EIDL COVId Loan Forgiveness
Small businesses who were forced to shutdown due to COVID and forced to take out an EIDL loan to keep their businesses should be forgiven. It was no fault of business owners having to shut their businesses for months or even years due to being at the mercy of tyrants running our states. To add to this complete outrage we were forced to take loans to stay alive. I don’t know of any business that could have survived being shut for this long term and not go under unless they took these loans. My business was not able to operate for over a year In Virginia. Either I incurred a debt I didn’t ask for or go out of business. That was my only choice. And we did not magically just go back to the same revenues before being shut down. My business still has not recovered, many of my clients went out of business or retired. With the terrible economy it has added to the slow recovery. Yet I am expected to pay this large monthly loan amount that was based on what my revenue was at the time of the forced shutdown. I worked hard building a successful business for the past 20 years. No one seems to be talking about this. I contacted my congressman several times , the attitude seems to be we didn’t have to take the loan. That’s how out of touch these politicians are. I am 61 years old I will be 90 years old before the loan is paid. I wanted to sell my business and retire now if I want to sell most of the money would go to pay off this loan that I was forced into taking. It is outrageous if you think about it, they forced your business to close, then they forced you into a loan ,and now they get to be paid by your business for forcing you to close.
I think the loans should be forgiven as well. Especially if PPP was not sufficient to keep the doors open. I am a sole proprietor of a very small retail store with two part-time employees. My business services the dance and theater industries. All of that was shut down and then only opened for very limited use for the following year. I would have been out of business if I did not take out an EIDL loan. At the very lease the interest should be removed as long as the payments are scheduled as automatic so there is a guarantee payback. It would be nice if all the interest I have paid was applied to the balance.
I strongly believe the EIDL loans should be forgiven. Removing the interest does not mean business owners can pay back the amount. Perhaps some businesses had small loans, my loan is a significant loan, having the interest removed still does not reduce the monthly payments that are unaffordable. The point is that you were forced into taking the loan. This is an unusual situation that obviously people just do not understand. We were forced to take a loan we did not want to incur to stay in business because the government forced businesses to close and not operate for over a year. You admit you would have gone out of business had you not taken the loan. Why do you want to pay this loan and just have interest removed?
I would love to not have to pay back this loan. You are right when you say we were forced by our government to take out a loan to stay in business when they were forcing us out of business with shutdowns. Loan forgiveness would be terrific if it is affordable to do. I don’t know how many loans and what the total bill to the government would be. Your plan is probably better. I chose the interest free payback with the entire interest that we have paid to this point transferred to the principle because I was trying to give an option in case total forgiveness was not feasible.