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New Jersey's Economic Development Authority (NJEDA) has launched a $5 million grant program to support businesses affected by the sinkholes near Interstate 80. The Route 80 Business Assistance Grant Program aims to help small businesses and nonprofits in Morris County, particularly those near Exit 34, which have been impacted by the highway's partial and full closures since December.
Eligible businesses can receive grants ranging from $1,000 to $15,000, provided they have experienced at least $1,000 in revenue loss during the first quarter of 2025. To qualify, businesses must be within a five-mile radius of the sinkholes and have up to 50 full-time employees. Applications for the grants will open on April 22, 2025, and can be accessed through the NJEDA website.
Additionally, the U.S. Small Business Administration has approved Economic Injury Disaster Loans (EIDLs) of up to $2 million for affected businesses in Morris County and surrounding areas. These loans aim to provide working capital to businesses unable to meet financial obligations due to the sinkhole-related disruptions.
Governor Phil Murphy emphasized the urgency of the situation, stating that the grant program and EIDLs will provide crucial financial relief to businesses suffering from reduced customer traffic. The NJEDA plans to swiftly implement the program to help businesses stay open and continue serving their communities.
The New Jersey Department of Transportation estimates that two westbound lanes will reopen by May 4, with two eastbound lanes following by May 18. Full restoration of all lanes is expected by June 25.