysis shows.
Millions of dollars of American taxpayer money have flowed to China from the $660 billion Paycheck Protection Program that was created in March to be a lifeline for struggling small businesses in the United States. But because the economic relief legislation allowed American subsidiaries of foreign firms to receive the loans, a substantial chunk of the money went to America’s biggest economic rival, a new analysis shows.
Looks like these guys are beating up on us every which way we turn.
