Pay yourself FIRST

Both the Coronavirus and the ‘cure’ are breaking the back of America’s small business which is a very big deal.

Small business, as defined by the Small Business Administration (SBA), is a company with less than 500 employees. In 2020, there were over 30.2 million small businesses in America that are employing 58.9 million people. To put those numbers into greater perspective, nearly half of the total US workforce (47.5%) is employed by small businesses and many of these businesses are out of money, and out of time.

I get out every day, mostly in my car, and I’ve seen streets empty, storefronts darkened, and countless “Closed” signs dotting the landscape. Depressing. I’ve been making it a point to visit the restaurants and other small businesses; working to maintain relationships with the people that work there. We’re not close friends, but we look out for each other’s well-being. Conversations, where we used to joke and cajole, have been fraught with concerns such as, “how are you?”, “You ok?”  “Can you make it?”.   The shift in tone has given me both heart and stomach aches. I know what they’re up against, and I know many will not make it.  The thoughts begin to sink in; years of toil, hard work, ups and downs to start a business, run it while it serves its customers, pays taxes and provides a life for its employees, vendors, and owners.

Poof!

Gone, just like that.

According to the CBO, we the taxpayer, through our elected officials, have spent $2.7 T dollars in Iraq and Afghanistan since the onset of the Iraq War. If anyone knows what we’ve accomplished, please raise your hand.

USAID reports the following annual foreign aid for 2018. Assume it to be repeated yearly. Every single year:

This is a fraction of the total us foreign aid budget, which according to the same source, USAID, is $39.2 Billion per year. USAID states foreign aid is less than 1% of the total US budget, so, chill.

Well I, for one, am not “chillin”. I’ve watched our largesse, crony capitalism, hollow our nation’s core at the expense of our hardest-working citizens. I’m a small businessman and capitalist thru and thru. Now is the time to fend for our own, to protect what we hold true, and demand that pay ourselves first. We the taxpayer, the ones responsible for funding this great nation, need help. Not a handout. HELP.

The last 25 years have created historic and meteoric levels of wealth. Warren Buffet wisely asked many of the uber-wealthy to give the money away. Much of that money goes to the people of foreign countries. No problem, America has always lent a hand to those that need it. But, now, that need is here. That need comes from our friends and neighbors that are going out of business, having their capital depleted, and seeing all they’ve work to build destroyed.

How can they restart their business with little or no money?

I urge the creators & stewards of vast wealth to create a fund for small businesses so they can recapitalize and keep the business they have worked and toiled so hard to build. Banks cannot fill this role. They’re too regulated, and most of these loan requests won’t make it beyond the first line of defense; the loan officer. It’s not a criticism and there is no blame. Banks make loans only if they are confident, they’ll be repaid.

Mr. Buffett, Mr. Gates, Mr. Milliken et al:  Please use your enormous talents, wisdom, and wealth to spearhead the creation of a fund that can and will come to the aid of small businesses all over America. Offer low interest, partially forgivable loans to the backbone of America; small business. Do it now.

You’ve opened your hearts to share your wealth to the world. Now it’s time for you to do the same for your neighbors, the restaurant down the street, and the local hardware store.

It’s the right time, at the right place, for the right folks.