Bloomberg Tax
July 23, 2020, 6:32 PM

Land Deal Sponsors in Government Crosshairs Got Virus Relief Aid

Kaustuv Basu
Kaustuv Basu

Two sponsors of land-donation deals that the Justice Department and Internal Revenue Service have pursued as potentially abusive tax shelters received pandemic relief aid under the government’s Paycheck Protection Program, lending records show.

EcoVest Capital, Inc. and Webb Creek Management Group LLC each received loans between $350,000 and $1 million, according to the Small Business Administration’s loan database. The PPP program facilitates government-backed loans that can be forgiven if used to cover payroll and other covered business expenses.

EcoVest has been sued by the Justice Department for promoting a class of deal known as syndicated conservation easements, in which ...

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