patrick.net

Federal tax officials should launch a forensic audit and investigation of more than 125 U.S. firms with significant links to the Chinese Communist Party (CCP) that received up to $420 million in Paycheck Protection Program (PPP) loan funds last year, according to the founder of a citizens group devoted to government transparency.

“Communist Chinese defense contractors used a legal loophole to hijack up to $400 million meant for small businesses on Main Street at the peak of the pandemic. It’s time to forensic audit these firms. On behalf of the American taxpayer and mom and pop businesses everywhere, the IRS must investigate and claw back any ill-gotten gains,” Open the Books founder and Chief Executive Officer Adam Andrzejewski told The Epoch Times on May 3. ...

Andrzejewski highlighted the report in an April 19 Real Clear Policy column, in which he pointed to three of the CCP-linked firms that got the PPP loans:

Nanjing Xinbai, a Chinese state-invested company tied to the CCP through a controlling shareholder who owns Dendreon Pharmaceuticals, a California-based biotech company, which received a loan worth $5 million to $10 million.

Aviation Industry Corp. of China is a Chinese military company that owns Continental Aerospace Technologies (CAT). The latter received $10 million under PPP.

A China-based entry in the Fortune Global 500, China’s HNA Group, a real estate, aviation, and financial services transactions company, owns HNA Group North America LLC and HNA Training Center NY, both of which received loans of up to $1 million.