Mark Cuban took to Twitter on Sunday to explain how he thinks the U.S. should handle the next round of stimulus checks to the American people. In the tweet thread, Cuban explained he believed the first round of stimulus, otherwise known as the PPP, had failed. He said it was a great plan, but the execution was complicated and ultimately didn’t work as well as people had hoped.
In its place, Cuban said he had an idea for a new kind of stimulus, though there would be some caveats to people who wanted a new round of funding. Cuban said the only thing that will save businesses is “consumer demand.”
He then said the best way to create that demand wasn’t just to send them one check for a couple of thousand dollars. Instead, the payments need to be spread out over a period of time, but people need to qualify for them.
Cuban suggested the government needed to find a way to get people stable jobs, but in the meantime, it should send every household in America $1,000 checks every two weeks for the next two months. The qualifier was to get access to the money; the people had to spend those checks within 10 days of receipt. If the checks aren’t spent in that time, they expire. The billionaire businessman dubbed the endeavor the “use it or lose it program.”
The philanthropist, who also owns the NBA’s Dallas Mavericks, estimated the entire program would cost the federal government about $500 billion. He added the cost would be offset because it would hopefully, “allow for demand for non essential products and services to increase… 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 admitted there was a lot of risk in his idea. He added risks needed to be taken to try and save the economy and businesses in the country. At the end of the tweet thread, he asked for his followers’ opinions and did receive feedback in short order.
One user posted a tweet suggesting the government also needed to make sure people weren’t spending the money on “vices” like drugs and alcohol. Other users asked a question Cuban didn’t address in his thread.
It’s not clear how the federal government would track what the funds were being used for once they received the check. Depositing or cashing the check would not, on its own, mean the money was “spent.”