This petition is brought to you by Vets2Vets.us, a non-profit veteran peer support organization dedicated to supporting our nation's heroes.

https://Vets2Vets.us/ 

The COVID-19 pandemic wreaked havoc on individuals, families, and businesses across the country—and the veteran community was no exception. In particular, the veterans who had stepped into entrepreneurship were hit hardest by the financial fallout. The U.S. Small Business Administration (SBA) introduced relief programs like the Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) to help businesses survive. However, for many veteran entrepreneurs, these programs have not been the lifeline they were intended to be. Instead, they've become a debt trap that has led to financial ruin for those who’ve already sacrificed so much for our country.

Research conducted by the Congressional Research Institute and Syracuse University’s Institute for Veterans and Military Families (IVMF) reveals troubling statistics: many veteran-owned businesses that received these loans found themselves facing overwhelming debt with escalating interest, pushing them to the brink of closure. This is especially concerning given that veteran-owned businesses have long been a critical part of the American entrepreneurial landscape. Unfortunately, these businesses were more vulnerable to the economic disruptions caused by COVID-19, and many did not survive.

The impact of these burdens isn’t just financial; it’s personal. The psychological toll on veterans, who have already experienced the stresses of military service, is immense. As detailed in the Financial Well-Being of Military and Veteran Families in the United States report from Purdue University, veterans and their families already face financial hardship at rates higher than their civilian counterparts. The additional weight of loan debt—and the constant threat of business failure—has only compounded these challenges.

It is important to recognize that veterans, service members, and their families are a unique group. Many veterans who own businesses are driven by the same dedication and discipline that defined their military service, but they lack the same financial safety nets available to their civilian peers. Unfortunately, the combination of rising debt and pandemic-related disruptions has led to a wave of veteran-owned businesses shuttering. This loss has not only affected individual families but has also diminished the economic contributions of veterans to our society.

Forgiving the COVID-19 era EIDL and PPP loans for military service members, veterans, and their spouses is not merely a financial decision—it is a matter of fairness and justice. Loan forgiveness will provide veterans with the opportunity to rebuild, reduce the psychological and financial burden they face, and empower them to thrive in civilian life. It will also ensure that veteran-owned businesses, which are an integral part of the American economy, can stay afloat and continue to create jobs and contribute to their communities.

The research underscores the importance of this action. The COVID-19 pandemic disproportionately impacted veteran entrepreneurs, and the current state of debt relief programs has failed to provide the long-term support they need. The Veteran Entrepreneurs Amid the COVID-19 Pandemic study and the SBA COVID-19 EIDL Financial Relief report both highlight the devastating effects of these loans on veteran-owned businesses, and it is clear that additional support is needed.

Key Points:

• Veteran-owned businesses were disproportionately affected by COVID-19 and subsequent shutdowns.
• While PPP and EIDL loans were meant to offer relief, many veteran entrepreneurs are now struggling under the weight of these loans.
• The financial hardships faced by veterans and military families are well-documented, and forgiving these loans would be a crucial step toward economic recovery for them.
• Loan forgiveness is not only a financial necessity but a moral imperative to support the veterans who have served our country.

We urge lawmakers, financial institutions, and government bodies to take immediate action to provide loan forgiveness for these military members, veterans, and their families. This is not just a matter of alleviating debt—it's about honoring the sacrifices these individuals have made and ensuring they have the financial freedom to rebuild their lives and businesses post-pandemic.

Please sign this petition to support our call for loan forgiveness for veterans and their families. Together, let's ensure that those who served us have the chance to recover and succeed.

Research Sources:

SBA COVID-19 EIDL Financial Relief: Policy Options and Considerations 

https://www.congress.gov/crs-product/R47509#_Toc184134811

Veteran Entrepreneurs Amid Covid-19 Pandemic – Preliminary Insights 

https://ivmf.syracuse.edu/2020/06/12/veteran-entrepreneurs-amid-covid-19-pandemic/

The Financial Well-Being of Military and Veteran Families in the United States Purdue Center for Regional Development Military Family Research Institute

https://www.mfri.purdue.edu/wp-content/uploads/2024/09/2024-Measuring-Communities-Spotlight-Report.pdf