DOING
DOING WHAT YOU WOULD NORMALLY DO IF YOU HAD A BAD COLD.
>>> OUR STATE LEADERS AND
MEDICAL EXPERTS CONTINUE THEIR
WORK.
WORK.
WORK. WE
WORK. WE KNOW YOU WANT TO CONTINUE
YOUR WORK TO TRY AND FIND
NORMALCY.
NORMALCY.
NORMALCY. THE CORONAVIRUS IS FORCING
CHANGE IN OUR LIVES IN MANY
WAYS.
WAYS.
WAYS. THAT IS WHY WE ARE HERE
ANSWERING YOUR QUESTIONS,
TONIGHT.
TONIGHT.
TONIGHT. YOU WILL GET A CHANCE TO ASK
YOUR QUESTIONS.
YOUR QUESTIONS. YOU CAN TEXT THEM TO THIS
NUMBER, 21497761208.
NUMBER, 21497761208. PLEASE INCLUDE YOUR FIRST NAME
AND THE CITY YOU ARE MESSAGING
FROM.
FROM.
FROM. WE
FROM. WE WILL GET TO AS MANY WE CAN,
TONIGHT.
TONIGHT.
TONIGHT. IT HAS BEEN ESPECIALLY TOUGH
FOR EMPLOYERS, FOR THE NEXT 10
MINUTES WE WILL TALK TO EXPERTS
AND ANSWERING YOUR QUESTIONS
ABOUT THE IMPACT COVID-19 IS
HAVING ON BUSINESS AND THE
ECONOMY.
ECONOMY.
ECONOMY. >>> THE FIRST QUARTER OF THE
YEAR IS DONE AND SINCE THE
FINANCIAL CRISIS OF 2008, THIS
WAS THE WORST.
AS MARKET SURGED SMALL BUSINESS
OWNERS TRIED TO STEP UP.
>> OUR CUSTOMER ACCOUNTS HAVE
DRAMATICALLY DECLINED.
DRAMATICALLY DECLINED. >> HELP IS ON THE WAY.
>> IN THREE WEEKS WE WILL HAVE
DIRECT DEPOSIT INTO EVERYONE'S
ACCOUNT.
ACCOUNT.
ACCOUNT. >> AS AIRLINES PARK PLANES, THE
PRESIDENT LOOKS AT WHETHER OR
NOT HE NEEDS TO STOP DOMESTIC
FLIGHTS.
FLIGHTS.
FLIGHTS. WHEN WILL THE IMMENSE DOMESTIC
ECONOMY BOUNCE BACK?
>> OUR GUEST IS A FAMILIAR FACE.
HE HAS ONE OF THE BEST BUSINESS
MINDS IN AMERICA.
WELCOME, MARK CUBAN.
>> THANK YOU.
WE ARE ALSO GLAD TO WELCOME
CHARLES SCHWAB.
CHARLES SCHWAB. >> HELLO.
>> HELLO.
>> HELLO. >> THERE ARE DIFFERENT ECONOMIC
FORECASTS BEING ISSUED, SOME
SAY IT WILL BE A SLOW RECOVERY.
IS THERE ANYTHING ABOUT THE
TEXAS ECONOMY WHICH WILL HELP
IT REBOUND FASTER OR STRONGER?
MARK CUBAN, LET'S START WITH
YOU?
YOU?
YOU? >>
YOU? >> I
YOU? >> I THINK WE ARE WELL-
POSITIONED, THERE WILL BE A
STRONG REBOUND IN TEXAS WILL
LEAD THE WAY.
WE HAVE SO MANY BUSINESSES HERE,
WE HAVE A DYNAMIC ECONOMY, UP
UNTIL THIS POINT.
I MEAN IF YOU ARE GOING TO BE
IN ANY STATE OF THE UNION TEXAS
IS PROBABLY ONE OF THE BEST
POSITIONS.
POSITIONS. >> OF ALL THE INDUSTRIES
THREATENED BY THE CORONAVIRUS,
NONE HAVE AN IMPACT IT IS DEEPLY
OR IMMEDIATELY AS THE
HOSPITALITY INDUSTRY.
HOSPITALITY INDUSTRY. THE TEXAS RESTAURANT
ASSOCIATION SAID 1.4 MILLION
TEXANS WORK IN THIS INDUSTRY.
THERE IS MONEY IN THE STIMULUS
PACKAGE TO HELP RESTAURANTS,
BARS, AND HOTELS.
PHILIP, HOW WILL THIS WORK?
>> WELL, THE STIMULUS PACKAGE
INCLUDES A $300 BILLION GRANT
TO SMALL BUSINESS.
THE RESTAURANT BUSINESS
DEFINITELY FALLS IN THAT
CATEGORY.
CATEGORY.
CATEGORY. ROUGHLY 90% OF THESE HAVE FEWER
THAN 50 EMPLOYEES AND WILL
BENEFIT FROM THE STIMULUS.
IT WILL COME IN THE FORM OF
ZERO INTEREST LOANS PROVIDED BY
THE FEDERAL GOVERNMENT.
MANY OF THEM CAN BE FORGIVEN.
THE LOANS CAN THEN BE USED TO
BRIDGE THE LOSS OF INCOME IN
REVENUE, PATRONAGE IN
RESTAURANTS.
RESTAURANTS. THE CRUCIAL CAVEAT FOR MANY OF
THESE LOANS WILL BE THAT IT
WILL BE USED FOR MERRILY TO PAY
EMPLOYEE COMPENSATION.
EMPLOYEE COMPENSATION. IN THE RESTAURANT BUSINESS THAT
INCLUDES THE LOSS OF THE CASH
TIP INCOME.
TIP INCOME. COMPANIES CAN KEEP THEIR
EMPLOYEES ON PAYROLL FOR EIGHT
WEEKS OR SO, THAT IS WHAT WE
ARE ADVISING THAT THEY WILL BE
ELIGIBLE FOR MANY OF THE LOAN
FORGIVENESS.
FORGIVENESS. GUIDANCE HAS BEEN SAID THAT
MANY OF THE LOANS ARE MADE
AVAILABLE ULTIMATELY THROUGH
FDIC LINDEN FROM WHAT I
UNDERSTAND.
UNDERSTAND. >> THANK YOU, ELLA.
MANY BUSINESSES HAVE HAD TO
SHUT THEIR DOORS AND SOME
BUSINESSES ARE BOOMING.
ARE CUBAN, WHERE WOULD YOU TELL
PEOPLE TO GO AND LOOK FOR A
JOB?
JOB?
JOB? >>
JOB? >> CHECK YOUR NEIGHBORHOOD
FIRST, TO SEE WHAT BUSINESSES
ARE DOING WELL, IT IS CRAZY
WHICH ONES ARE AND WHICH ARE
NOT?
NOT?
NOT? IF
NOT? IF YOU ARE SELLING TOILET
PAPER, OR SELLING THINGS IN THE
COUNTRY THOSE ARE DOING WELL.
GROCERY STORES ARE DOING WELL.
WHAT I WOULD RECOMMEND TO
PEOPLE IS DO NOT LOOK FOR THE
PERFECT JOB, DON'T LOOK FOR THE
PERFECT CAREER, THINGS ARE
INVOLVED AND EVOLVING QUICKLY.
THERE IS CHANGE AND
UNCERTAINTY.
UNCERTAINTY. I WOULD GO GET INTO A JOB THAT
PRESENTS ITSELF AND BE A FREE
AGENT WHEN YOUR TIME COMES.
AGAIN THERE IS SO MUCH
UNCERTAINTY, THERE IS NO WAY
YOU ARE GOING TO GO OUT AND
FIND THE PERFECT JOB.
>> MARK, WHAT ADVICE WOULD YOU
HAVE FOR SMALL BUSINESSES HERE
IN TEXAS?
IN TEXAS?
IN TEXAS? >> I LIKE WHAT PHILIP SAID, THE
LOANS HE REFERS TO GO ONLINE AT
MIDNIGHT TONIGHT.
MIDNIGHT TONIGHT. FOR ANY SMALL BUSINESS OWNER GO
TO YOUR BANK WEBSITE, FILL OUT
THE FORM IMMEDIATELY AND THE
MINUTE IF YOU CAN APPLY ONLINE
WITH YOUR BANK DO THAT AT NIGHT
TONIGHT.
TONIGHT.
TONIGHT. IF YOU CANNOT, CALL THEM IN THE
MORNING AND HAVE YOUR FORM
FILLED OUT.
FILLED OUT. THE BEAUTIFUL THING ABOUT IT IS
AS LONG AS YOU HAVE UNDER 500
EMPLOYEES YOU ARE GOING TO BE
ELIGIBLE, I WHOLEHEARTEDLY
RECOMMEND THAT EVERY SINGLE
SMALL BUSINESS OWNER AND
ENTREPRENEUR OR EVEN
INDEPENDENT CONTRACTOR, IF YOU
WORK AS A CREATIVE CONTRACTOR,
GO AND APPLY.
THAT IS WHAT THIS IS DESIGNED
TO DO, AND TO PHILLIPS POINT,
IF YOU RETAIN YOUR EMPLOYEES
FOR EIGHT WEEKS YOU DO NOT HAVE
TO PAY IT BACK, YOU CAN KEEP
THAT MONEY.
THAT MONEY. IT IS A UNIQUE OPPORTUNITY YOU
HAVE TO TAKE ADVANTAGE OF IT.
>> ALL RIGHT, THANK YOU,
PHILIP, IN WHAT BUSINESS
SECTORS DO YOU ANTICIPATE THE
RETURN TO NORMAL WILL BE THE
FASTEST? WHAT WILL TAKE THE
LONGEST?
LONGEST?
LONGEST? >> THAT IS A QUESTION, I WOULD
LOVE TO HEAR MARK'S TAKE ON
THAT.
THAT.
THAT. >>
THAT. >> WE WILL FOLLOW UP WITH HIM.
>> PERSONALLY, I THINK COMPANIES
THAT ARE INVESTING IN VIRTUAL
TECHNOLOGIES AND WAYS TO
CONNECT PEOPLE VIRTUALLY, THAT
IS CERTAINLY AN AREA THAT I
THINK IS PROBABLY RIGHT NOW
GOING TO COME FULL FORCE AND
COMPANIES THAT HAVE BETTER
EMBRACED DIGITAL TECHNOLOGY FOR
EXAMPLE FILLING FORMS OUT
ONLINE AND DIGITAL SIGNATURE
APPLICATIONS THAT WE CAN DO ON
A MORE VIRTUAL BASIS I THINK
WILL BE VERY MUCH A FAST
GROWING INDUSTRY.
GROWING INDUSTRY. MANUFACTURING IS A QUESTION, IS
THERE GOING TO BE PENT UP
DEMAND ONCE PEOPLE ARE ABLE TO
GET OUT OF THEIR HOMES AND
ENGAGE IN SOCIETY?
CONSTRUCTION PERHAPS, IF YOU
THINK ABOUT CONSTRUCTION AND
GOVERNMENT INFRASTRUCTURE, THEY
ARE GOING TO FOCUS A LOT OF
PROGRAMS ON GETTING THE ECONOMY
BACK THAT WAY AND PERHAPS THAT
WOULD BE AN AREA THAT IS
QUICKLY TURNING AROUND.
>> MARK, HOW ABOUT YOU?
WHAT DO YOU SEE?
>> YOU KNOW, I DON'T KNOW, AND
I DON'T KNOW WHAT IS ARE GOING
TO BE THE BEST, BUT WHAT I DO
KNOW IS THAT THERE ARE UNIQUE
BUSINESSES CREATED AND A LOT OF
THIS WILL COME FROM TEXAS.
YOU KNOW WHEN WE GET THROUGH
THIS, THE PAST WAS AMERICA 1.0,
WE ARE GOING TO A HORRIBLE
RESET AND WE WILL EVOLVE ON THE
OTHER SIDE INTO AMERICA 2.0.
WILL BE UNIQUE ENTREPRENEURS
THAT CREATE COMPANY SO THAT
FIVE OR 10 YEARS NOW WE WILL
LOOK BACK AND SAY THESE 15
COMPANIES WERE CREATED TO
CHANGE THE WORLD.
IF YOU ARE AN ENTREPRENEUR OR
YOU HAVE AN IDEA OR VISION FOR
WHAT IT WILL BE LIKE AFTER THIS
RESET, GO OUT AND START THE
COUNTRY COMPANY.
COUNTRY COMPANY. THERE WILL BE AMAZING COMPANIES
THAT COME OUT OF THIS AND THERE
IS NO REASON IT CANNOT BE YOU.
>> WHAT ENCOURAGING WORDS, IT
IS GREAT TO HEAR THAT.
ANOTHER INDUSTRY THAT WAS HIT
HARD EARLY WAS AIRLINES AND
EMPLOYEES.
EMPLOYEES. WHAT ARE THEY FACING, PHILIP?
>> OBVIOUSLY IT IS GOING TO BE
TOUGH, I WOULD PUT IT IN THE
SAME INDUSTRY AS SERVICE AND
OBVIOUSLY FLIGHTS ARE GOING WAY
DOWN, INTERNATIONAL FLIGHT
WHICH IS A LUCRATIVE PART OF
THE L1 BUSINESS IS VIRTUALLY
GOING TO NOTHING FOR A WHILE.
I THINK THE IMPACT WILL BE
SIMILAR.
SIMILAR.
SIMILAR. I THINK IF YOU THINK ABOUT
AMERICAN AIRLINES AND SOUTHWEST
HERE LOCALLY, THE STIMULUS ACT
IS ACTUALLY PROVIDING $25
MILLION TO HELP THE AIRLINES
BUT, AGAIN A LOT OF STIPULATION
IS ON PAYING THE EMPLOYEES
COMPENSATION.
COMPENSATION. YOU KNOW, I HAVE ALSO HEARD THAT
THE AMERICAN AIRLINES FOR
EXAMPLE, AND OTHER AIRLINES ARE
REPURPOSED IN SIDELINE PLACE TO
HELP AND SUPPLIES FROM OTHER
COUNTRIES, SO THEY CAN DO
DIFFERENT THINGS AND REPURPOSE
THEIR FLEET, DURING THIS
PANDEMIC.
PANDEMIC.
PANDEMIC. I BELIEVE IT IS GOING TO BE
TOUGH, BUT I DO THINK THE
STRONG SURVIVE.
STRONG SURVIVE. >> ALL RIGHT, THANK YOU, WE
HAVE HAD VIEWERS TEXTING IN
QUESTIONS, LET'S GO TO DAVID,
HE HAS THE QUESTIONS.
>> THIS QUESTION IS FOR MARK,
THE INDUSTRY IS CHANGING
SIGNIFICANTLY. DO YOU HAVE
ADVICE FOR THOSE WHO ARE DOING
GIG WORK?
GIG WORK?
GIG WORK? >> YOU WANT TO APPLY FOR THE
PAYROLL DETECTION PROGRAM.
SECONDLY, THERE ARE
ORGANIZATIONS THAT ARE SETTING
UP WORK FROM HOME, THERE IS AN
APP CALLED DAVE, AND I AM
AFFILIATED WITH THEM, THEY HAVE
WORK FROM HOME PROGRAMS AS
WELL.
WELL.
WELL. YOU
WELL. YOU ARE GOING TO GO THROUGH A
TOUGH PERIOD OF TIME, WHERE YOU
ARE GOING TO HAVE TO LEAN ON
THE GOVERNMENT A LITTLE BIT,
AND THEY WILL BE THERE TO HELP
YOU OUT, THE STATE OF TEXAS
WILL ALSO BE THERE TO HELP GET
WORKERS.
WORKERS.
WORKERS. AS WE START TO COME OUT OF
THIS, I THINK PHILIP MENTIONED
EARLIER, PEOPLE ARE GOING TO
WANT TO COME OUT OF THEIR
HOMES, PEOPLE FEEL COOPED UP.
I THINK YOU WILL SEE A
RESURGENT WITH THIS ECONOMY.
YOU HAVE TO BE RESILIENT, YOU
HAVE TO BE AGILE AND YOU HAVE
TO BE READY TO JUMP RIGHT BACK
INTO IT, THE MINUTE THINGS OPEN
UP.
UP.
UP. >>
UP. >> THANK YOU, PHILIP, TEEPLE
HAVE TALKED ABOUT 401(K)S AND
STOCKS.
STOCKS.
STOCKS. WE HAVE NOT GOTTEN INTO THAT,
BUT STUCK PRICES ARE LOW.
SHOULD PEOPLE BE MAKING MOVES
IN THEIR 401(K)?
>> IT ALL DEPENDS ON YOUR
SITUATION, CERTAINLY IF YOU ARE
IN A POSITION WHERE YOU HAVE
LOST YOUR JOB AND YOU DO NOT
HAVE INCOME TO SUPPORT YOUR
FAMILY, YOU NEED TO DO WHATEVER
IS NECESSARY TO GENERATE CASH
TO PAY YOUR ESSENTIAL BILLS AND
HOUSING.
HOUSING.
HOUSING. UTILITIES OR THINGS LIKE THAT.
SO IF YOU ARE IN A POSITION
WHERE YOU ARE STILL WORKING, OR
YOU HAVE THE MEANS TO YOU KNOW
LAST FOR A WHILE, I THINK IT IS
A GOOD TIME TO REASSESS YOUR
RISK AND CERTAINLY OUR
RECOMMENDATIONS OR STRATEGIES
THAT YOU PUT IN PLACE, IF THEY
ARE WELL DIVERSIFIED AND YOU
HAVE A GOOD AMOUNT OF STOCKS
AND BONDS AND MUTUAL FUNDS,
THEY WILL DIVERSIFIED PORTFOLIO,
THE RIGHT MOVE MAY BE TO HANG
IN THERE AND RIDE THIS OUT.
AGAIN, IT IS UNIQUE TO PEOPLE'S
SITUATIONS AND IT REALLY
DEPENDS ON WHERE YOU ARE IN
TERMS OF YOUR ABILITY TO ACHE
THE ESSENTIAL EXPENSES ON