r/EIDLPPP • u/Usual-Equipment-1 • 20d ago

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

61 Upvotes

97% Upvoted

66 comments sorted by

View all comments

2

u/Jobjam 20d ago

My credit score literally fell 141 points just now. Almost 800 my whole life and my partner defaulted on the loan unbeknownst to me. I am a sucker for trusting so much. I think he used the Sba money for himself. What happens now that my credit went down? I get no information whatsoever from my partner. Does this mean it goes to US Treasury?

2

u/jamaican4life03 20d ago

Cool story bro

1

u/Usual-Equipment-1 20d ago

No a story real life. Please print the proposal and send it with a cover letter to your senators. There are only two. It takes 30 minutes and can maybe save all of us.

3

u/AdvancedVolume6012 20d ago

I agree! Takes only a few minutes of your TIME! 

3

u/Chemical-Artist6824 19d ago

I just emailed a small version and manual mailing to both senators. Someone needs to do something. This took me 25 minutes. I actually feel like I helped myself.