After penning an open letter to the federal government and publishing it on The Federalist, Houston Loper, owner of HL Catering in Raleigh, N.C., spoke with Dan Proft and Amy Jacobson of AM 560 The Answer about his suggestions to lawmakers regarding their plans for economic stimulus and recovery.
Loper said that the multiple payments to individuals and small business loans won’t have the impact that taking other actions could.
“These things are not going to help small businesses,” said Loper.
Houston Loper
Loper said keeping his team of seven full-time employees, as well as his part-time staff together is the only option for HL Catering.
“We don’t see another way- if we don’t keep our teams intact. My name may be on the business, but it’s the people within that keep it going, and they’re hurting. To think about closing down and trying to restart 3-4-5 months later, that’s a horrible decision,” Loper said. “You can’t recreate it.”
Instead of sending business owners to the Small Business Association and making them wait for decisions, when the wait might mean that they no longer exist as an entity by the time the decision is made, Loper suggests using the money that business owners have already paid – payroll taxes and unemployment insurance, to give it to employees who have been let go, instead of sending money all over the United States.
He also suggests releasing funding to cover several months of fixed expenses, like rent, insurance, loan payments and other costs, be released immediately for small businesses, in the form of 20- to 30-year loans, at low interest rates.
In the letter published on The Federalist, Loper makes these points:
- The goal should be to keep as many people employed and businesses running as possible;
- Not everyone is being let go, and therefore, not everyone needs this relief at the moment;