Small businesses impacted by I-80 sinkhole get relief from SBA
Any business can schedule an appointment online or walk in Monday through Saturday.
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3ds agoSome small businesses in North Jersey now have the option to get some help after months of losing money from the sinkholes on Interstate 80. Starting at 10:30 a.m. Tuesday, the U.S. Small Business Association will open a recovery center at the Wharton Municipal Building.
The economic disaster was declared on April 2 after three sinkholes opened up on I-80 since Dec. 26.
The declarations cover Morris, Essex, Hunterdon, Passaic, Somerset, Sussex, Union and Warren counties. Small businesses in those counties are eligible for Economic Injury Disaster Loans.
Loans can be up to $2 million with interest rates of 4% to 3.625% — terms up to 30 years. Interest and payments are not due until 12 months from first loan disbursement.
Any business can schedule an appointment online or walk in Monday through Saturday. The filing deadline is Jan. 2, 2026.
Gov. Phil Murphy also announced the New Jersey Economic Development Authority plans to create a $5 million grant program aimed at supporting impacted small businesses in Morris County. The board still needs to approve it.
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