Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Axios on your phone

Get breaking news and scoops on the go with the Axios app.

Download for free.

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Chinese biotech company BGI Genomics provided mobile labs for conducting COVID-19 tests at a sports center in Beijing. Photo credit: Xinhua/Chen Zhonghao via Getty Images.

A U.S. subsidiary of Chinese genomics company BGI Group received a loan through the Paycheck Protection Program (PPP), according to data on the program released by the U.S. Treasury Department.

Update: The company announced on July 17 that it had returned the loan after Treasury "issued new guidance clarifying that the loans were not intended for companies with access to the equity market."

"BGI aims to do the right thing. BGI Americas’ business is managing under these difficult circumstances, and does not want to distract from the U.S. government’s need to prioritize recipients when funds are limited and other small businesses are in greater need. We remain fully committed to protecting the jobs of our U.S. employees.
BGI press release

Why it matters: BGI's close ties to the Chinese government, which is constructing a massive genetics database of its population, have raised concerns among U.S. officials.

Driving the news: PPP recipients came under scrutiny amid criticism that the program did not efficiently direct loans to the small business owners most in need of assistance during the pandemic.

Details: BGI Americas Corporation received a loan amount between $350,000 and $1 million.

  • The PPP program permitted U.S. subsidiaries of foreign companies to apply for loans under some conditions.

What they're saying: "BGI Americas’ U.S. business has been negatively impacted by the pandemic. BGI Americas is using the loan to help cover salaries and prevent layoffs of U.S. employees," a BGI Americas spokesperson told Axios.

Background: BGI Group is one of the largest gene sequencing companies in the world.

  • Amid rapidly rising coronavirus cases earlier this year, California rejected proposals from CGI, a U.S. subsidiary of BGI, to build coronavirus testing labs in the state.
  • U.S. officials are worried that state-connected companies such as BGI could use widespread coronavirus testing to compile massive DNA databases for research and genetics-based surveillance, Axios reported in June.
  • BGI has also said it is building a gene bank in Xinjiang, a northwestern region in China where the Chinese government is currently engaged in cultural and demographic genocide against local ethnic groups and where Chinese police have explored the use of genetic surveillance of minorities.

Go deeper: Chinese coronavirus test maker agreed to build a Xinjiang gene bank

Editor's note: This story has been updated to show that BGI returned its PPP loan after coverage by Axios.

Go deeper

Dion Rabouin, author of Markets
Sep 9, 2020 - Economy & Business

Small businesses are losing confidence in their survival

Data: Goldman Sachs; Chart: Axios Visuals

Small businesses have largely exhausted their federal funding and are starting to lay off workers, with many worrying about having to shut their doors for good, according to a new survey from Goldman Sachs provided exclusively to Axios.

Why it matters: Business still has not returned to normal, six months after the coronavirus pandemic first appeared in U.S. But small firms say the money they received from the Paycheck Protection Program has run dry.

Scoop: Inside the Harris SOS dinner

Vice President Harris boards Air Force Two in Mexico City in June. Photo: Hector Vivas/Getty Images

A group of the Democratic Party's most influential women met for dinner at a home in the nation’s capital last month to game out how to defend Vice President Kamala Harris and her chief of staff, Tina Flournoy, against a torrent of bad press.

Why it matters: It's telling that so early in the Biden-Harris administration, such powerful operatives felt compelled to try to right the vice president's ship.

Updated 22 mins ago - Sports

The Olympic events to watch today

Photo: Stephen Gosling/NBAE via Getty Images

5 events to watch today...
  • Baseball: The U.S. plays South Korea in the semifinals at 6 a.m. ET on NBC Sports.
  • 🏀 Men’s basketball: Slovenia takes on France in the semifinals at 7 a.m. ET on NBC Sports (watch the replay of the U.S. vs. Serbia semifinal game at 6 p.m. ET on USA Network)
  • 🚴 Track cycling: Watch the finals 10 a.m. ET on USA Network.
  • Women's soccer: Watch the replay of the women's bronze medal game between the U.S. and Australia at 9 p.m. ET on NBC Sports. Catch the gold medal game between Sweden and Canada at 10 p.m. ET.
  • 🏐 Beach volleyball: Live coverage of the women's gold medal match starts at 10:30 p.m. ET on NBC.