Request for SBA Loan Forgiveness Due to Economic Hardship
Request for SBA Loan Forgiveness Due to Economic Hardship
The Issue
I am a sole breadwinner of my family, carrying the weight of their livelihood on my shoulders after the death of my father. My family and I are currently facing severe economic difficulties which have been exacerbated by an outstanding Small Business Administration (SBA) loan that we are unable to pay off.
The COVID-19 pandemic has hit small businesses hard, with 43% reporting that they have less than six months' worth of cash reserves left (source: U.S. Chamber of Commerce). Like many others, our business is struggling to survive in these challenging times.
We understand the importance and purpose behind SBA loans - they exist to help businesses grow and thrive. However, in situations like ours where repayment becomes impossible due to unforeseen circumstances, it is crucial that some form of relief be provided.
We urge the Small Business Administration and relevant authorities to consider our plea for loan forgiveness or at least a significant reduction in the amount owed. This act would not only save us from financial ruin but also allow us to focus on rebuilding our lives and business.
Please sign this petition if you believe in supporting families like ours who are struggling under overwhelming debt during these unprecedented times.
2
The Issue
I am a sole breadwinner of my family, carrying the weight of their livelihood on my shoulders after the death of my father. My family and I are currently facing severe economic difficulties which have been exacerbated by an outstanding Small Business Administration (SBA) loan that we are unable to pay off.
The COVID-19 pandemic has hit small businesses hard, with 43% reporting that they have less than six months' worth of cash reserves left (source: U.S. Chamber of Commerce). Like many others, our business is struggling to survive in these challenging times.
We understand the importance and purpose behind SBA loans - they exist to help businesses grow and thrive. However, in situations like ours where repayment becomes impossible due to unforeseen circumstances, it is crucial that some form of relief be provided.
We urge the Small Business Administration and relevant authorities to consider our plea for loan forgiveness or at least a significant reduction in the amount owed. This act would not only save us from financial ruin but also allow us to focus on rebuilding our lives and business.
Please sign this petition if you believe in supporting families like ours who are struggling under overwhelming debt during these unprecedented times.
2
Petition created on March 26, 2024