Help for businesses affected by Route 80 closures

Businesses and nonprofit organizations hurt by recent closures on Route 80 in Wharton may be eligible for financial assistance,

The New Jersey Economic Development Authority (EDA) has a $5 million Route 80 Business Assistance Grant Program for businesses within five miles of the closures.

The program will reopen at 10 a.m. Thursday, May 29 and close at 5 p.m. June 4.

Eligible ZIP Codes are 07438, 07801, 07803, 07834, 07842, 07847, 07849, 07850, 07852, 07856, 07866, 07869, 07876, 07885, 07950, 07874 and 07843.

The program provides short-term financial support for small and medium (up to 50 employees) businesses affected by the Route 80 closures.

Applicants must certify a negative financial impact of at least $1,000 for the first quarter of 2025.

An in-person information session on the EDA’s grant program will be held at 5 p.m. Tuesday, May 27 at the Hopatcong municipal building, 111 River Styx Road.

For information about the grants, go online to njeda.gov/route-80-business-assistance-grant-program

Low-interest loans

Small businesses and nonprofit organizations affected by the sinkholes on Route 80 also are eligible for low-interest federal disaster loans through the U.S. Small Business Administration (SBA).

The loan amount can be up to $2 million with interest rates as low as 4 percent for small businesses and 3.625 percent 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.

The SBA sets loan amounts and terms based on each applicant’s financial condition.

To schedule an appointment at an SBA Recovery Center, go online to appointment.sba.gov/schedule/