ICBA continues calling on community bankers to direct borrowers to ICBA's small-business alert addressing Economic Injury Disaster Loan Advances from borrower PPP forgiveness amounts. ICBA also offers a separate grassroots alert for community bankers.
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.
ICBA this week expressed support for provisions in a new Senate bill that would repeal the EIDL advance deductions from PPP forgiveness. The bill from Sen. Ben Cardin (D-Md.) also includes provisions to simplify PPP forgiveness, expand eligible expenses, and improve covered loan period flexibility.
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.
