Restaurant owner defaults on $457,000 pandemic loan as EIDL crisis deepens
Restaurant owner Jai Mazumdar borrowed $457,000 in federal pandemic loans starting in 2021 to keep his Miami eatery afloat. Now, five years later, his business has not recovered and monthly payments of $1,900 threaten his personal finances. EIDL defaults have surged to over 30 percent, with $75.2 billion in charged-off loans.
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Summary by OZbrief Editorial · The Guardian Australia · Source
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Published 16 Oct 2026, 13:00 UTC · Updated 16 Oct 2026, 13:30 UTC
Summary by OZbrief Editorial. Original report: The Guardian Australia. Editorial policy · Corrections
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