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.
Senator ups pressure to address EIDL-PPP conflict
November 02, 2020 / By ICBA
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.
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.
In a letter to committee Chairman Marco Rubio (R-Fla.) and Ranking Member Ben Cardin (D-Md.), Daines said the issue is particularly burdensome for community banks and the small businesses they serve.
ICBA is working with policymakers on legislation to strike the CARES Act provision requiring EIDL advances to be deducted from PPP forgiveness amounts. The policy is converting the SBA-originated advances into as much as $10,000 in unexpected debt for borrowers while leaving community banks with the balances on their books.
ICBA is urging community bankers to direct borrowers to ICBA's small-business alert addressing the EIDL deductions. ICBA also offers a separate alert for community bankers on its Be Heard grassroots site.
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