The U.S. Small Business Administration (SBA) and the New Jersey Economic Development Authority (NJEDA) have introduced financial assistance programs to support small businesses and nonprofits impacted by the sinkholes and subsequent closures on Interstate 80 near Exit 34 in Morris County.

Overview: The SBA is offering low-interest Economic Injury Disaster Loans (EIDL) of up to $2 million to eligible small businesses and private nonprofit organizations that have suffered economic injury due to the sinkholes on Interstate 80.

Eligible Locations:

1. Primary: Morris County

2. Adjacent Counties: Essex, Hunterdon, Passaic, Somerset, Sussex, Union, and Warren

Loan Details:

1. Interest Rates: As low as 4% for small businesses and 3.625% for nonprofits

2. Terms: Up to 30 years

3. Deferment: Interest accrual and payments are deferred for 12 months from the date of the first disbursement

4. Usage: Working capital needs such as fixed debts, payroll, accounts payable, and other bills

Application Deadline:

1. Economic Injury Applications: January 2, 2026

Assistance: The SBA Business Recovery Center (BRC) is available to assist applicants.

Location:

Wharton Municipal Building

10 Robert Street

Wharton, NJ 07885

Hours:

1. Monday – Friday: 8:30 a.m. to 5 p.m.

2. Saturday: 10 a.m. to 2 p.m.

3. Sunday: Closed

Closing Date: May 6, 2025, at 4 p.m.

Application Process:

1. Online: sba.gov/disaster

2. Phone: (800) 659-2955

3. Email: disastercustomerservice@sba.govNJ.gov

NJEDA Route 80 Business Assistance Grant Program

Overview: The NJEDA has launched a $5 million grant program to provide short-term financial support to small businesses and nonprofits in Morris County affected by the Route 80 closures.

Eligibility Criteria:

1. Businesses and nonprofits with up to 50 full-time equivalent employees

2. Must have experienced a revenue loss of at least $1,000 in the first quarter of 2025 due to the Route 80 sinkholes

3. Must have a physical commercial location in Morris County

4. Must be registered to do business in New Jersey and be in good standing with the New Jersey Department of Labor and Workforce Development

Grant Amounts:

1. 0–5 employees: Up to $5,000

2. 6–20 employees: Up to $10,000

3. 21–50 employees: Up to $15,000

Application Schedule:

1. April 22–28, 2025: Businesses within a 5-mile radius of Exit 34

2. April 29–May 5, 2025: Businesses within a 10-mile radius of Exit 34

3. May 6–9, 2025: All eligible businesses in Morris County

Application Process:

1. Online: NJEDA Application Center

2. Phone: 844-965-1125

3. Email: CustomerCare@njeda.gov

Action Required: Affected businesses and nonprofits are encouraged to assess their eligibility and apply promptly for the available financial assistance. Early application is advised due to potential funding limitations.

For further information or assistance, please contact the SBA or NJEDA through the provided channels.

If you have any business questions, please contact Angelo Bolcato, Practice Leader, at (973) 729-1880, or via email, abolcato@lcrlaw.com.