Mark Cuban Urges Government to Act Swiftly After PPP Execution That ‘Didn’t Work’
Billionaire businessman Mark Cuban is expressing deep concern about the federal government’s economic response amid the coronavirus outbreak. On Monday morning, the Dallas Mavericks owner took to Twitter to share his…
Billionaire businessman Mark Cuban is expressing deep concern about the federal government’s economic response amid the Coronavirus Outbreak.
On Monday morning, the Dallas Mavericks owner took to Twitter to share his opinion on the Paycheck Protection Program (PPP), and suggested that it missed the mark.
According to Cuban, the federal government should broaden its focus to consider the importance of consumer demand in order to save businesses.
If consumers are unable to make purchases to stimulate the economy, Cuban argues loans will serve very little purpose for businesses.
“It’s time to face the fact that PPP didn’t work. Great plan, difficult execution. No one’s fault,” Cuban tweeted Monday. “The only thing that will save businesses is consumer demand. No amount of loans to businesses will save them or jobs if their customers aren’t buying.”
He added, “It’s time for trickle-up economics. We need a transitional fed jobs program that trains and hires millions for a federal tracking/tracing/testing program as well as for support for at-risk populations including long term care. We need to dent unemployment with stable jobs.”
Cuban, who also serves on the White House’s Opening Up America Again advisory board, is also urging the federal government to consider another round of stimulus payments.
The “Shark Tank” host is proposing the idea of bi-weekly stimulus payments of $1,000 per household, which would cost the federal government approximately $500 billion.