Wikimedia Commons / Gage Skidmore
Brad Parscale appearing at a Student Action Summit in Florida.
A company with close ties to San Antonio techie-turned-Trump 2020 Campaign Manager Brad Parscale scooped up a $780,680 loan through the federal Paycheck Protection Program, Mother Jones reports
Parscale holds nearly 35% of the stock in CloudCommerce Inc., the financially troubled tech firm that landed the PPP loan, according to its yearend federal securities filing
. That makes him the single largest shareholder in the Alamo City-based digital advertising business.
As of the end of last year, Cloud Commerce had 49 full-time workers, according to its financials.
The federal PPP program was intended to help small businesses retain employees during the economic crash brought on by the COVID-19 pandemic. However, the program has been criticized
for handing out loans to businesses owned by members of Congress and large publicly traded chains. A law firm that represented President Donald Trump also received a PPP loan.
In April, the Federal Reserve waived insider dealing rules
for the program, saying it wanted to ensure employers could get money quickly.
In a June 16 press release
, CloudCommerce announced that it expects to tally $14 million in sales for 2020. Despite posting deep losses for the past two years, the company also projected net operating income of $1 million.
The press release makes no mention of the company landing the loan worth nearly $800,000.
CloudCommerce reported a net loss of $10.1 million on sales of $9.2 million for the 2019 calendar year. That compares to a net loss of $2.9 million on sales of $11.8 million for the prior year.
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