The Small Business Administration said it is extending the Business Recovery Center closure deadline to May 6, for disaster loans for businesses impacted by the sinkholes on Interstate 80 near Wharton that first appeared last December.
SBA customer service representatives will be on hand at the Business Recovery Center to answer questions about SBA’s disaster loan program, explain the application process and help individuals complete their application. Walk-ins are accepted, but you can schedule an in-person appointment in advance at appointment.sba.gov.
The Business Recovery Center is in the Wharton Municipal Building, 10 Robert Street Wharton, NJ 07885 and is open Monday through Friday, 8:30 a.m. to 5 p.m. Saturday, 10 a.m. to 2 p.m. It is permanently closing on May 6, at 4 p.m.
The SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives and private nonprofit (PNP) organizations with financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises. EIDLs are available for working-capital needs caused by the disaster and are available even if the small business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.
Small businesses and nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. Interest rates are as low as 4% for businesses and 3.625% for nonprofits, with terms up to 30 years. Interest does not begin to accrue, and payments are not due until 12 months from the date of the first loan disbursement.
To apply online and receive additional disaster assistance information visit sba.gov/disaster. Applicants may also call the SBA’s Customer Service Center at (800) 659-2955 or send an email to disastercustomerservice@sba.gov for more information on SBA disaster assistance.
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 last December.
