Update: Obama Talks Business in NJ

President Barack Obama arrived at Newark Liberty International Airport at about 1:30 this afternoon.

Stepping from Air Force One, the president waved to the press and a group of about 40 onlookers standing at the side of the tarmac, and then briskly descended the stairs from the airplane.

Waiting on the tarmac were Gov. Chris Christie and Newark Mayor Corey Booker, who welcomed the president with handshakes and, judging by Obama's reaction, a joke. The three spoke for about three minutes, and then Obama strode alone to a waiting Marine One helicopter. Followed by four additional helicopters, Marine One took off from Newark at about 1:45 p.m.

Obama visited the Tastee Sub Shop in Edison, where he spoke with four local business owners, including the shop's owner, to promote a stimulus bill for small businesses.

The bill, called the Small Business Jobs Act, would create a $30 billion "Small Business Lending Fund" for small banks—those with less than $10 billion in assets. According to a news release distributed by the White House press office, 90 percent of those banks hold less than $1 billion in assets. The fund would be tied to incentives to encourage lending: banks that loan more would pay lower interest rates.

The bill would also extend, adjust and expand some Small Business Administration Recovery Act provisions. Notably, it would increase guarantees on 7(a) loans to 90 percent and eliminate certain fees associated with that loan, and it would increase the maximum Small Business Administration loan size.

The bill is currently in the Senate, where Democrats are working to block Republicans from amending the measure. A vote is expected next week.

At the Tastee Sub Shop, Obama held a roundtable with the business owners, then delivered his own remarks at 2:45 p.m. The president spoke for seven minutes, noting that Thomas Edison—for whom the town of Edison was named—was not just an inventor, but a "pretty savvy" small businessman himself.