SBA Faces New EIDL Collection Struggles

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[joelbosh]

I had to stop paying this month. We have no money to payback as our company is owed money. We need Full forgiveness

[gammarays]

If America can provide $20, 000 a month to illegal immigrants and give billions in free money to Ukraine, it should absolutely be able to forgive Edil loans for those of us who are legal citizens and have contributed to building this country. It's time to prioritize the needs of the hardworking, law-abiding individuals who form the backbone of our nation.

[larrypoulin]

Full forgiveness is the only way out of this mess. Many of our businesses did not want these loans to begin with but had to take them just to survive. Now we are faced with businesses that still haven't fully recovered and loan payments putting extreme pressure on survivability. Nobody is going to win in this situation.

[rickstarnes]

Full forgiveness is the ONLY way out of this mess. The government has the money and we don't. We were forced to take the loan after the government stopped our business.

[StreamlineSeamstress]

Billions to Ukraine, and they're not, say, 20K to migrants in NY - but all these businesses are failing. Saddest USA of our lives. We need to make Americans come first!

[elladolgov]

We need full forgiveness, ay least loan less than $200.000 They spend the money for immigrants but not helping Americans people, Americans small businesses .Shameful

[YH-gfmn]

My business closed, there is no way I can pay back, full forgiveness

[auds]

We need full forgiveness. Our hardship accommodations have run out, they only allow you to do it for so long. We’ll have to fold out small nonprofit. Things are actually worse for small nonprofits now. We need help.

[annamoore]

So they forgave PPP yet seek help from EIDL? I didn’t lie to get it, forgive EIDL too.

[billluo]

Inflation ruined most small businesses

[andrew]

I am paying all interest. I will be 80 by the time it is paid off. I am 46. I am indentured servant to US Govt now. The collateral was my life.

[joshk]

We need full forgiveness. Our government sends money to foreign countries and are not helping its own people

[lesliemurillo]

No body is buying equipment, because there’s not enough work in the trucking business.

[kenyaecho]

They need to forgive these loans. I am still catching up from Covid. I feel like I'll be underwater until I die. I'm 60 and cannot get caught up. I had a hardship for six months and now I have to reapply for that because my next payment is going to go back up again. All the while it's just adding up at the end of my loan so like everybody else saying this they need to forgive these loans. I don't know about anybody else on here, but when I signed up for this as a small business with zero employees I was under the impression that it was going to be forgiven. It was so confusing.

[OTGPraying]

Forgive the loans, struggling to pay, about to just stop making payments and say F it!

[nickyfrank]

I sold the data of my now closed business and contacted the SBA to try to settle. The person that replied told me that I shouldn’t have done that and to turn in all of the proceeds. They didn’t want to settle. I told him the data of my business is worthless to you, and the only money I was offered was for the data. I asked them if I could advance the payments 4 years if I gave them everything I have and they said no. I decided to put the money in a separate account and my the monthly payments for the next 4 years when hopefully my situation will be better after my military retirement. I pray every day for forgiveness.

[geminimex]

I need to win the lottery to pay back with no anxiety or they will only get 100 dollars until I'm in a better predicament, situation or circumstance to pay it back fully. Idk how they could not listen to small businesses!!!!

[ralphmorgan]

But the government can give money to Ukraine and other countries but want to make us pay it back..what is the deal

[autolovers]

I’m about to fail SBA it’s f Up situation no idea what to do file bankruptcy or try just to pay minimum

[leahnash]

We still need EIDL forgiveness for at least a set amount, say the first $50 or $75k. This would give relief to all borrowers and especially for the smallest businesses that faced hard challenges to stay afloat stemming from the pandemic. In many cases there was little choice but to take the EIDL in order to survive. Now those entrepreneurs are saddled with a 30 year loan they can ill afford as they struggle to recover their business let alone grow it.
The deferment period did not stop interest accrual so the debt continued to grow.
The hardship provision was helpful but is now ending so more business will face a monthly obligation they can't meet. Much more needs to be done, continue hardship provisions for those needing it, and of course, make EIDL forgiveness a reality.

Thank you Skip for your dedication and support for small businesses and their needs!