ICBA is urging community bankers to direct borrowers to ICBA's small-business alert addressing Economic Injury Disaster Loan Advance deductions from PPP forgiveness amounts. ICBA also offers a separate alert for community bankers.
Sen. Steve Daines (R-Mont.) last week called on Senate Small Business Committee leaders to resolve the EIDL-PPP conflict, noting its impact on community banks and small businesses and upping the pressure for congressional action.
ICBA continues working with policymakers on legislation to strike the CARES Act provision requiring EIDL advances to be deducted from PPP forgiveness amounts. The policy is converting the SBA-originated advances into as much as $10,000 in unexpected debt for borrowers while leaving community banks with the balances on their books.
In addition to ICBA's grassroots alerts on the EIDL-PPP issues, community bankers and small-business owners can also continue calling their members of Congress in support of bipartisan legislation to simplify PPP forgiveness.