Billionaire entrepreneur Mark Cuban, the owner of the Dallas Mavericks and investor on the hit TV show “Shark Tank,” is encouraging small businesses to apply for the $349 billion in forgivable loans as part of the CARES Act, calling it “literally the best stimulus bill ever for small businesses.”
“There are issues for every company of every size. The small business always takes the brunt of it because they live month-to-month. I remember my first company just being excited I was in business one month, two months, three months,” Cuban said in a wide-ranging interview with Yahoo Finance this week.
He added when you have a “cataclysmic event” like the COVID-19 pandemic, small businesses need to be aware of the “Paycheck Protection Program,” which is part of the emergency stimulus package to help small businesses pay employees during the crisis.
In sum, businesses with 500 or fewer employees can apply for the loan through an existing bank. According to a fact sheet posted on the Treasury’s website, the loan amounts will be forgiven as long as the money is “used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8 week period after the loan is made” and “employee and compensation levels are maintained.”
[Read more: How small businesses can get CARES loan forgiveness]
“It is literally the best stimulus bill ever for small businesses,” Cuban said, adding, “So, if you are an entrepreneur, if you’re a small business operator, you need to be cognizant and you need to apply ASAP.”
Julia La Roche is a Correspondent at Yahoo Finance. Follow her on Twitter.