Billionaire Mark Cuban on COVID-19 crisis: This is the time to care for employees, not stakeholders
LOS ANGELES - Billionaire entrepreneur and investor Mark Cuban has been very vocal regarding the delay in the stimulus package to help the nation's economy stay afloat amid the pandemic. Now that the stimulus package has passed, we hear what he thinks about the plan, how it affects small businesses, and we get some insight into what he's doing for the Dallas Mavericks organization.
When we asked Cuban about the stimulus package, he said, "Every day that went by, it got more and more desperate. We're seeing layoffs. We're seeing companies close. We needed to get that stimulus package done. There are people who have lost their jobs. They needed unemployment benefits. We need to get the $1,200 check into people's hands. So I'm glad it's done, but now we have to worry about the execution of it."
The U.S. Department of the Treasury is saying it could be 2-3 weeks before people get their checks.
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When asked about small businesses and what provisions were set up, Cuban explains the payroll protection program loans. He says if you have fewer than 500 employees, you can apply for a loan that will cover your payroll for employees making less than $100,000 a year. That loan should cover your rent, utilities, interest payments on mortgages and other debt. That loan should cover businesses for the last potentially 2 1/2 to 3 months.
Businesses can apply at their bank, and your bank is able to give the authorization so you don't have to go to the Small Business Administration and wait in line and deal with their forms.
"As long as you commit to not laying off or firing anyone, at the end of the term of the loan, you still have all those employees and you don't have to pay it back," Cuban tells FOX 11's Vanessa Borge.
Check out the full interview with Mark Cuban:
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As the owner of the Dallas Mavericks, Cuban is reimbursing his employees when they eat at local or independent restaurants.
A lot of big business owners can look to Cuban as an example. He was quick to pledge support for hourly workers at the Mavericks arena, and the organization launched a program to pay for the childcare of healthcare workers. He says this is the time to care for employees, not your stakeholders.
Cuban ends our interview by saying that America needs sports and we all need something to cheer for. Sports normalizes society, and while he can't predict when the NBA will be back, he says safety comes first and he'll do whatever is possible.