Federal loans for NJ biz after Interstate 80 sinkhole chaos
Published Date: 4/8/2025
Notice
Summary
New Jersey businesses in Morris and nearby counties hit by sudden sinkholes on Interstate 80 can now apply for special low-interest disaster loans to help recover. These Economic Injury Disaster Loans (EIDL) offer rates as low as 3.625% and are available until January 2, 2026. If your business or nonprofit needs a financial boost due to this ongoing disaster, now’s the time to act!
Analyzed Economic Effects
4 provisions identified: 4 benefits, 0 costs, 0 mixed.
Disaster Loans Available for NJ Businesses
If your business or nonprofit in Morris County or the listed nearby counties (Essex, Hunterdon, Passaic, Somerset, Sussex, Union, Warren) was hurt by multiple sudden sinkholes on Interstate 80, you can apply for Economic Injury Disaster Loans (EIDL). The declaration was issued April 2, 2025 for an incident starting December 26, 2024, and applications are accepted through January 2, 2026.
Specified Low Interest Rates for EIDL
The SBA set interest rates for these EIDLs: businesses and small agricultural cooperatives without credit available elsewhere are eligible for a 4.000% rate, and non-profit organizations without credit available elsewhere are eligible for a 3.625% rate.
Geographic Eligibility: Morris + Contiguous Counties
The SBA determined the following areas are adversely affected: Primary county: Morris. Contiguous counties: Essex, Hunterdon, Passaic, Somerset, Sussex, Union, and Warren in New Jersey. Businesses and nonprofits in these counties are eligible to apply for EIDLs related to this disaster declaration.
How and When to Apply for EIDL
To apply for these disaster loans, visit the MySBA Loan Portal at https://lending.sba.gov or use other locally announced locations. For help, contact SBA disaster assistance customer service at 1-800-659-2955 or by the provided email. The application deadline is January 2, 2026.
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