SBA approves $171M in 2nd round of PPP loans in Puerto Rico so far
February 10, 2021
The number of loans that the U.S. Small Business Administration has approved so far through its second round of Paycheck Protection Program funding doubled in Puerto Rico to 4,740 during the week of Feb. 1-8, from the 2,595 OK’d the prior week. In its weekly update, SBA officials also confirmed that those applications approved so […]
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FirstBank lawsuit is latest in string of court claims against St. Clair
February 8, 2021
A report released last week by research firm Boletín de Puerto Rico revealed that financial institution FirstBank had filed a civil lawsuit against entrepreneur Keith St. Clair and his businesses, Around the World Holdings and Noir, LLC, seeking to collect on more than $3.8 million on a defaulted loan. The bank sought repayment of a […]
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17K businesses in Puerto Rico eligible for $65M in pandemic recovery aid
February 3, 2021
Puerto Rico government officials announced the availability of $65 million in new economic assistance for some 17,000 eligible small businesses whose operations have been interrupted during the COVID-19 pandemic. At a news conference, Department of Economic Development and Commerce Secretary Manuel Cidre and Treasury Secretary Francisco Parés offered details of the Business Interruption Grant from […]
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Cidre urges Puerto Rico businesses to opt into 2nd round of SBA funding
February 3, 2021
Department of Economic Development and Commerce Secretary Manuel Cidre urged Puerto Rican businesses and self-employed individuals to participate in the second round of the U.S. Small Business Administration’s Paycheck Protection Program, which so far has approved $88.4 million in loans. In a report issued late Monday, the federal agency confirmed it has given its support […]
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CDC includes Puerto Rico in expanded COVID-19 vaccination program with Walgreens
February 3, 2021
The Centers for Disease Control and Prevention (CDC) and the U.S. Department of Health and Human Services has selected Walgreens to provide a limited number of COVID-19 vaccinations across 15 states and jurisdictions — including Puerto Rico — as part of the Federal Retail Pharmacy Program. Vaccinations will begin in stores Feb. 12 to eligible […]
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Historic San Juan Custom House to undergo $44.1M renovation
February 2, 2021
The U.S. Customs and Border Protection has awarded a $44.1 million contract to Framingham, Mass.-based Perini Management Services Inc. to repair and renovate the historic San Juan Custom House, the company announced. Perini Management Services Inc. is a subsidiary of Tutor Perini Corp., a civil, building and specialty construction company. The San Juan Custom House, […]
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Labor Dept. seeking IT provider for new online unemployment solution
February 2, 2021
The Puerto Rico Department of Labor and Human Resources is seeking an IT Solutions provider, to develop a new customizable online platform that “supports all functions and processes” of the agency’s unemployment insurance benefits program. The solution must include unemployment tax, benefits payments, and case management features, the agency said in a press release announcing […]
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Puerto Rico’s manufacturing sector shows growth in December ’20
February 2, 2021
The Puerto Rico Manufacturing-Purchasing Managers Index showed an increase to 51.8 in December, surpassing the threshold level of 50 and suggesting an expansion in the manufacturing sector with respect to the previous month. The manufacturing sector has shown sustained improvement for the past few months, after experiencing one of the most significant drops due to […]
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Popular Inc. reports $176M in 4Q20 net income, $507M for full year
January 29, 2021
Popular Inc. reported net income of $176.3 million for the fourth quarter ended Dec. 31, 2020, and $506.6 million for the year 2020, compared to net income of $671.1 million for the year 2019. “We closed 2020 on a high note, generating net income of $176 million in the fourth quarter, one of our best […]
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jetBlue, Aerostar facilitating COVID-19 testing at LMM airport
January 29, 2021
Puerto Rico’s largest carrier, jetBlue is looking to ramp-up pre-departure and arrival COVID-19 testing at local airports, by relying on at-home options through its partner Vault Health, the airline’s CEO Joanna Geraghty said during a discussion of its quarterly results. “So, Puerto Rico. We definitely see some constraints with testing in that environment. We’ve actually […]
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SBA OK’s $16.8M in PPP loans in Puerto Rico/USVI 2 weeks into 2nd round
January 28, 2021
The U.S. Small Business Administration has approved 516 loans worth some $16.8 million through its Paycheck Protection Program to eligible operations in Puerto Rico and the US Virgin Islands in the first two weeks of the second round of funding. The emergency financing program re-opened Jan. 11 and the numbers provided are through Jan. 24, […]
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$12.5M Foxwoods El San Juan Casino to open by year’s end
January 26, 2021
The Mashantucket Pequot Tribal Nation, owner and operator of the Foxwoods Casino in CT, announced a $12.5 million investment to reopen the iconic casino at the Fairmont El San Juan hotel in Isla Verde, to be known as the Foxwoods El San Juan Casino. During a news conference at the hotel, Rodney A. Butler, chairman […]
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OFG Bancorp reports $132.8M in 4Q20 revenue
January 26, 2021
OFG Bancorp, the financial holding company of San Juan-based Oriental Bank, reported results for the fourth quarter and year ended Dec. 31, 2020, revealing $132.8 million and $519.3 million in revenue, respectively. While the result for the final three month period of last year showed a 35% increase from the versus $98.4 million reported during […]
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Mashantucket Pequot Tribal Nation to reopen casino at Fairmont El San Juan
January 21, 2021
The Mashantucket Pequot Tribal Nation, operators of the famed Foxwoods Casino in Mashantucket, CT, has landed a concession agreement to reopen the casino at the iconic Fairmont El San Juan hotel, this media outlet learned. The announcement is scheduled to take place next week, according to a media notice released Wednesday night. Gov. Pedro Pierluisi […]
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New execs appointed in auto, legal, auditing, advertising sectors
January 21, 2021
This edition of Climbing the Corporate Ladder covers new executive appointments in a broad swath of industries in Puerto Rico, from auto to legal. Jaguar Land Rover names new service managerJaguar Land Rover San Juan dealers appointed Carlos Piñeyrúa as the new service manager for both brands. Piñeyrúa, who already has previous experience in the […]
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