This week, U.S. Senator Joni Ernst (R-Iowa), a member of the Small Business Committee, supported a bipartisan extension of the Paycheck Protection Program (PPP), giving Iowa small businesses the opportunity to continue utilizing the program.
“The Paycheck Protection Program has been a critical lifeline for Iowa’s small businesses throughout this pandemic. As a senior member of the Senate Small Businesses Committee and champion of our local employers across the state, I believe it’s important we extend this program, allow more folks to get access to support, and continue to fix some of the ongoing issues within the PPP. This bipartisan bill will help us do that,” said Senator Ernst.
In addition, this week, Ernst pressed officials from the Small Business Administration (SBA) on the implementation of federal COVID-19 relief programs at a Small Business Committee hearing.
PPP Hold Codes
Ernst stated that she had heard from Iowans who are eligible for a second round of PPP, but have been unable to receive funds because of hold codes placed against their loan, and asked what steps SBA is taking to resolve these hold codes.
Shuttered Venue Operating Grant
Ernst reiterated other members’ calls for a smoother roll-out of the Shuttered Venue Operating Grant program than there was for the PPP.
PPP Loan Forgiveness
Ernst cited a college in northwest Iowa as just one example of several Iowa universities and rural hospitals who received PPP loans and are still waiting for forgiveness—and asked SBA officials to provide more clarity on the timing of loan forgiveness.