The New Jersey Economic Development Authority (NJEDA) has announced a planned $5 million grant program designed to assist small businesses and nonprofits near Exit 34 on Route 80 in Morris County. This initiative comes after several sinkhole incidents have led to partial and full closures of the highway since December.
The NJEDA is set to seek board approval this week for the Route 80 Business Assistance Grant Program. If approved, funding will be available to small businesses and nonprofits with up to 50 full-time employees. To qualify, these organizations must demonstrate a revenue loss of at least $1,000 in the first quarter of 2025. Further details on eligibility and application procedures will be made available on the NJEDA’s website and social media channels once the program is finalized. Applications are anticipated to open by the end of April.
Additionally, the U.S. Small Business Administration is offering low-interest Economic Injury Disaster Loans of up to $2 million. These loans are intended for small businesses, agricultural cooperatives, aquaculture operations, and most private nonprofits in Morris County and surrounding areas impacted by the sinkhole-induced closures.
A Business Recovery Center is set to open on Tuesday, April 8, at the Wharton Municipal Building to assist Morris County residents with SBA disaster loan applications. SBA representatives will be available at the site until April 22 to provide guidance and answer queries. The center will operate from 10:30 a.m. to 5 p.m. on opening day and will maintain regular hours Monday through Friday, 8:30 a.m. to 5 p.m., and Saturday from 10 a.m. to 2 p.m. Walk-ins can seek assistance, or appointments can be scheduled online.
The deadline for applying for physical damage loans is slated for June 2, 2025, with economic injury loan applications accepted until January 2, 2026. Applications can be submitted via the SBA’s lending portal.
Recent sinkhole disruptions, attributed to collapsed mineshafts, have caused significant traffic issues on Route 80 since December. A full reopening of the highway is projected by June 25, with phased lane reopenings planned in the intervening weeks.
