Across the country, countless small business owners - especially solo entrepreneurs operating without employees – are suffocating under the weight of SBA EIDL LOAN Payments. These loans, initially intended to be a lifeline during the COVID Economic Hardship have instead become an anchor dragging us downward, making it nearly impossible to reinvest, expand, or even survive. 

It is also disheartening for small business owners to learn that many large companies, including celebrities with companies, borrowed millions of dollars of PPP loan money, and all of their loans were forgiven. This news is disturbing when you think of small business owners and solo entrepreneurs who are constantly told that SBA EIDL loans are not forgivable (NPR.org, Money Talk News, News Station).

In addition to the many large companies and celebrities whose large PPP loans were forgiven, many fraudulent loans are also not being pursued by the SBA (NPR.org). Yet SBA EIDL loans are not considered for forgiveness to small companies. This is extremely inequitable. Small business EIDL loans should be the first loans to be considered for forgiveness.

Small businesses are the backbone of our economy, representing 81% of U.S. businesses (U.S. Census Bureau, 2019). Yet, many of us are now trapped in a financial crisis. Many of our businesses did not thrive after receiving these loans. Many of us have even lost our businesses after getting SBA EIDL loans.

Many small business owners are forced to choose between keeping their businesses open or meeting these payment demands. The reality is stark: without relief, there will be many more of us who will close our doors forever – and alas, taking jobs, innovation, and community growth with us.

We are calling on policymakers to waive SBA EIDL loans for struggling small business owners just as they have for large companies and celebrity companies with PPP loans.

We are not asking for a handout— we are asking for the chance to rebuild, to contribute, and to be able to thrive again. That was the purpose of the loan- to help us thrive while we barely made it during the economic hardship, and just as so many loans have been forgiven, ours should be forgiven.

Small businesses drive local economies, create jobs, and foster innovation. But we cannot do that if we are drowning in debt.

By signing this petition, you’re standing with small business owners, entrepreneurs, and communities that depend on them. Your signature is a voice for change- demanding lawmakers take action to protect the future of small businesses across America.

Join us. Sign now. Let’s fight for real relief.

We respectfully call on the following leaders to support this urgent cause.