While ICBA works with policymakers to address Economic Injury Disaster Loan Advance deductions from PPP forgiveness amounts, it continues encouraging community bankers and their small-business contacts to weigh in with Congress.
More than 1 million PPP borrowers are beginning to realize their EIDL advance grants are converting to as much as $10,000 in unexpected debt during the PPP forgiveness process. The conflict also has left community banks with balances on their books for EIDL advances originated by the SBA.
While legislation to address the issue has been introduced in Congress, ICBA is urging community bankers and small-business owners to ensure this problem gets the attention it deserves in Washington.
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.
Sen. Steve Daines (R-Mont.) called on Senate Small Business Committee leaders to resolve the conflict between Economic Injury Disaster Loan advances and the Paycheck Protection Program that ICBA has repeatedly spotlighted.