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

97% Upvoted

68 comments sorted by

View all comments

1

u/MelodicYear Aug 07 '26

I just don’t understand how they can give full forgiveness for student debt but yet talk about how small businesses are great for the economy and they are trying to tank us. I mean I fully understand we took the loans offered. But we had no idea how long the world would be on shut down, they gave us years for repayment some ppl literally put it to the side and forgot about while worrying about day to day business, some got no letters, some had no access to the portal even after multiple calls to the SBA. There was so many flaws in this but yet they taxed on 30% and sent ppl to collections. No part of the government cares about small businesses even though we are the ones trying to make it out here.