With the Senate scheduled to vote today on a stimulus package that includes ICBA-advocated PPP forgiveness simplification, ICBA is calling on community bankers and their small-business contacts to weigh in on key PPP issues.
While the stimulus bill is not expected to pass, ICBA encourages community bankers to direct borrowers to ICBA's small-business alert addressing the deduction of Economic Injury Disaster Loan advances from PPP loan forgiveness. A separate alert on ICBA's Be Heard grassroots action center is available for community bankers.
While borrowers may receive up to a $10,000 EIDL advance, those funds will be deducted from PPP loan forgiveness. This has left some borrowers with a substantial unforgiven balance that must be repaid and community banks with loans on their books that they didn't make.
Meanwhile, ICBA continues calling on community bankers and small-business owners to urge Congress to immediately pass bipartisan legislation to simplify PPP forgiveness.