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

City of Miami Beach Requires Panic Buttons—Here’s How to Comply

Last year the Miami Beach City Commission passed a law requiring all hotels within the City of Miami...

Read More >

How Coronavirus Is Effecting the Construction Industry: An Evolving Tracker of Construction Shutdowns Across the United States

Like the lives of all Americans, the U.S. construction market has been upended by the outbreak of co...

Read More >

Vermont Legislative Update 02-21-2020 - An analysis from DRM's Government & Public Affairs Team

New Act 250 board proposal is gutted - The House Committee on Ways and Means voted 9-1 this week in...

Read More >

Court Examines Intended Third Party Beneficiaries of Indemnification Provision

In CHS/Community Health Systems, Inc. et al v. Steward Health Care System LLC, the Delaware Court of...

Read More >

Employers Are Not Required to Continuously Rearrange Shifts to Accommodate Workers’ Religious Needs

Employers recently received a favorable ruling when a federal district court in Wisconsin held that ...

Read More >

Security Screenings At Work: When Is This Time Compensable?

In Aguilar et al. v. Management & Training Corp., 948 F.3d 1270 (10th Cir. 2020), the Tenth Circuit ...

Read More >