Mark Cuban says PPP failed, calls for millions of contact tracers to be hired

Dallas Mavericks owner Mark CubanMark CubanNFL player said he'll get vaccinated if he can earn a profit from it Common sense rules can cure cryptocurrency's curse On The Money: Consumer prices jumped 5 percent annually in May | GOP senators say bipartisan group has infrastructure deal MORE on Monday called for a “transitional” federal jobs program to hire millions of out-of-work Americans as contact tracers, saying the Paycheck Protection Program (PPP) did not achieve its goals.

“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 Monday.

“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. We need to dent unemployment with stable jobs,” he added.

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The “Shark Tank” host also said the federal government should consider another round of direct stimulus payments to households, this time of $1,000 every two weeks. To drive an increase in demand, Cuban said, the money should come with the condition that it expires unless spent within 10 days of receipt.

Implementing such a program, Cuban tweeted, would cost approximately $500 billion, “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.”

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The first round of funding for the Paycheck Protection Program ran dry in April, prompting Congress to pass another round of funding, but millions in loans were later found to have gone to major businesses and chain restaurants, including Shake Shack, Ruth’s Chris Steak House and Sweetgreen. On Friday, the Justice Department reportedly subpoenaed several big banks over the loans.