Speaking with CNBC on Tuesday, “Shark Tank” castmember Kevin O’Leary suggested that the federal government should not provide any further pandemic stimulus for businesses. Instead, he said that businesses should be left to fail if market forces lead them to fail.

“As a result of the pandemic and people’s changes in purchase behavior, there is a new America emerging and the only way to feel that out is let the market do it,” O’Leary said in an interview on “Squawk Box.” “I don’t want another $2 trillion poured into the economy and having politicians decide who the winners and losers are.”

O’Leary explained that he initially supported the stimulus payments for businesses established by the $2.2 trillion CARES Act. Now, he says that it is apparent to him that some businesses are simply doomed to fail and should not continue to be kept alive by taxpayer dollars.

“I made sure that almost 80% of my companies went through the process of getting these loans, but I know now — and it’s a reality — that they’re all not going to make it,” O’Leary explained. “Why do I want to pour government money, my money as a taxpayer, into businesses that are not going to survive? And the only way to do that is to let ‘Mr. Market’ do its work.”

With several aspects of the CARES Act set to expire in a matter of days, lawmakers are discussing extensions for COVID-19 financial relief measures.

Roughly 40 states have been experiencing considerable resurgences of coronavirus cases, indicating that the economic hardships inflicted by the pandemic are not subsiding anytime soon.

Shark Tank Cast
From left: Daymond John, Barbara Corcoran, Mark Cuban, Kevin O’Leary, Lori Greiner and Robert Herjavec on ABC’s “Shark Tank.” ABC/Patrick Ecclesine
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