SEA BRIGHT, NJ-Although some financial aid is beginning to make its way to Jersey Shore businesses, local officials and economists believe the area has a long way to go before it fully recovers from the damage caused by Hurricane Sandy.
“I think (Sandy) is still lingering,” says Michael Wolf, an economist at Wells Fargo Securities. With aid slow to arrive at the Jersey Shore, “Homeowners and business owners really can't make decisions. I think a lot of it has been put off until next year,” he adds.
The storm's October 2012 landfall caused an estimated $29.5 billion in damage to homes, businesses and infrastructure in the state of New Jersey, according to the Christie administration. It also caused vacation goers to flock to places that were spared Sandy's wrath, according to the Asbury Park Press.
The state originally dedicated $260 million for business grants, but it recently asked the U.S. Department of Housing and Urban Development for permission to transfer $160 million to a program geared at helping Jersey Shore homeowners rebuild.
Thus far, just 10% of the Sandy aid money now available has been approved. The agency has approved approximately $8.7 million in grants to 184 businesses and $11.3 million in loans to seven businesses. More than 1,000 applications have been submitted. See story in the Asbury Park Press.
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