Dallas Mavericks owner Mark Cuban unveiled a new plan on Twitter to help the country recover from the economic impact of the coronavirus pandemic. Cuban explained that the Paycheck Protection Program (PPP), which was created to provide forgivable loans to small businesses, did not work. Instead, he suggested giving every American household $1,000 every two weeks for the next two months.
"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," Cuban tweeted.
The money will come with one catch: It must be spent within ten days.
"In addition, because this will take time, we need to consider an interim spending stimulus program. All 128m households could get a $1k check every 2 weeks for the next 2 months that MUST BE SPENT WITHIN 10 DAYS OF RECEIPT OR IT EXPIRES."
Cuban estimated that his plan would cost about $500 billion and would work better than the federal stimulus provided by the CARES Act.
"[I]t will allow for demand for non essential products and services to increase, hopefully keeping most businesses alive, as we learn what the impact of re-opening is on the spread and whether or not employment grows organically."
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