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ICBA President and CEO Rebeca Romero Rainey called on community bankers to contact Congress and engage small-business customers on the growing conflict between PPP loans and Economic Injury Disaster Loan advances.
ICBA's Be Heard grassroots page features action alerts for community bankers and small-business owners to help them contact lawmakers on the issue, which is leaving borrowers with unexpected debt and community banks with loan balances for EIDL advances originated by the SBA.
"If you haven't bumped into this yet, more than 1 million PPP borrowers are beginning to realize that SBA-originated EIDL advances are not the grants they expected," Romero Rainey wrote. "Rather, if EIDL advance recipients have also received a PPP loan, the advance amount is deducted from their loan forgiveness amount."
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 reminding community bankers about the procedures for renewing or refinancing a line of credit for a borrower with an Economic Injury Disaster Loan.
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.