NYC to Receive Federal Aid for Pipe Explosion.

29 07 2007

New York, NY – Residents and businesses affected by last week’s massive steam pipe explosion in Manhattan will receive federal disaster aid, officials said Friday.

The U.S. Small Business Administration will make low-interest disaster loans available for up to $1.5 million for business owners to repair or replace their establishments along with any damaged machinery and inventory. The SBA will also lend funds to help with the cost of making improvements that would help protect businesses from similar disasters in the future.

In addition, loans of up to $200,000 are available for homeowners to repair damaged real estate, and $40,000 to replace or repair damaged property. [ap]

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