ICBA recently expressed strong support for House and Senate legislation that would restore forgiveness for Economic Injury Disaster Loan Advance recipients who also have a Paycheck Protection Program loan.
Introduced by Sen. Marsha Blackburn (R-Tenn.) and Reps. Joe Neguse (D-Colo.) and John Curtis (R-Utah), S. 4885 and H.R. 8361 would address the problem of EIDL advances converting to unexpected debt during the PPP forgiveness process, which is detailed in a recent ICBA op-ed on Medium.
Community bankers can call on Congress to address the issue in the next economic relief bill via a custom letter to lawmakers on ICBA's Be Heard grassroots action center.