ICBA and 44 state community banking associations called on Congress to fully forgive Economic Injury Disaster Loan Advances for recipients who also have a Paycheck Protection Program loan.
In a joint letter, the organizations said EIDL advances are converting to unexpected debt during the PPP forgiveness process. ICBA has continuously pushed for an EIDL fix, as detailed in an op-ed on Medium.
With Congress running out of time to pass a stimulus package by year-end, ICBA is calling on community bankers to reach out to their lawmakers and enlist small-business customers on this and other remaining priorities:
- Tell Congress to pass top stimulus priorities, including PPP reforms.
- Urge lawmakers to address the EIDL advance debt trap.
- Immediately enlist affected small-business customers to push for an EIDL fix.
Community bankers can enlist small-business customers on the EIDL push by passing along this link and letting them know the time to act is now.
