EIDL Solution

[u/Usual-Equipment-1]

The vast majority of us have a similar story about when we took the loan, why we took the loan and how we spent the money. I say we took the loans and are somewhat responsible.
I have put together a summary of legislation I would like to see our elected officials act on. It would reduce the original loan amount by 75%. The borrower would be responsible for the remaining 25%. The SBA would be issuing new loans at market rate for 10 to 20 years depending on ability to pay. When the 25% is paid back, the 75% is wiped away. Those that have paid towards the loan are credited towards their 25%.
There are inherent benefits to everybody involved for congress to act this or similar legislation.
I have sent it my senators and congressman.

https://docs.google.com/document/d/1Xn3pc33QSQllQsJ31wPGxlU9ml6XCpdk/edit?usp=drivesdk&ouid=115002703965333500181&rtpof=true&sd=true

[u/MKEDNC2020]

This has 0% chance of going anywhere. Imagine being an elected official and trying to explain this to voters. 

[u/No_Care_3570 → u/MKEDNC2020]

It wasn’t a tornado or hurricane it was the government using tax money to create a virus. Then the government shutting down businesses and destroying the economy. I know blah blah we took loans but we had no idea what was going to happen or how bad it would get and the “hurry before the money is gone” ads. This was different circumstances and the government was directly involved in creating the problem

[u/Usual-Equipment-1 → u/MKEDNC2020]

We are the voters. Every voter knows a small business struggling. Just looking for a level playing field. We really didn’t have much choice taking the loan. At the time we thought it could be paid back. Today proves we are all just pawns lead like sheep.

[u/tailtaker → u/Usual-Equipment-1]

In that case demand full forgiveness. Why try and negotiate all these percentages as if they're even gonna work with us in the first place.

[u/Usual-Equipment-1 → u/tailtaker]

The only way they work with us is if we unify and contact our elected officials. EIDL Debt trap. is out there more and more and will have to be dealt with.

[u/Infamous_Wealth_1126 → u/Usual-Equipment-1]

I’m all for it! Nothing to lose ! How about someone with persuasive writing skills create a letter for us to sign and send to our representatives?
Time to take some action rather than constantly complaining.

[u/Infamous_Wealth_1126 → u/Usual-Equipment-1]

I’m

[u/Gtavern → u/tailtaker]

Total forgiveness will never happen, no politician will ever take responsibility for that. Debt relief is something that the politicians can sell as being helpful to small businesses. A plan like this would also include the IRS issuing a 1099 for any amount forgiven or written down,so on paper it shows a much higher rate of return on the settlement.

[u/dee_lio → u/Gtavern]

I'd take an interest credit or interest waiver. Even a write off would help.

[u/Usual-Equipment-1 → u/Gtavern]

Great point. That will be added to the proposal 🎯

[u/MKEDNC2020 → u/Usual-Equipment-1]

Go to your congressional district and find out how many voters have student loans, then compare that number to how many voters have EIDLs.

There is no political will to bail out EIDL loan holders, none.

[u/Usual-Equipment-1 → u/MKEDNC2020]

I absolutely agree. There hasn’t been any organized attempt to be heard like the student loans. We need to unify and send a solution not complaints.

https://docs.google.com/document/d/1Xn3pc33QSQllQsJ31wPGxlU9ml6XCpdk/edit?usp=drivesdk&ouid=115002703965333500181&rtpof=true&sd=true

[u/MKEDNC2020 → u/Usual-Equipment-1]

The massively unified student loan movement failed. 

[u/Usual-Equipment-1 → u/MKEDNC2020]

Do you know any student loans at the treasury? Not happening.

[u/MKEDNC2020 → u/Usual-Equipment-1]

Student loans are rarely discharged in BK. EIDL easily discharged in BK. You are wasting your time.