TheStreet parent received PPP loan
The parent company of TheStreet Inc., a financial news website co-founded by media personality Jim Cramer, received a $5.7 million loan as part of a program aimed at helping U.S. small businesses weather the pandemic, reports Matt Townsend of Bloomberg News.
Townsend reports, “The loan was included in documents released by the federal government on Monday chronicling the $669 billion Paycheck Protection Program. A spokesman for TheMaven Inc., which acquired TheStreet in 2019 for $16.5 million, said that for ‘ease-of-process’ reasons the borrowing was taken out under TheStreet’s name, but that it was for the entire consolidated company, which owns media properties such as Sports Illustrated.
“Cramer, who still supplies content to TheStreet under a deal that followed its acquisition by TheMaven, has been critical of how banks handled the Paycheck Protection Program. In April, he slammed financial institutions for approving loans to larger companies than should have been allowed. A spokesperson for CNBC, where Cramer hosts a TV show, declined to comment.”
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