For almost 20 years, Jai Mazumdar has served vegetarian curries, samosas, gulab jamun and other Indian delicacies at Spice N Curry, a cafe and grocery nestled inside a modest strip mall near Florida International University (FIU) in Miami. When the Covid-19 pandemic devastated his business, as it did with so many restaurants, Mazumdar took out a $370,000 economic injury disaster loan (EIDL) from the federal government in early 2021.
At the time, it provided a desperately needed lifeline. He was confident that once business returned to normal he could begin repaying the 30-year loan, which came with a low 3.75% interest rate and a 30-month deferment period. But when his business didn’t recover, the disaster loan turned out to be a disaster of its own.
