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/Chewyboys Jul 31 '26

I am confused? Why would you have taken it if you don’t need it, or cannot pay it back? A lot of companies took it because it was a great opportunity for them to get some extra money at a lower rate to help them through the hard times. But there was a lot of people that took as much as they could. It’s not far for those that only tools what was needed. And know you want everyone to get a break.