Company tied to Trump campaign manager gets PPP loan

CBS NEWS

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. There is no allegation of illegality associated with the PPP loan. CloudCommerce’s CEO did not reply to questions about the loan sent by CBS News.

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