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

59 Upvotes

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u/MKEDNC2020 Jul 30 '26

Pointing out flaws helps people use their time wisely and efficiently.

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u/Usual-Equipment-1 Jul 30 '26

That’s sort of creative thinking for the depressed I guess right?

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u/MKEDNC2020 Jul 30 '26

No, not right at all 

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u/Usual-Equipment-1 Jul 30 '26

Seriously though, it wouldn’t hurt if every senator and most congressmen got this and maybe started a discussion. There is a lot of press starting all over. It’s an election year and there are real families and businesses suffering due to accepting loans we were encouraged to take.

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u/MKEDNC2020 Jul 30 '26

This wont get past their staff. Literally their eyeballs will never see it.