WATCH: Dave Portnoy starts ‘Barstool Fund’ to help small businesses during COVID lockdowns

Portnoy started by discussing the plight of small businesses being forcefully shut down by the government as part of their strategies to manage the coronavirus pandemic. He insisted that nobody in the government seems to care about their survival. Small businesses are getting "no plan, no relief, no bailout," Portnoy alleged.

"We're going to donate half a million dollars and we'll come up with a plan... The Barstool Fund," Portnoy announced.

"To qualify for money from us, you have to still be paying your employees, your payroll has to be on, alright. So that's rule one," Portnoy clarified.

"After that, it's what do you need money for? How much do you need to get through the next month? Is it rent relief? Tax relief? What can we do to make sure you stay in business until this pandemic is over."

He encouraged struggling businesses to email the fund, although admitted that the fund will "clearly not have enough to help all of them."

Portnoy said that they will continue handing out such support each month until the pandemic is over once a business enters the program. He said that even if he couldn't raise the money, he would use his own money. Portnoy is a multimillionaire who's net worth has been estimated at $120 million.

Portnoy's announcement comes two days after an appearance on Tucker Carlson Tonight, where he alluded to his then-upcoming initiative to raise money to help small businesses. He also took the time on Carlson's program to blast politicians who have crippled the fortunes of small businesses during the pandemic, particularly New York Governor Andrew Cuomo.

"Hopefully, we can save as many small businesses as humanly possible," Portnoy said. "I wish we could help them all."