Covid eidl forgiveness

As a small business owner, I was fortunate to receive EIDL assistance. However, I didn’t realize that interest would accrue while payments were deferred during the first year. My business was shut down for three months due to Covid. After reopening, we could only offer half of our services due to mandates. People were still hesitant and overcoming the mental fear, so it took about two years for my business to start resembling its pre-Covid state. I own a barbershop and strictly followed all the governor’s orders and guidelines. Taking the loan seemed like the only option at the time, but now it feels like a 30-year mortgage with monthly payments of around $2200. While my business survived, it’s becoming challenging. I’m wondering if others are facing a similar situation.

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I feel the same way as the above. I’m drowning and thinking my only option might be bankruptcy.

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I am in a very similar situation. I tried to keep going, but even with EIDL help, I lost my business. The hard part for me was watching my friend, who owned restaurants, get grant after grant after grant. But no help like that for a business like mine, except a loan . Now I’m saddled with this debt, and they just took their family of 5 on a 3 week vacation. I am now living on Social Security, At my age, I’ll be paying this loan till I die. If we can forgive student loans…

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There are SO many of us small businesses that are still suffering the effects of COVID.
PLEASE help us!!

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Forgiveness on EIDL loans for Small Businesses is one of the best ways to prevent bankruptcy - which is what my business is headed for.

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Thanks to the extended Covid lockdowns and restrictions, the only option I had to salvage my business was to take out an EIDL loan. My business revolved around live concerts and entertainment which the lockdowns totally destroyed. I have been able to pivot my business and have been able to barely survive, but at a fraction of what I made prior to covid. If we can as a nation send Billions to foreign countries, we should be able help our own small businesses by creating a pathway to at least partial forgiveness

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Been saying this for a while now. We were scared into/hoodwinked into taking these loans because of the fake COVID shutdowns. These were initially sold as simple interest loans, but turned out to be front-loaded, fully amortized loans. I’ve been paying for a couple years now, and finally just started reducing the principal last month. These loans need to either be fully or partially forgiven, as they are dragging small and medium sized businesses down the drain in this terrible economy.

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You are exactly right. Small businesses are the backbone of the US economy and are a key driver of innovation. Like you, I needed the EIDL loan in order to keep my business open and pay my employees through this challenging time. Like you I was surprised to see that the interest accrued and I now have a $1,200/mo loan that I’m paying off which is putting extreme stress on our business. If I could take that $1,200 per month and invest it back into the business and my employees I would be farther ahead.

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100%

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I am a really small business with only 2 part-time employees. PPP would have done nothing for me. I had to take out an EIDL loan or go out of business. I would appreciate it if it was forgiven or at least continue on with no interest as long as payments are made on time as it is with other no interest loans. It would be terrific if all that has been paid in at this point would be applied to the principle.

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As a small business owner that doesn’t have employees (just one contractor) I used the SBA EIDL so I didn’t lose my business during the initial COVID slow down. What I didn’t anticipate was that the business would never fully recover due to the pandemic impact on the economy and the administration’s inability to correct the course. I’ve been struggling to make the payment and even took the 6 mo lower payment option but now my full payment is back and the business is still doing terrible. My business was grossing around $250k a year on an average when COVID hit. It’s now barely making $80k and with costs all going up it seems much less. I believe that these loans should be forgiven like the PPP loans especially if the business is still suffering. I’m sure that if that isn’t possible even some level of support or forgiveness would help those still suffering. I’m hoping that by joining this conversation others will add their stories as well. I’m sure the businesses that are struggling truly intended to fulfill the obligation, but now find that the economy they thought they would come back to would be as good as it once was. I am not a financial expert but it seems as if this would be in the governments ability to do, for the COVID specific EIDL’s as it was mandated by the government that we stop. If they can forgive the PPP, why not the EIDL?

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Thousands of Small Business Owners are struggling to stay afloat and keep their employees going.
We need an SBA EIDL Forgiveness!

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Trump or Kennedy please consider a solution for us in this thread.

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Ugh. They ripped us off. I have an EIDL also. Was going good until City of Rome, NY decided to cause litigation with my farm so there’s no way to grow vegetables for the farmers markets at this time. Still struggling. Thankful for an outside job.

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I’m in the same boat! I own a hair salon and Covid hurt us for a long time. The inflation is hurting us now. As a small business that just wants to provide jobs and support our community… this EIDL loan is a burden we do not need when we only took it to continue through mandates and fear to be able to keep our business alive.

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Especially if the business didn’t make it I never reopened and I’m still struggling to make ends meet.

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The biggest reason for us to be forgiven is bc it was all a lie- fauci duped everyone and personally I feel betrayed bc my business did so well-

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Every day its becoming more and more evident there was no need to shut down businesses or impose social distancing during “covid”. Without those tyrannical mandates there would have been no need for the EIDL loans in the first place. As a result it seems EIDL loans themselves were just another tool/tactic used to cause citizens to be further indebted to the Federal government., and requiring personal guarantee, including ones home as collateral, and all at the click of a button and electronic transfer. EIDL loans should all be forgiven on day 1 of the new administration of the people.

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There are several other EIDL forgiveness policy requests.
I made 1 as well.
We need to find a way to combine them all, so we can add the votes together!

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Yes can you share links so I can like and reply to those other similar posts/topics as well.