Owner Mark Cuban of the Dallas Mavericks reacts prior to the game against the Philadelphia 76ers at the Wells Fargo Center on December 20, 2019 in Philadelphia, Pennsylvania.
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Small businesses should apply to multiple banks in order to boost their chances of receiving a loan through the Paycheck Protection Program, “Shark Tank” investor Mark Cuban told CNBC on Friday.
“If you’re a small business and you happen to bank at a big bank, it’s OK to go find a small community bank and apply there as well,” the billionaire entrepreneur said on “Squawk Box.” ”There’s no rules against having multiple applications. You just can’t take multiple loans.”
Cuban previously been critical of the roll out of the Paycheck Protection Program, warning that some banks were leaving small businesses “out in the cold.”
The program, established in March as part of the government’s $2.2 trillion coronavirus aid package, has seen overwhelming demand and many small businesses have said they’ve been unable to receive funds.
The initial $349 billion allocated for the program was used up, but Congress has since approved an extra $310 billion.
Always-outspoken Cuban has been particularly vocal during the coronavirus crisis, arguing that workers must be a priority in government relief efforts. Cuban, through “Shark Tank,” owns parts of many small businesses.
Cuban, also owner of the NBA’s Dallas Mavericks, is a member of President Donald Trump’s advisory council on how to help the U.S. economy recover from the pandemic-related shutdowns.
— Disclosure: CNBC owns the exclusive off-network cable rights to “Shark Tank,” on which Mark Cuban is a co-host.