The U.S. Small Business Administration (SBA) has approved over $2 million in federal disaster loans to aid New Jersey businesses and private nonprofit organizations affected by sinkholes on Interstate 80, which occurred on December 26, 2024. As of May 29, 2025, the SBA has disbursed more than $2 million to assist in recovery efforts.
“Surpassing $2 million in disaster loans reflects more than just numbers — it represents small businesses reopening, families returning home and communities rebuilding stronger,” 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.”
The Economic Injury Disaster Loan (EIDL) program remains available to small businesses and private nonprofit organizations for working capital needs caused by the disaster. EIDLs can be used regardless of physical property damage to cover fixed debts, payroll, accounts payable, and other unpaid bills 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. The SBA determines loan amounts and terms based on each applicant's financial condition.
Applications can be submitted online at sba.gov/disaster. Additional information is available through SBA’s Customer Service Center at (800) 659-2955 or via email at disastercustomerservice@sba.gov. Telecommunications relay services are accessible by dialing 7-1-1 for those who are deaf or hard of hearing.
The deadline for submitting economic injury applications is January 2, 2026.
###