STEUBENVILLE, Ohio -- Local business owners are speaking out as Ohio lawmakers are pushing to put the nation’s toughest caps on payday lending.

While consumers could soon see lower interest rates, many local lenders are outraged.

Ohio lawmakers want to limit interest rates on loans to 28 percent, which is much lower than current rates that lawmakers claim can reach 391 percent.

On Monday night, NEWS9 crews found a note on the front of Advance America Cash Advance in Steubenville, which said it will be closed on Tuesday, May 6.

Employees are heading to Capitol Hill in Columbus to rally against the caps issue in the industry.

Business owners like Phyllis Riccadonna, who runs America Check Exchange in Steubenville, are fighting back against the caps, saying it will kill them.

"It shuts everybody down,” said Riccadonna. “They'll be 7,000 employees out of work, and they'll be 1, 600 stores in Ohio empty."

NEWS9 talked to local people, many of whom think a cap on interest rates would help, especially with the cost of gas and food.

"I think it's a great idea,” said Angie Dunlap, who lives in Freeport. “I think it's outrageous to charge that much interest."

"I have to identify with the consumer on this on," said Robin Hoover, who lives in Mingo.

Ricadonna told NEWS9 in the end, this could hurt the consumer, they may have nowhere to go if they're in a bind.

"Our customers, most of all, they're coming in now, they're frantic,” said Riccadonna. “There is no alternative for payday lending."

The House approved the bill last week, and the Senate is set to vote this week.

NEWS9 talked to Senator Jason Wilson on Monday night, who is a member of the Senate Finance and Financial Institutions Committee, which will hear the bill Tuesday afternoon.

Wilson said he thinks the House went about passing this bill the wrong way by introducing it and passing it immediately, with no deliberation or research.

Wilson told NEWS9 that he wants to look at how it affects people, the state of Ohio and jobs.

Natalie Pasquarella, NEWS9