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After noting the “new abnormal” for businesses amid the coronavirus outbreak, entrepreneur Mark Cuban on Wednesday praised President Trump’s move to compile feedback from industry leaders on ways to reopen the economy.

“Getting the feedback from the industry counsel he’s put together is going to be very valuable for him. I think it’s a smart move,” the Dallas Mavericks owner told “America’s Newsroom.”

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Cuban also said that businesses “really don’t know what to expect on the other side” and that there will be a new “abnormal" for how businesses function and spend money.

“Just getting feedback from everybody and getting their insights and what they’re going to do with their businesses -- what I’m going to do with my businesses -- I think is going to be so useful and so beneficial."

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Cuban’s comments came after Trump announced Tuesday that dozens of executives, scholars and experts will form "Great American Economic Revival Industry Groups" to help the U.S. economy recover from the coronavirus outbreak.

Trump has tapped people from agriculture, sports, banking, restaurant, and several other industries.

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Cuban said that he has “absolute confidence” that the economy will go back to “where we were.” Cuban said that there will be challenges for a business to open.

“I don’t think people are just going to go back in and say ‘you know what, on February 1st, this was my budget, I’m just going to spend it on June 1st’. I don’t see that happening. But that doesn’t mean the economy can’t be great, doesn’t mean the economy can’t take off. It’s just a question of when," he said.

Fox News contributed to this report.