Governor Phil Murphy on Friday announced that the New Jersey Economic Development Authority (NJEDA) plans to create a $5 million grant program intended to help small businesses in Morris County affected by the lane closures related to repairs to Route 80 stemming from a sinkhole.
The Route 80 Business Assistance Grant Program is aimed at supporting small businesses experiencing a loss in revenue related to the closures caused by the development of the sinkhole near Wharton near exit 34 on Route 80. The grant program will go to the NJEDA Board next week for approval.
The eastbound closure of Route 80 began on Feb. 10 after a sinkhole appeared by exit 34. That stretch of Route 80 was built over a former mine. The sinkhole is located a few feet from another sinkhole that shut the same area of the road in December.
The 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.
In another announcement related to the sinkhole situation, Murphy said that the U.S. Small Business Administration approved Economic Injury Disaster Loans, capped at $2 million, for Morris County and the contiguous counties of Hunterdon, Passaic, Somerset, Sussex, Union, and Warren.
The EIDLs are working-capital loans that help small businesses, small agricultural cooperatives, small businesses involved in aquaculture, and most private, non-profit organizations meet their ordinary and necessary financial obligations that cannot be met because of the sinkhole situation. These loans are intended to assist through the disaster-recovery period.
“The loss of customer traffic has taken a toll on our community’s small businesses, and this grant program will provide crucial support for businesses in the area,” said Mount Arlington Mayor Michael Stanzilis.
