While Other Billionaires Hoard Their Wealth, Mark Cuban Is Helping Small Businesses
Mark Cuban is coming to the aid of small businesses during the coronavirus pandemic. Some estimates show that half of U.S. small businesses plan to close their doors in six months. | Image: Katharine Lotze / GETTY IMAGES NORTH AMERICA / AFP
- Mark Cuban is taking the time to assist small business owners who are struggling because of the pandemic.
- Cuban himself is handling queries on Twitter.
- Other billionaires like Jeff Bezos and Elon Musk are busy growing their empires.
The COVID-19 pandemic has been a bane to many but a boon to a few.
The world’s wealthiest people, including Jeff Bezos, Elon Musk, and former CEO Microsoft Steve Ballmer, have seen their wealth balloon during the crisis. CNBC reports that in April, as the U.S. economy ground to a halt, billionaires in the country saw their wealth surge by over $406 billion .
Meanwhile, the average Joe is waiting for government aid as unemployment rose to 23.1 million in April .
The good news is that there are people at the top who still care for Americans struggling at the bottom of the food chain.
Mark Cuban Fights for the Survival of America’s Economy
As Jeff Bezos grows his e-commerce empire and Elon Musk fights to reopen Tesla’s Fremont facility, Mark Cuban is trying to keep the lifeblood of the U.S. economy alive.
In a viral tweet, the Dallas Mavericks owner says small business owners who qualify for the Paycheck Protection Program (PPP) should get in touch with him immediately. Cuban says that the program still offers more than $100 billion worth of loans, and he wants to connect qualified small business owners with banks.
Cuban is serious about helping individual entrepreneurs. Scouring the responses to his tweet, the “Shark Tank” star is personally handling numerous queries.
Small businesses are the engine that drives the U.S. economy. They drive job growth, innovation, and competitiveness. Small businesses account for 44% of the country’s economic activity .
Cuban Is Right: Loans Are Not Enough to Revive the U.S. Economy
Getting small businesses up and running seems to be only the first step in Mark Cuban’s master plan. The billionaire investor says it’s time for the government to consider a “trickle up” economy :
No amount of loans to businesses will save them if their customers aren’t buying.
Cuban is right on the money. Without vibrant consumer spending, which represents around 70% of U.S. gross domestic product , businesses would eventually close.
The serial entrepreneur proposes a massive federal tracking and testing program to employ laid-off Americans and stimulate the economy.
While the plan sounds feasible, there’s no indication that the White House will pursue such a program.
Mark Cuban seems to be fighting to keep the American dream alive. It would be great if other billionaires would join the struggle rather than merely looking after their empires.
Disclaimer: The opinions expressed in this article do not necessarily reflect the views of CCN.com.
