KNX EXCLUSIVE: Mark Cuban Owner of Dallas Mavericks Talks about Economic Stimulus Help and NBA Amid COVID-19

Ameera Butt
May 18, 2020 - 4:11 pm

The federal government has spent over $4 trillion in economic stimulus to try to keep the country afloat, including its citizens and businesses.

In spite of that money, at least 35 million people have lost their jobs over the last two months.

Mark Cuban, owner of the NBA's Dallas Mavericks, co-owner of 2929 Entertainment, chairman of AXS TV & co-host of "Shark Tank" on ABC,  joined KNX 1070 News In-Depth Monday afternoon to discuss the unemployment, the federal government's plan of giving out economic stimulus to families and businesses, sports and a plan on how to create greater demand in the economy.

He argues there is a much smarter way to prop up the economy.

One of the programs he wanted to talk about was the PPP program, or the Paycheck Protection Program,  a loan program from the federal government that allows smaller businesses to keep their employees on the payroll.

He said "in theory the program was great."

"The problem was it didn't get funded quickly enough," Cuban said. He said businesses still can't open and those that have are limited in capacity and limited in demand adding now the focus should be "generating demand."

On his Twitter feed in May he wrote "It's time to face the fact that PPP didn't work. Great plan, difficult execution. No one's fault. The only thing that will save businesses is consumer demand. No amount of loans to businesses will save them or jobs if their customers aren't buying."

LISTEN TO KNX IN-DEPTH

How do you generate the demand?

He said he suggested the 129 million families in this country should be given $1,000 every two weeks for the next two months with the stipulation they spend it in 10 days or they lose the money. He said everybody would get the money.

"The whole goal is to get that $128 billion every two weeks into the economy," Cuban said. He said consumers could spend money on "whatever they want," an iPad, rent, a toy for a kid or whatever someone deems necessary.

"What we are looking to do is create a bridge from where we are to hopefully a point that demand becomes authentic and organic," Cuban said.

What about sports?

Cuban said the most realistic scenario for playing and seeing sports is "when it's safe, we will be able to play again." 

He said as soon as players can be tested and know that they are safe and they can play a game in an environment that doesn't have fans, "then we will do it."

Cuban said hopefully starting next season for the NBA around Christmas Day.

LISTEN TO KNX IN-DEPTH