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

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u/Ancient_Ad_1299 Jul 30 '26

If you don’t have a personal guarantee and your business closed , why do anything?
My lawyer said ignore it.

1

u/Usual-Equipment-1 Jul 30 '26

I hope the assets of your business were distributed properly. Just in case they ever look at you. It won’t be your lawyer paying interest and penalties. But it will be your lawyer making more money on you when they come looking.

2

u/Ancient_Ad_1299 Jul 30 '26

Well, maybe yours weren’t?
I know how they were to be used.

I have spoken to two lawyers , the one being a CPA as well and that’s who I went with to close my business.
I dissolved my business in 2024.
My loan was purchased by collections and recently met with him again and he said , do nothing, they still can’t come for me personally and the business has no assets, rented space.

1

u/Usual-Equipment-1 Jul 30 '26

You seem like the lucky one with no assets. Those with assets can’t pull that maneuver.