“There are problems for every business of all sizes. Small businesses still suffer the consequences because they live from month to month. I remember my first company was excited to be in business for a month, two months, three months, “said Cuban in a large interview with Yahoo Finance this week.
He added that when you have a “cataclysmic event” like the COVID-19 pandemic, small businesses should be aware of the “paycheck protection program” which is part of the emergency stimulus plan to help small companies to pay their employees during the crisis.
In short, companies with 500 or fewer employees can apply for the loan from an existing bank. According to a fact sheet posted on the Treasury website, the loan amounts will be canceled as long as the money is “used to cover salary costs and most mortgage interest, rent and utility costs during of the 8-week period following the granting of the loan. “And” employee and compensation levels are maintained. “
[Readmore:[Readmore:[Lirelasuite:[Readmore:How Small Businesses Can Get a CARES Loan Rebate]
“This is literally the best stimulus bill ever created for small businesses,” said Cuban, adding, “So if you are an entrepreneur, if you are a small business operator, you have to be aware and you should apply as soon as possible. “
Julia La Roche is a correspondent at Yahoo Finance. Follow her on Twitter.
Read the latest financial and business news from Yahoo Finance
Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and reddit.