‘Shark Tank’ Star Backtracks Stimulus Check Support, Here's Who He Thinks Shouldn’t Get Paid

It only took two presidents and about as many months for "Shark Tank" executive producer Kevin O’Leary to reversed course on the distribution of stimulus checks, saying he no longer thinks everyone should get a new cash infusion.

Lawmakers last week passed a budgetary measure that clears the way for many of the items in President Joe Biden’s proposed $1.9 trillion stimulus package. That measure would send $1,400 to individual taxpayers, though there could be stricter limits for wealthier families in the third round of checks.

Speaking to Yahoo Finance, O’Leary, the executive producer of the business reality TV show "Shark Tank" and the chairman of O’Shares ETF, said there should be limits on who gets assistance.

“I don't know why we're sending checks to people that are already employed. That makes no sense to me,” he said. “The deal should be this. If you are displaced by the pandemic, we will send you a check, because you're unemployed.”

That’s contrary to comments he made in December, when lawmakers were debating the size of the second round of stimulus payments. O’Leary said excluding some people from getting another round of stimulus would be a mistake. He also urged lawmakers to extend unemployment benefits until 2022.

In late December, Congress passed a stimulus bill that backed state unemployment insurance payments with an extra $300 per week through March 14. Individual taxpayers received a direct payment of $600. The CARES Act, a $2.2 trillion bill passed in March, had double the amount of those benefits but expired in June.

Known affectionately but somewhat sarcastically as "Mr. Wonderful" for his wheeling-and-dealing ways on the show, O'Leary had some hard doses of reality for some industries struggling during the pandemic.

As for what parts of the economy should get a lift, O’Leary said to leave out the airlines. By his estimate, business spending will stay low for the foreseeable future in part because video conferencing means people aren’t going to “waste their time and money flying around.”

On restaurants, they should be spared from any direct relief too. However, he said workers should not be laid off because of social-distancing restrictions.

“Restaurants grow like mushrooms as soon as we've got this pandemic under control,” he said. “So a better way to spend on restaurants would be to spend more money on the logistics of getting the vaccine out.”

Just over 27 million people in the country have contracted COVID-19 and more than 460,000 people have died due to complications from the disease, according to Johns Hopkins University.

On the job front, the U.S. Labor Department on Friday reported first-time claims for unemployment at 779,000 for the week ending Jan. 30. Only 201,000 new claims were issued for the same period last year.