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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:
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.
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.
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 outstanding priorities.