Shark Tank billionaire Mark Cuban suggests $1,000 stimulus checks every TWO WEEKS during pandemic
SHARK Tank billionaire Mark Cuban has suggested $1,000 stimulus checks be distributed every two weeks during the coronavirus pandemic.
Cuban, billionaire investor and owner of the NBA's Dallas Mavericks, wrote to Twitter on Sunday: “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.”
He explained himself in a series of tweets, adding: “We need to dent unemployment with stable jobs."
Cuban suggested a temporary spending stimulus program to give 128 million households a $1,000 check every two weeks for the next two months.
However, it would be mandatory that people use the money within 10 days.
He explained: "Cost about $500b, but it 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."
Cuban added: "It's time for trickle up economics. We need a transitional fed jobs program that trains and hires millions for a federal tracking/tracing/testing program as well as for support for at risk populations including long term care.
His advice comes as more than 90,000 people have died from coronavirus across the United States, with over 1.5million cases recorded.
There are currently 36.5million unemployed people in the US - an increase of 2.9million - with the rate rising to 14.7 per cent.
Earlier this month, Cuban slammed President Donald Trump and Congress, saying America's leaders "ain't doing s***" amid the coronavirus outbreak.
He added that Americans are “all confused” right now.
Cuban said: “There is not a single person in our federal government that we can trust with our lives. That is what this is all about isn't it? Who can we trust with our lives?”
The famed Shark Tank host recently said that small businesses would need “many more” stimulus packages to recover from the pandemic.
In April, Cuban said Trump’s positive outlook on the future of the economy was wrong.
Meanwhile, Federal Reserve chairman Jerome Powell has warned that the US economy may never fully recover if a coronavirus vaccine isn't found.
Powell, 67, said he wouldn't bet against the American economy - but added a vaccine is desperately needed.
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Last week, the House passed a $3trillion coronavirus relief bill that includes a new round of stimulus checks for Americans, but the Senate has yet to approve it.
The US House of Representatives passed the Democratic bill on Friday to help the coronavirus-stricken US economy.
According to White House sources, Donald Trump will soon sign off on a new round of coronavirus stimulus checks.
The so-called Heroes Act would provide nearly $1 trillion for states, cities and tribal governments to avert layoffs and additional $200billion in “hazard pay” for essential workers, according to a summary.
It will offer a fresh round of direct payments of $1,200 to individuals, increased to up to $6,000 per household, and launch a $175billion housing assistance fund to help pay rents and mortgages.