Refinance of EIDL Loans with PPP Loan Proceeds and Lender Remittance of EIDL Refinance Proceeds to SBA

The purpose of this Notice is to provide guidance for when Paycheck Protection Program (PPP) loan proceeds must be used to refinance SBA Economic Injury Disaster Loans (EIDL) and to inform PPP Lenders of the procedure for remitting to the SBA any PPP loan proceeds designated for the refinance of an EIDL.