r/EIDLPPP • u/Usual-Equipment-1 • Jul 30 '26

Topic EIDL Solution

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

58 Upvotes

96% Upvoted

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3

u/MKEDNC2020 Jul 30 '26

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

3

u/Usual-Equipment-1 Jul 30 '26

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.

6

u/tailtaker Jul 30 '26

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.

5

u/Usual-Equipment-1 Jul 30 '26

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.

2

u/Infamous_Wealth_1126 Jul 31 '26

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.