On January 8, 2021 the SBA announced the repeal of the EIDL Advance Deduction Requirement for SBA PPP Loan Forgiveness. For those loans where SBA remitted a forgiveness payment to a PPP lender that was reduced by an EIDL Advance, SBA will automatically remit a reconciliation payment to the PPP lender for the previously-deducted EIDL Advance amount, plus interest through the remittance date. The SBA has not yet indicated a timeframe in which the funds will be remitted to lenders. Effective immediately SVB Private has suspended billing on fully forgiven loans with a remaining balance due in whole to an EIDL Advance Deduction. We will notify you upon receipt of the reconciliation payment.
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EIDL advance deduction requirement for SBA PPP loan forgiveness
01/12/21Additional Resources
Second draw PPP applicants FAQ
Resource Library Category (General)
Existing PPP Loan borrowers could be eligible for a second draw application. Please reference the SBA's guidelines for more information.
New PPP applicants FAQ
Resource Library Category (General)
If you did not draw from the first round of the Paycheck Protection Program in 2020, and you are a Boston Private client, you will now be able to apply for a first draw PPP loan.
Documentation needed before applying for a PPP loan
Resource Library Category (General)
Please gather and provide all supporting documentation including payroll information with your application. Below is a full list of Required Documentation. It is very important that you have all the necessary documents prepared when you are ready to submit.