Chinese-owned companies received millions in PPP loans
At least 125 companies that Chinese entities own or invest in received PPP loans
Sen. Kevin Cramer, R-N.D., calls for national energy policy that is consistent with national security and discusses legislation to streamline PPP loan forgiveness for small businesses.
Millions of dollars in taxpayer money flowed to Chinese companies through the $670 billion Paycheck Protection Program, a pivotal part of the U.S. government’s massive response to the coronavirus pandemic.
Congress at the end of March established the Paycheck Protection Program, a rescue fund designed to keep small businesses afloat during the virus-induced recession and avert millions of potential layoffs.
By and large, the program is open to any business with fewer than 500 employees per location, including American subsidiaries of foreign-owned companies. So long as 60 percent of the money goes toward maintaining payroll, the federal government will forgive it, essentially turning the loan into a grant.
TRUMP ADMIN RELEASES NAMES OF ALMOST 700,000 PPP BORROWERS
Some $521 billion in taxpayer-funded aid went to more than 5.1 million small businesses, propping up roughly 51 million jobs in the midst of the virus-induced crisis.
By Megan Henney