I-80 sinkholes: New Jersey Governor Phil Murphy introduces grant program to help small businesses affected by repairs
WHARTON, New Jersey (WABC) — Help may be on the way for small businesses in New Jersey that have experienced a decline in revenue due to the lane closures on I-80 near Wharton during sinkhole repairs.
The federal Small Business Administration is offering low-interest loans up to $2 million.
In addition, Governor Phil Murphy is trying to create a $5 million grant program.
The Route 80 Business Assistance Grant Program will provide grants for businesses and non-profits located in close proximity to Route 80’s Exit 34. The grant program will go to the NJEDA Board next week for approval.
Both efforts come as the state Department of Transportation says repairs will take substantially longer than planned, wrapping up around June 25.
“The NJEDA’s planned grant program, paired with the U.S. Small Business Administration’s Economic Injury Disaster Loans, will inject much-needed capital into small businesses. We are committed to doing this as swiftly as possible to ease the burden on local businesses,” Gov. Murphy said.
The Route 80 Business Assistance Grant Program will provide grants to small businesses and non-profits that have up to 50 full-time employees.
Applicants must certify a negative financial impact of at least $1,000 for the first quarter of 2025.
Pending the NJEDA Board’s approval, the Authority is expected to open applications for the grant program by the end of the month.
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