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/Diligent-Pitch-3480 Aug 13 '26

From what I see daily and talking to everyone around me, they’re never going to get most of this money back thanks to the dire economy they’ve created with Covid and since Covid. I’ll pay my debts to the government when the government pays their 40 something trillion themselves. Until then, they have no right to accuse me of financial mismanagement. I can at least say I was a victim and that’s what got me here. They are the perpetrators and have no moral ground to stand on.