X
19Nov

IRS Eases PPP Loan Stumbling Block in M&A Deals

The IRS’s informal FAQs provide comfort that an acquirer, including affiliated companies treated as a single employer (employer group), will not lose its past or future employee retention tax credits (ERTCs) if it acquires a target with a Paycheck Protection Program (PPP) loan outstanding on or any prior to closing (if after May 18, 2020). Going forward, private equity and strategic buyers should be relatively unconcerned by targets with outstanding PPP loans....
By: Pillsbury Winthrop Shaw Pittman LLP
Source Url: https://www.jdsupra.com/legalnews/irs-eases-ppp-loan-stumbling-block-in-m-19421/

Related

[Video] 31 Days to a More Effective Compliance Program-Sales incentives and compliance

In the DOJ’s 2019 Guidance, Incentives and Disciplinary Measures it stated: Incentive System – Ha...

Read More >

Implementing FIRRMA: CFIUS Proposes Filing Fees for Transaction Notices 

On March 4, 2020, the U.S. Treasury Department, as chair of the Committee on Foreign Investment in t...

Read More >

Fluctuating Workweek Method of Calculating Overtime Pay Unlawful in Pennsylvania

In late 2019, the Pennsylvania Supreme Court decided that the Pennsylvania Minimum Wage Act (“PMWA”...

Read More >

FTC Announces Revised Thresholds for Interlocking Directorates

The Federal Trade Commission has announced revised thresholds for interlocking directorates required...

Read More >

IRS Authorizes Employers to Use Truncated Social Security Numbers on Employee W-2s in 2021

In final regulations set to take effect for 2020 Forms W-2, the IRS gives employers the option of us...

Read More >

Service And Emotional Support Animals In Office Buildings In New York City

What rights do employees of tenants or other occupants of office buildings have to bring service ani...

Read More >