The New Jersey Economic Development Authority board approved an additional $500,000 in funding May 14 for the Route 80 Business Assistance Grant Program.

The now-$5.5 million program was established in the wake of the Interstate 80 sinkholes that have roiled the surrounding area in Morris County – especially nearby small businesses – as repairs continue.

This approval also expands eligibility requirements to include small businesses within 5 miles of Exit 34, regardless of county, offering grants from $1,000–$15,000 to affected small businesses. Businesses located in Hopatcong in Sussex County, within that 5-mile radius but previously ineligible, can now apply for funding.

In a press release, Gov. Phil Murphy said that small businesses along Route 80 have faced tremendous challenges from the sinkhole repairs.

“The additional $500,000 approved by the NJEDA Board for the Route 80 Business Assistance Grant Program will provide urgently needed support for these businesses,” said Murphy. “We’re working quickly to get these resources out the door and into the hands of our local small business community.”

$1 million and counting

NJEDA Chief Executive Officer Tim Sullivan stressed his agency’s commitment to supporting affected businesses.

“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,” said Sullivan. “Under the leadership of Gov. Murphy and the Legislature, we will continue to support our small business community and ensure these additional funds reach the business owners who need it most.”

The lawmakers who represent the newly eligible, affected areas applauded the announcement.

“Sinkholes don’t respect county or municipal boundaries, and neither should relief for small businesses,” said Assemblyman Michael Inganamort, R-24th District. “In speaking directly with CEO Tim Sullivan, he understood our concerns and was willing to work collaboratively with us on a helpful solution.”

“With the funding now available for impacted businesses in Hopatcong, the Business Assistance Grant Program is expanding its support to include more small businesses that have endured months of lost revenue due to lane closures and disruptive road work along Route I-80,” said Sen. Parker Space, R-24th District.

The latest updates on the repairs are available on a special New Jersey Department of Transportation page here.