Trump Campaign Manager Is Largest Shareholder in Company That Received $800,000 In Relief
President Trump’s campaign manager, Parscale, is the biggest shareholder in a company that managed to get $800,000 from the COVID-19 small business relief money. CloudCommerce which is the company in question met qualifications for Paycheck Protection Program and received the funds. The program is meant to help companies with fewer than 500 employees. Companies that qualified got a 1 percent loan and did not have to pay back the loan if the company spent 75 percent of the loan to keep their workers and pay them.
A company whose largest shareholder is Trump campaign manager @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 https://t.co/IMUV8b4tz4 via @CBSNews
— Carla Marinucci (@cmarinucci) May 14, 2020
CloudCommerce had only 49 workers at the end of 2019 which meant that they qualified to borrow 2.5 times their monthly payroll. That comes to about $100,000 per worker. CloudCommerce is not being accused of anything unlawful. CBS tried to get a comment from the CEO, but he did not reply.
In 2017 CloudCommerce bought two of Parscale’s companies which is how he became their largest shareholder. The company also added him to its board of directors. CBS was told by Trump campaign communications Tim Murtaugh, “Brad has absolutely no role with the company. He only has preferred stock. He has no voting rights.” He added, “He has no idea whatsoever what the company is doing. He doesn’t talk to them, they have no business with the campaign or any other company Brad is connected to.”
The loan is known to the SEC as a part of a filing. The company said of the loan, “forgivable after eight weeks if the Company uses the PPP Loan proceeds for eligible purposes, including payroll, benefits, rent, and utilities, and otherwise comply with PPP requirements.”
So far, no allegations of illegal activities have launched, but we will see what happens as time goes on.
Can he do that? I mean legally? Leave it to Parscale. Ca-ching… https://t.co/N3FAjs99GC
— MoreSkyPlease (@Moreskyplease) May 14, 2020