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.
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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. It gives the full breakdown of what types of CCP companies received PPP loans, the various total amounts for those loans, and provides the reader with lots of other useful information.
And make no mistake, this story is important. It shows why the US is losing to the Chinese. Do you think Xi and the Chinese would lift a finger to help an American company, much less a defense contractor? Absolutely not! They pilfer our companies’ computers and steal secrets, make doing business in China quite difficult, and pressure American companies to bow to Chinese talking points. Everything they do advances their national interest.
Meanwhile, Americans are busy running around like chickens with their heads cut off because of a disease that only kills the obese and elderly and our government is handing out hundreds of millions of dollars to Chinese propaganda and defense companies. That’s why we’re losing. They’re playing for keeps and we’re messing around.
It’s time to wake up to the Chinese menace and deal with it realistically. We can’t help them anymore. We need to make life as difficult for them as they make it for us; steal their technology and secrets, disregard their patents, turn the screws on their companies for saying bad things about America, and generally act in a way that furthers the national interests of the United States, not the “global community.”
Finally, the fact that the government handed out hundreds of millions of dollars to CCP companies shows just why you shouldn’t trust the government: it can’t do anything right. The PPP loans were meant to support small, American businesses. That didn’t happen; small businesses have been closing at a rapid clip. But Big Business boomed and PPP money rescued CCP companies. That’s what relying on the government will get you…