diff --git a/drivers/hv/channel_mgmt.c b/drivers/hv/channel_mgmt.c
index 007f26d5f1a4..2f4d09ce027a 100644
--- a/drivers/hv/channel_mgmt.c
+++ b/drivers/hv/channel_mgmt.c
@@ -829,11 +829,22 @@ static void vmbus_wait_for_unload(void)
 		if (completion_done(&vmbus_connection.unload_event))
 			goto completed;
 
-		for_each_online_cpu(cpu) {
+		for_each_present_cpu(cpu) {
 			struct hv_per_cpu_context *hv_cpu
 				= per_cpu_ptr(hv_context.cpu_context, cpu);
 
+			/*
+			 * In a CoCo VM the synic_message_page is not allocated
+			 * in hv_synic_alloc(). Instead it is set/cleared in
+			 * hv_synic_enable_regs() and hv_synic_disable_regs()
+			 * such that it is set only when the CPU is online. If
+			 * not all present CPUs are online, the message page
+			 * might be NULL, so skip such CPUs.
+			 */
 			page_addr = hv_cpu->synic_message_page;
+			if (!page_addr)
+				continue;
+
 			msg = (struct hv_message *)page_addr
 				+ VMBUS_MESSAGE_SINT;
 
@@ -867,11 +878,14 @@ static void vmbus_wait_for_unload(void)
 	 * maybe-pending messages on all CPUs to be able to receive new
 	 * messages after we reconnect.
 	 */
-	for_each_online_cpu(cpu) {
+	for_each_present_cpu(cpu) {
 		struct hv_per_cpu_context *hv_cpu
 			= per_cpu_ptr(hv_context.cpu_context, cpu);
 
 		page_addr = hv_cpu->synic_message_page;
+		if (!page_addr)
+			continue;
+
 		msg = (struct hv_message *)page_addr + VMBUS_MESSAGE_SINT;
 		msg->header.message_type = HVMSG_NONE;
 	}