Billionaire Mark Cuban told us his plan to save America’s entrepreneurs now that the federal relief fund has run dry and the biggest disasters the government must fix immediately
- In less than 13 days, all $349 billion allocated for small business relief under the CARES Act were used up.
- But the funds barely scratch the surface of the 60 million employers and freelancers who were expected to apply.
- Mark Cuban told Business Insider that major changes need to be implemented to address the problems with the most recent package.
- Before the next round of funding, Cuban says businesses will need enough money to cover an extended re-opening period as well as an effective testing strategy that instills confidence in returning workers.
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Following a rocky rollout of the Payroll Protection loan program, all $349 billion of the funds allocated for small businesses in the $2 trillion CARES Act have been committed — and Mark Cuban says it’s too late to save many of America’s small businesses.
“I think we missed the window of opportunity to pay small businesses to keep their employees,” said the Dallas entrepreneur in an email with Business Insider.
With the limit now reached, the program is grinding to a halt as lenders no longer have a federal guarantee backing the loans and millions of applicants remain in need of …continued .
[Source: Business Insider]