Michigan-based YAPP USA Automotive Systems, Inc., subsidiary of a Chinese state-owned enterprise, has agreed to a hefty $14.2 million settlement to clear up allegations that it falsely claimed eligibility for a federal Paycheck Protection Program loan, as reported by the Justice Department. The aycheck Protection Program, a life raft thrown by Congress in March 2020, was aimed to keep small American businesses afloat during the rough seas of the COVID-19 economic downturn, with certain eligibility criteria including employee count and company ownership limitations, according to the U.S. Attorney's Office.
Despite YAPP USA's ties to the State Development and Investment Corp., Ltd, owned by the government of the People's Republic of China, the company claimed it was eligible and proceeded to secure and have forgiven a $9.6 million PPP loan; however, the U.S. government contended that both its employee size and government ownership disqualified YAPP USA from receiving such aid, and acting upon these concerns, YAPP USA has now consented to make a $14,208,496 payment to the U.S. "The Department remains committed to pursuing those who violated the requirements of this taxpayer funded program," Deputy Assistant Attorney General Michael D. Granston stated, as reported by the U.S. Attorney's Office.
Moreover, the settlement penalizes the misuse of funds intended for smaller entities struggling to make ends meet—entities that lacked the extensive global affiliations and the backing...
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