I got a $96K EIDL loan during COVID. It was used to pay our rent, utilities, equipment payments, etc., during the shutdown. Here in NM we were shutdown for an extended period of time. The money was used. I will be paying $440 a month for the next 30 years. Yay.
We are part of some government programs that assist small businesses. It seems that, because we received this loan, we no long qualify for the assistance we were getting previously.
In summary...
The government overreacts to a “crisis” and nearly bankrupts my business. Their “help” is a loan I will be paying back for 30 years.
Because I was forced to take a loan I didn’t want, I am now no longer qualified to received assistance that would enable me to better payback that loan.
Genius.
I am sorry you got sucked into the EIDL loan. I read those terms at the time and walked away from it. Now with a recession/depression looming in front of us I cannot even fathom the stress you are feeling.