On March 5, 2021 a new, simpler, forgiveness application became available through our Forgiveness Portal. Forgiveness invitations for the loans originated in 2020 and 2021 have been sent out. If you have not received an invitation to apply for forgiveness, please reach out to your local branch or email [email protected].
Section 1110(e)(6) of the CARES Act required Economic Injury Disaster Loan (EIDL) Advance payments be deducted from the Forgiveness amount approved for our Borrowers. The new legislation repealed this section of the CARES Act
If you have already completed the forgiveness process and had your EIDL advance netted out from the payment received by us from the SBA, we anticipate the SBA remitting funds sufficient to pay the balance of the EIDL advance plus the corresponding accrued interest. PAYMENTS ON THESE PPP LOANS ARE DEFERRED UNTIL FURTHER NOTICE. The SBA should be providing more detail on the process and timing for EIDL related reimbursements in the near future.