The Scottish Borders Council has confirmed that the major incident has been stood down.
A further update from SEPA indicated that the River Teviot in Hawick has now reached its peak level and is beginning to recede.
Around 500 properties are potentially affected by the floods and homes were being actively evacuated in an operation run by Police Scotland.
The evacuation of residents has now ceased and members of the public are being advised that they are safe to return to their homes.
There are no concerns for any further flooding in other communities as river levels in areas of note are now falling.
Several flood warnings were in place across the region and SEPA issued warnings over the River Teviot in Hawick on Thursday afternoon.
A maximum river level of 2.9m was reached at 7.30pm and has now levelled out. It is expected that the river level will drop steadily throughout the course of tonight and into tomorrow morning.
As a result of the flooding, the decision was taken to close Trinity Primary School and Hawick High School early to ensure pupils and staff could get home safely.
Teviot Health Centre in Hawick also closed early, at 3pm, to avoid staff/and or patients being put at risk.
The council has said flooding in Peebles is very serious too with all schools in the area closing early as well.
The rest centre at Teviotdale Leisure Centre was reopened at 2pm to offer assistance to anyone displaced by the risk of flooding.
The vaccination clinic at the Borders Event Centre in Kelso has also closed due to a power failure.
Elsewhere, the River Nith in Dumfries also burst its banks due to the extreme weather.
Police Scotland has closed several roads and advised residents and drivers to stay well away if possible.
Area Commander Stephen Gourlay, the Scottish Fire and Rescue Service's local senior officer for Midlothian, East Lothian and the Scottish Borders said: "We are supporting a multi-agency partnership response to prepare for a significant flood alert affecting several areas of the Scottish Borders including Hawick, Peebles and Newcastleton, issued earlier today.
"Following an official request from Police Scotland to support evacuation efforts in Hawick, Operations Control has mobilised four fire appliances to the Hawick area and an additional water rescue unit has been mobilised as a precautionary measure.
"We are currently working alongside partners to help ensure a safe evacuation of at-risk properties and will remain in attendance for some time."