Pittsburgh native Mark Cuban told KDKA Radio he's worried millions of small businesses and startups could be forced out of business during the coronavirus pandemic.
"There's two sides to the coin. I've got some companies right now that are doing really well. If you sell consumer products that people want to keep in their homes, you're doing well. If you sell food products that are sold through grocery stores, most likely you're doing well. If you sell cleaning products, most likely you're doing well. Even bicycles. I've got a bike company and they're doing really well because parents are looking for ways to get excercise with their kids," he said.
"They are some companies that will do well and coninue to do well as a result of this and then obviously, restaurant, service and entertainment are just getting destroyed.
"The worst part is the uncertainty. The Paycheck Protection Program (PPP) is great in concept, but the execution hasn't quite been there yet. The banks have really struggled trying to process applications and they've also struggled communicating with small businesses and letting them know the status of their applications, which has made it even worse."
According to the U.S. Small Business Administration website, the PPP "is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll."
Employers would not have to pay back the loan if they keep all employees on their payroll for eight weeks. The money must be used for payroll, rent, mortgage interest or utilities.
Cuban said that he will continue to pay his employees amid the business closures of the COVID-19 pandemic.
“I’ll keep on paying and I’m doing it for not just for the Mavs, but other companies as well,” he said. “It’s just the right thing to do.
“As much as we can nitpick and say negative things about people or plans, we’re all in this together and we’ve got to find the positive and we’ve got to work towards getting things back on course. It doesn’t matter what our politicians say. It doesn’t matter what our government does when it’s all said and done, it matters what we do. And that’s the cool thing about Pittsburgh; we bust our ass every minute of every day.”