Billionaire entrepreneur Mark Cuban said Friday that small businesses should apply to multiple banks in order to boost their chances of receiving a loan through the Paycheck Protection Program.
“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,” he said on CNBC’s “Squawk Box.” “There’s no rules against having multiple applications. You just can’t take multiple loans.”
He’s also been critical of the roll-out of the Paycheck Protection Program, warning that some banks were leaving small businesses “out in the cold.”
Cuban, the 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.
