BUSINESS REPORT

Stimulus program may not go far enough

BY Rhonda Schaffler, Correspondent |

Money from the government to fight the economic fallout from the COVID-19 pandemic may be falling short. Wells Fargo, which is one lender participating in a new small business loan program, has stopped taking applications for assistance because it reached lending capacity.

President Trump recently tweeted that he would immediately ask Congress for more money to support small businesses if the allocated money runs out.

Meantime, a small business grant program from the New Jersey Economic Development Authority is oversubscribed, with more than 26,000 businesses applying for it in just two days.