Gastonia Times

With Congress mapping out what comes next for COVID-19 financial relief for businesses, a Gastonia mall manager hopes it will include aid for the commercial real estate industry.

“I don’t know what capital large real estate companies have access to; I would not cherry-pick as to who receives assistance,” Steve Stout, general manager of the Eastridge Mall, told the Gastonia Times. “You have to be fair all the way across the board.”

Shopping centers are among the commercial real estate ventures particularly hard hit by the mandated closures and stay-at-home orders enacted in the wake of the coronavirus pandemic.

“I don’t think there’s any good for any company to fail. On an all-too-frequent basis in brick-and-mortar retail, another company is filing for bankruptcy,” Stout said. “Some are Chapter 11, they’re reorganizing. But others are Chapter 7 and they have to liquidate, and no one should go out of business.” It doesn’t make sense that small ones are saved and large ones fail – you save both of them.”

Altogether, the 65 stores at the Eastridge Mall employ about 700 people, plus another 20 in mall operations, Stout said.

“I don’t think we should not give help to any single industry, agriculture needs it, real estate – whether or not it’s small business – they should get help and have access to help, like any other industry,” he said

U.S. Rep. Patrick McHenry ( R-N.C.) has long demonstrated integrity in working for his constituents, Stout said.

McHenry is the ranking minority member of the House Financial Services Committee and has been working to address the needs of business owners in the next coronavirus-related stimulus package.

“I have always known him to be receptive and supportive of business and industry in our area,” Stout said.

At a June 29 meeting with policymakers, McHenry spoke about the progress of initial CARES (Coronavirus Aid, Relief, and Economic Security) Act funding, while acknowledging much work needs to be done.

“They need to continue to be pro-business, it’s pretty simple, and have a laissez-faire attitude to government as it applies to business; they do not need to micromanage,” Stout said. “The less government is involved, the better off we are, but they also need to be there when help is needed.”