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
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