EIDL Advance Deduction Requirement for SBA PPP Loan Forgiveness
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 Boston 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.