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U.S. Small Business Bailout Money Flowed to Chinese-Owned Companies

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WASHINGTON -- President Donald 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 U.S. taxpayer

WASHINGTON — President Donald 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.

The report acknowledges that the participation of these companies in the lending program most likely saved an unspecified number of jobs based in the United States, but it also suggests that many of the businesses probably had access to other forms of capital from public or private markets to support their U.S. operations. The Treasury Department has estimated that the overall program has kept 50 million workers employed in the United States.

The White House is also nearing a decision that could force ByteDance, a Chinese firm, to sell the U.S. operations of social media app TikTok over national security concerns. But the rules of the program also allowed U.S. subsidiaries of foreign-owned companies to apply for and receive loans.

 

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Just a bunch of idiots.

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