The New Jersey Economic Development Authority Board on Tuesday approved an additional $500,000 to expand the Route 80 Business Assistance Grant Program, which supports small businesses impacted by the Route 80 detours caused by the ongoing sinkhole repairs.
The grant program was created to support the most affected small businesses in Morris County. The expansion of the program will include small businesses within 5 miles of Route 80’s exit 34, regardless of the county that are experiencing revenue decline as a result of the sinkhole crisis. Businesses located in Hopatcong in Sussex County are within the 5-mile radius.
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.
“I appreciate that businesses in Hopatcong within the 5-mile radius are now eligible for the NJEDA grant program,” said Assemblywoman Dawn Fantasia (LD-24). “I’ll continue working with NJEDA and my colleagues in the Legislature to ensure that these impacted businesses are fully considered until this crisis is behind us.”
This next phase of the Route 80 Business Assistance Grant Program will provide grants ranging from $1,000 to $15,000 to small businesses within a 5-mile radius of Route 80’s Exit 34, the epicenter of the sinkhole repairs.
Eligible applicants include small businesses and nonprofits that have up to 50 full-time workers. Applicants must also certify a negative financial impact of at least $1,000 for the first quarter of 2025. Businesses that have already received funding through the program are not eligible to apply. Applications for this next phase are expected to open by the end of the month.
“The ongoing Route 80 detours have put a financial strain on small businesses in the area and the NJEDA remains committed to supporting the businesses that have been most impacted,” said NJEDA Chief Executive Officer Tim Sullivan. “Since the program launched last month, the NJEDA has already delivered $1 million to small businesses in Morris County and we continue to make approvals daily.”
