The U.S. Small Business Administration (SBA) has approved over $1.8 million in federal disaster loans to aid New Jersey businesses and private nonprofit organizations affected by sinkholes on Interstate 80 that occurred on December 26, 2024. By May 22, 2025, the SBA had provided more than $2 million to support businesses through Economic Injury Disaster Loans (EIDL).
Chris Stallings, associate administrator for the SBA’s Office of Disaster Recovery and Resilience, stated, “Surpassing $1.8 million in disaster loans reflects more than just numbers — it represents small businesses reopening, families returning home and communities rebuilding stronger.” He emphasized the importance of these loans for recovery and encouraged those still in need to apply before the deadline.
The EIDL program remains available to small businesses and private nonprofits for working capital needs resulting from the disaster. These loans can be used for fixed debts, payroll, accounts payable, and other bills not paid due to the disaster. Loan amounts can reach up to $2 million with interest rates as low as 4% for small businesses and 3.62% for nonprofits. Terms can extend up to 30 years with no interest accruing or payments due until 12 months after the first loan disbursement.
Interested applicants can apply online at sba.gov/disaster or contact SBA’s Customer Service Center at (800) 659-2955 or via email at disastercustomerservice@sba.gov for further information on SBA disaster assistance. For individuals who are deaf or hard of hearing or have a speech disability, telecommunications relay services are accessible by dialing 7-1-1.
The deadline for submitting economic injury applications is January 2, 2026.
The U.S. Small Business Administration supports American entrepreneurs by providing resources necessary for business ownership and recovery from declared disasters through its network of field offices and partnerships with public and private organizations.