SBA Approves More Than $2.3 Million in Disaster Relief for New Jersey Businesses Impacted by Interstate 80 Sinkholes Critical financial support is s

ATLANTA – The U.S. Small Business Administration (SBA) has approved more than $2.3 million in federal disaster loans to support New Jersey businesses and private nonprofits (PNP) organizations affected by the sinkholes on Interstate 80 occurring Dec. 26, 2024. As of June 3, 2025, the SBA has provided over $2.3 million in Economic Injury Disaster Loans (EIDL) to assist businesses in the aftermath of the disaster. 

“Surpassing $2.3 million in disaster loans reflects more than just numbers — it represents small businesses reopening,” said Chris Stallings, associate administrator for the SBA’s Office of Disaster Recovery and Resilience. “These loans provide vital support for recovery, and we encourage anyone still in need to apply before the deadline.” 

Economic Injury Disaster Loan (EIDL) program is still available to small businesses and private nonprofit (PNP) organizations for working capital needs caused by the disaster. EIDLs are available regardless of whether the organization suffered any physical property damage and may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster. 

The loan amount can be up to $2 million with interest rates as low as 4% for small businesses, 3.62% for nonprofits, with terms up to 30 years. Interest does not 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 apply online visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. The filing deadline to return economic injury applications is Jan. 2, 2026. 

About the U.S. Small Business Administration The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.