Scott Mlyn | CNBC
Investor Kevin O’Leary knows firsthand the challenges entrepreneurs on Main Street are facing during the coronavirus pandemic. Many are struggling to survive to economic shutdowns and the rapid shift to the digital economy.
“Twenty percent of the small private companies in my portfolio are going to fail,” he said on CNBC’s Halftime Report. “They’re going to zero. They are restaurants. They are in sports and entertainment … I don’t want to support them anymore, and I don’t think the government should either.”
He is referring to the Paycheck Protection Program authorized under the CARES Act launched this year to help small business owners meet payroll and keep their businesses afloat during the health crisis. The application process ended on Aug. 8. To date, PPP has provided 5.2 million loans worth $525 billion to American small businesses supporting more than 51 million jobs. Currently, talks