MASON CITY, Iowa - The Mason City Area Chamber of Commerce hosted Iowa Senator Joni Ernst for an online conference call with small business owners, economic leaders, and bankers. The topic on everyone's minds was the Payroll Protection Program.
In just two weeks, the program was drained of $350 billion, leaving many businesses without relief.
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If the new bill passes, it would offer up an additional $310 billion for PPP. Local banks are expressing frustration about the program, especially the 10-day lending rule and how loan forgiveness will work.
Senator Ernst explained the process might be a little rough because the feds worked quickly to put the program together.
"We pushed the package out so quickly for SBA and treasury and to get all of those rules written, it wasn't completely ironed out before those programs were put into place," said Senator Ernst.
The funding okayed by the U.S. Senate on Tuesday afternoon also provides another $60 billion in disaster recovery loans and other small business relief.