Ernst Questions Business Leaders on Impact of COVID19 Relief, Success of Paycheck Protection Program

WASHINGTON—At a Senate Committee on Small Business and Entrepreneurship hearing today examining COVID-19’s impact on small businesses, U.S. Senator Joni Ernst (R-IA) highlighted the success of the Paycheck Protection Program (PPP) in helping Iowa’s local employers keep employees on the payroll and the bills paid. Ernst also outlined the concerns she’s heard from some Iowa businesses about needing more than the PPP loan to survive COVID-19 and noted the importance of additional action to assist distressed small businesses. In addition, Ernst discussed the implications of the delayed response from both the Main Street Lending Program and the Economic Injury Disaster Loan (EIDL) Program, citing Iowa small business owners that submitted EIDL applications over two months ago but still haven’t heard anything back from the Small Business Administration (SBA).