Company tied to Trump campaign manager gets PPP loan
A company whose largest shareholder is Trump campaign manager Brad Parscale received nearly $800,000 from the federal coronavirus relief fund for small businesses, according to a filing with the U.S. Securities and Exchange Commission.
The company, CloudCommerce, was eligible for the low-interest loan through the Paycheck Protection Program, which is aimed at businesses with fewer than 500 workers. The program provides 1% loans that can be forgiven entirely if companies use 75% of the money to retain and pay workers.
Companies can borrow 2.5 times their monthly payroll, up to $100,000 per employee. CloudCommerce had 49 employees at the end of 2019, according to another filing with the SEC.
Parscale has been CloudCommerce's largest beneficial shareholder since 2017, when CloudCommerce bought two of his companies — now called Parscale Digital and Parscale Media — and added him to its Board of Directors. He currently owns 35% of the company, according to a recent SEC filing. The filing indicates he resigned from the Board on December 10, 2019.
https://www.cbsnews.com/news/brad-parscale-trump-campaign-manager-cloudcommerce-paycheck-protection-program-loan/?ftag=CNM-00-10aab7e&linkId=88792520
