A review of public PPP loan data by consultancy firm Horizon Advisory found that $192 million to $419 million in loans were given to more than 125 Chinese-owned or -invested companies operating in the United States. It found that many of the loans were substantial, with at least 32 Chinese-owned firms receiving over $1 million under the program, totaling between $85 million and $180 million. The recipients ranged from Chinese State-owned Enterprises, companies that supported Beijing’s military development program, firms identified by the United States as national security threats, and media outlets controlled by the Chinese Communist Party (CCP). Many were based in critical industries such as aerospace, pharmaceuticals, and semiconductor manufacturing, it added. These are sectors that the CCP has slated for aggressive development to achieve global dominance, with the goal of supplanting competitors in the United States and other countries.
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