TikTok ban update: Bill in Senate could affect local businesses promoting on social media

CHICAGO (WLS) -- Lincoln Park's XO Marshmallow has been in business nine years and uses TikTok as a way to reach more customers and sell more marshmallows. The owners say the strategy has paid off in spades.

"We're one of the beta people on TikTok Shop that started back in April," said co-owner Lindzi Shanks. "We've made over seven figures just on TikTok Shop alone."

Soon, however, businesses like XO Marshmallow and individual content creators who have flourished on the platform may find themselves having to go elsewhere. The U.S. Senate is considering a bill, approved by the House two weeks ago, that essentially gives the Chinese owner of TikTok two choices: sell their stake in the app or face a ban in the United States.

The Biden administration has found itself walking a fine line on the issue.

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"We are concerned about the owner of TikTok and the national security implications," said Vice President Kamala Harris. "We do not intend to ban TikTok, and we understand that its purpose, its utility, and the enjoyment it gives a lot of folks."

For some time now, lawmakers have expressed concerns that TikTok might find itself compelled to share U.S. user information with the Chinese government. The app is now in the middle of a huge lobbying effort, starting with a message sent to all users of the platform asking them to call their senators and ask them to vote no.

"TikTok has made unprecedented and voluntary steps to make sure we have a safe experience for U.S. users, specifically by bringing Oracle in," said Suzy Loftus, TikTok Trust and Security. "All of the source code we use to power the algorithm goes through Oracle for review."

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With TikTok in the midst of an existential fight, even those who gathered Tuesday to help the company promote itself as a great place for businesses and content creators to operate, and a safe place for teens, admitted, if they have to, they will just have to go elsewhere.

"It wouldn't take a hit on people's businesses per se because people will just move to whatever platform is still active, obviously," said Rod Thill, content creator and owner of Workdayz.

There is still a long way to go before the bill, which is expected to undergo several changes, makes it to a vote in the Senate. While there is a lot of bipartisan support for it, there is also concern about angering 170 million users during an election year.

LATEST UPDATES: Here's what a TikTok ban could mean for users, businesses