BUSINESS REPORT

Federal Reserve expands lending plan for businesses

BY Rhonda Schaffler, Correspondent |

It hasn’t gotten as much attention as the Paycheck Protection Program, but there is another lending program for small and mid-sized businesses known as the Main Street Lending program. Recently, it was expanded and now larger businesses are eligible.

Thousands of small businesses in New Jersey have received new loans from the Paycheck Protection Program. The Trump administration says more than 77,000 New Jersey businesses received $7.4 billion in PPP loans in the second round of funding, which began a week ago.

With revenues plummeting in the state, Gov. Phil Murphy says it’s not realistic to have a budget surplus. He’s also warning residents of tough decisions ahead, including potential cuts in state funding to various programs.