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Governor Phil Murphy has proposed a $5 million grant program to support businesses affected by the I-80 sinkhole repairs near Wharton, New Jersey. The New Jersey Economic Development Authority (NJEDA) will review the proposal this week. The program aims to aid small businesses and non-profits near Route 80’s Exit 34 that have suffered revenue losses due to the ongoing road closures. If approved, applications for the grants will open by the end of the month.
In addition to state support, the U.S. Small Business Administration (SBA) has approved Economic Injury Disaster Loans (EIDL) of up to $2 million for businesses in Morris County and neighboring counties. These loans are designed to help businesses meet financial obligations during the recovery period. The SBA will open a Business Recovery Center in Wharton on Tuesday (April 8) to provide direct support to affected businesses.
Governor Murphy emphasized the urgency of providing financial relief to local businesses, stating, "Help is on the way." NJEDA CEO Tim Sullivan echoed this sentiment, highlighting the importance of swift action to ease the financial burden on businesses impacted by the detours. The state expects all lanes of Interstate 80 to reopen by June 25 after completing the emergency repairs.
Senate President Nick Scutari and Senate Republican Leader Anthony M. Bucco have expressed support for the initiative, acknowledging the severe impact of the closures on local businesses. They emphasized the need for quick financial assistance to help businesses stay afloat.
For more information, businesses can visit the NJEDA’s website or contact the SBA Customer Service Center at 800-659-2955.