Mark Cuban: Small businesses 'freaking out" over lack of information on loans, coronavirus relief
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In order for the over $2 trillion financial stimulus bill to provide coronavirus relief to American workers and businesses, there needs to be more communication from banks and the rules may need amendments, businessman and billionaire Mark Cuban said Tuesday.
Appearing on "Fox & Friends" with host Brian Kilmeade, Cuban said that while the goal of the economic package was right, the execution has been "challenging."
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"I can't tell you how many small businesses I've spoken to that have gotten no response and no information. And so, while I think the money will there eventually, there's got to be better communication because there [are] a lot of companies freaking out," he explained.
In addition, Cuban also noted that "another set of problems" comes when a small company that took an investor who owns a big company may not even be eligible for benefits.
{{#rendered}} {{/rendered}}"And so, you've got a lot of small companies that are freaked out about their rent and paying their employees. And, we just need more information coming back, rather than just government officials saying: 'Don't panic. It'll be okay,'" he remarked, adding that some banks have "fallen down badly" by lacking critical communication with their clients.
Cuban also told Kilmeade that he was not criticizing the system, but pointing out frustration on behalf of the small businesses who are terrified and "don't have any certainty for [the] dates" they'll receive aid or have rents that are too high to pay if 75 percent of the money needs to be allocated to payroll and end up asking workers to go on unemployment.
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{{#rendered}} {{/rendered}}"You know, it's a difficult, difficult conversation and decision, but it's happening and it's unfortunate because the whole goal of the stimulus program was to keep people on the payrolls so we have more continuity," he continued.
"But again, you know, if enough businesses like the ones you're talking about with high rents in high rent areas speak up, call Larry Kudlow, call the Treasury Department, and say 'Look it can't be 25 percent in high rent price areas,' then it can be changed," Cuban concluded.