At the start of the COVID panic, as thousands of businesses were shutting down for potentially months, the U.S. government scrambled to find a way to prevent millions of job losses. They quickly slapped together the “Paycheck Protection Program.” The PPP was aimed at providing forgivable loans to American businesses—mostly small businesses—so they could continue to pay their employees.
But, despite this measure, millions of people lost their jobs and were forced onto unemployment. What happened? Why couldn’t businesses keep their doors open and pay their workers, when the government was providing these loans?
It turns out, millions upon millions of dollars meant for small businesses were going somewhere else. We’ve heard about con artists who stole cash and blew it in Vegas. In other cases, large companies and even universities (like Harvard, which has billions in the bank) took money they didn’t need.
Now, we are learning that over a hundred Chinese businesses took millions meant for American companies.
The United States Small Business Administration and Treasury Department [awarded] 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 significant range is due to the relatively broad way that PPP loans are publicly disclosed. Instead of citing a specific amount that a given business received, it will be listed as having received, for instance, $5-$10 million. Each of these companies was authorized for a loan by the SBA during the initial round of PPP funding. [Source: Just the News]
If this doesn’t boil your blood, you’re not paying attention. Money that was meant for struggle businesses, forced to close their doors thanks to the government, was going to companies owned by the Chinese government. Those companies included state-owned Chinese defense companies, semiconductor companies owned by state-controlled Chinese firms, and Chinese-owned media outlets.
We don’t even know the exact number they conned from us, because the treasury is that bad at keeping track of accounts. It could be as much as $420 million taken from the hands of American workers.
I knew China was good at taking our jobs, but this is above and beyond anything we’ve seen before.
How many small businesses in your area could have been saved, had that money gone to them? That cash was supposed to ensure American families could put food on the table during this unprecedented pandemic. Instead, up to $420 million ended up in the hands of corrupt officials of the Chinese Communist Party.
While we could get mad at China for robbing us blind, the real culprits are the corrupt and incompetent idiots in our own government. Why did they do such a bad job at administering this program?
The fact remains that the government is not good at handling money nor spending it. There is never enough oversight to provide waste, or con jobs like this one.
So, why do we let them continue to spend out cash like this?
Author: Anthony Jones