The US Small Business Administration’s Paycheck Protection Program (PPP) has ended, as funding has run out more than two weeks before the program’s official May 31 deadline, sources have confirmed to News is my Business. Sources not authorized to speak publicly have confirmed the information that was first reported by The New York Times. According […]
New car sales for the month of February 2021 blew past previous records with a total of 10,540 new units sold in Puerto Rico, a 25.4% increase over the same period last year, according to figures released by the United Automobile Importers Group (GUIA for its Spanish acronym). New car sales for February 2020 totaled 8,402 units. […]
The US Small Business Administration’s Paycheck Protection Program has approved close to $500 million in loans in Puerto Rico and more than $36 million in the US Virgin Islands, the agency announced in its March 7, 2021 report. Moreover, the SBA has approved 12,154 PPP loans for businesses and nonprofits in Puerto Rico, a 10.9% […]
The proposed new agreement struck recently by the Financial Oversight and Management Board for Puerto Rico with bondholder groups implies higher annual fixed payments and cash disbursements and for a longer period of time than in the October 2020 proposal, according to Espacios Abiertos Senior Public Policy Analyst Daniel Santamaría-Ots. “What remains constant with this […]
The U.S. Small Business Administration is making a number of temporary and permanent changes to the Paycheck Protection Program (PPP) to increase funding received by smaller businesses, including a 14-day period during which only businesses and nonprofits with fewer than 20 employees will be able to submit applications. The program’s exclusive period for smaller businesses […]
Plaza Centro 1 shopping center, owner MJS Caguas Limited Partnership, faces a $24.6 million collection and foreclosure lawsuit from U.S. Bank National Association, filed last week in the Caguas Superior Court. The lawsuit corresponds to an outstanding $28 million loan originated by Canadian Imperial Bank of Commerce in January 2011. The loan is payable on […]
The Financial Oversight and Management Board for Puerto Rico announced that it reached an agreement in principle with several creditor groups to lower Puerto Rico’s debt to what it termed “sustainable levels” as a result of a mediation process. In tandem with the announcement, the Oversight Board asked the court to extend the deadline for […]
Scheduled to open sometime next year, new commercial retail development project Plaza Noroeste Commercial Center began early construction this week in the municipality of Aguadilla with an initial investment of more than $5 million. The final figure is expected to be closer to $40 million once the project is completed, this media outlet confirmed. Construction […]
La Comprita and UBER Eats announced the launch of a new service that will allow local consumers to order some 500 grocery products for same-day delivery starting this week. The new delivery service’s fee will be waived for the first two weeks, company officials said. The new service, La Comprita Express, is set to deliver […]
Retail sales in Puerto Rico continued to rise during the months of October and November 2020, registering increases of 9.0% and 4.5%, respectively. The industry rebound has occurred to the extent that the economic reopening and prevailing health conditions related to the COVID-19 pandemic have allowed it. Total sales amounted to $2.8 billion in October, […]
The Puerto Rico Community Foundation announced the second opening of the Benito Massó Scholarship Fund for Youth of Loíza, aimed at supporting resident Afro-descendant students between 16 and 25 years old. “This is the first philanthropic fund to be established on the island to benefit Afro-descendant students. We’re excited to announce this second call that […]
Godiva announced it will shutter all of its 128 retail stores in North America, including the one located in Plaza Las Américas in Puerto Rico, by the end of the first quarter of 2021, accelerating a dramatic shift to online sales and through other retail partners. Additional details such as the total number of employees […]
After a significant decline stemming from measures adopted to control the COVID-19 pandemic, Puerto Rico’s economy faces further uncertainty as it is again expected to contract in 2021, although less dramatically, according to a projected scenario from economic consulting firm Estudios Técnicos. The firm’s base scenario reflects an economic contraction of 0.9% in 2021, a […]
A lack of transparency in public governance and access to information was one of the key public opinion concerns in 2020, according to an analysis conducted by Puerto Rico-based nonprofit Espacios Abiertos. The finding is reflected in the newly unveiled Transparency Barometer, a digital tool created by the organization, which spans more than 400 stories about transparency published by […]
The Financial Oversight and Management Board for Puerto Rico announced Wednesday it will begin accepting proposals for projects that address critical infrastructure needs under Title V of the Puerto Rico Oversight, Management and Economic Stability Act.
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