The Golden Horseshoe is a weekly designation from Just the News intended to highlight egregious examples of wasteful taxpayer spending by the government. The award is named for the horseshoe-shaped toilet seats for military airplanes that cost the Pentagon a whopping $640 each back in the 1980s.
This week, our award is going to the United States Small Business Administration and Treasury Department for awarding 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 Small Business Administration hid communications with Planned Parenthood regarding COVID-19 loans that Republicans say were illegal, emails obtained by the Daily Caller News Foundation show.
The SBA released heavily redacted emails between the agency, lenders and Planned Parenthood affiliates in response to a Freedom of Information Act request the DCNF filed in May 2020. GOP lawmakers had previously demanded an investigation into $80 million in Paycheck Protection Program (PPP) loans, saying they were obtained illegally.
An Ohio man is one of five being indicted in a $4 million Payroll Protection Program (PPP) fraud case.
The accused allegedly submitted, or assisted in the submission of a fraudulent PPP loan for five businesses according to the indictment. Khalil Gibran Green Sr. of Cleveland claimed to be the sole owner of Impact Creations LLC, a company that claimed to have 67 employees and an average monthly payroll of $332,000 on a PPP application.
The U.S. Department of Treasury issued new guidance on CARES Act funding saying publicly traded companies have two weeks to return loans meant for small businesses.