Puerto Rico’s healthcare sector ‘most exposed’ to coronavirus crisis
April 23, 2020
The Coronavirus pandemic will cause people to rethink existing values and will impact economic models going forward, a group of local and international experts gathered by Invest Puerto Rico during a virtual webinar concluded. In Puerto Rico, where the economy has been limping along for the better part of the last 12 years, the already […]
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2 Puerto Rico co.’s face $25K fines from FCC for disrupting doppler radar
April 23, 2020
The Federal Communications Commission handed down notices against two local companies — WiFi Services Caribbean Inc. and Buzzer Net LLC — which face a $25,000 fine each for operating networks that violate the integrity of the Federal Aviation Administration’s doppler radar in San Juan. In separate notices, the federal telecom regulator described the reasons for […]
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Puerto Rico credit unions ‘ready’ to process SBA loans for small businesses
April 23, 2020
The Credit Union Executives Association (ASEC, in Spanish) announced that credit unions that have members who own businesses and commercial clients, are ready to process loan applications for the second round of assistance funding through the U.S. Small Business Administration. Puerto Rico has more credit unions certified as SBA Lenders than banking institutions and “they’re […]
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CNE: Financial sector failed miserably in Puerto Rico’s hour of need
April 21, 2020
The local financial sector “failed miserably in Puerto Rico’s hour of need” by not helping to close more loans and secure aid for the island’s small business sector through the Paycheck Protection Program, the Center for a New Economy concluded in an analysis of the effects of the federal initiative. The island failed to take […]
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Vázquez signs law to reduce tax rate for some Puerto Rico residents
April 20, 2020
Gov. Wanda Vázquez signed into law a bill presenting several amendments to the Puerto Rico Tax Reform passed last year that will benefit taxpayers, entrepreneurs and seniors. Law 40-2020, grants an additional 3% reduction for taxpayers whose gross income does not exceed $100,000; eliminates the tax on the provision of services rendered to other businesses […]
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SBA confirms Puerto Rico lenders approved 2,856 loans totaling $659M
April 17, 2020
The U.S. Small Business Administration released a report today confirming that Puerto Rico’s banking partners approved a combined 2,856 loans for a total of $658.5 million under the Paycheck Protection Program (PPP) as of April 16. In total, the loan count for eligible businesses across the U.S. mainland and its territories totaled 1.7 million, representing […]
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Popular approves close to $500M in SBA-backed loans
April 17, 2020
Popular announced that the Small Business Administration approved a total of $494 million in loans to its clients under the Paycheck Protection Program (PPP). Of these, $398 million was granted through Banco Popular de Puerto Rico and $96 million through Popular Bank, Popular’s banking subsidiary on the U.S. mainland. The Paycheck Protection Program was well received in Puerto […]
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P.R. Community Foundation, Amgen lead $625K COVID-19 community prevention initiative
April 17, 2020
The Puerto Rico Community Foundation is leading the charge on a collective movement of nonprofits to “drive and strengthen” its collective response to COVID-19 community strategy. The PRFC has joined forces with the Amgen Foundation, donors such as The Chicago Community Trust, Central Florida Foundation, and The Prospect Hill Foundation, as well as individuals who […]
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Vieques Air Link delivers emergency goods to Vieques, Culebra
April 17, 2020
Vieques Air Link, a local airline that connects Puerto Rico to the island municipalities of Vieques and Culebra, has been working in coordination with mayors to deliver emergency materials to fight the COVID-19 outbreak. Airline owner Carlos Rodríguez, who is also the president of the Puerto Rico Manufacturers Association, said the communities in Vieques and […]
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FAA assigns $43M in CARES Act grants to 10 Puerto Rico airports
April 15, 2020
The Federal Aviation Administration has approved a combined $43 million in aid to 10 airport facilities across Puerto Rico, the agency announced. The bulk of the grant funding has been assigned to the Luis Muñoz Marín International Airport, which is getting $33.4 million through the Coronavirus Aid, Relief, and Economic Security (CARES) Act Airport Grant […]
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Report: Education Dept. ‘lacks capacity’ to manage $322M in FEMA funding
April 14, 2020
The Puerto Rico Education Department has not complied with the requirements laid out by the Federal Emergency Management Agency related to some $322 million awarded after Hurricane María in 2017, earmarked for recovery efforts. A report released last week detailing the findings of an audit commissioned by the Department of Homeland Security’s Office of the […]
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Destilería Serrallés to begin producing, distributing disinfecting Superior 70 alcohol
April 14, 2020
Following the conclusion of its effort to produce and donate more than 57,000 gallons of high-concentration disinfecting alcohol to health institutions in Puerto Rico, now Destilería Serrallés will again shift gears to expand the availability of its Superior 70 disinfecting alcohol. Company President Philippe Brechot confirmed the Ponce-based manufacturer will be working with industrial alcohol […]
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USDA unveils tool to help rural communities address COVID-19 pandemic
April 14, 2020
U.S. Secretary of Agriculture Sonny Perdue unveiled a “one-stop-shop” of federal programs that can be used by rural communities, organizations and individuals impacted by the COVID-19 pandemic. The “COVID-19 Federal Rural Resource Guide” is a resource for rural leaders looking for federal funding and partnership opportunities to help address this pandemic, he said. “This resource […]
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COVID-19 emergency slams Puerto Rico’s new car sales in March
April 9, 2020
New car sales in Puerto Rico reflected a 66% year-over-year drop in March, slammed by the strict emergency measures in place to contain the spread of the coronavirus COVID-19 virus, industry officials confirmed. The United Automobile Importers Group, known as GUIA in Spanish, confirmed that 3,154 units were sold in March, compared to 9,309 new […]
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Gov’t earmarks $8M to refund Puerto Rico co’s for COVID-19 expenses
April 9, 2020
Given with the challenge that employers in Puerto Rico are facing due to the health emergency caused by the COVID-19 pandemic, the Department of Economic Development and Commerce is earmarking $8 million in federal funds to reimburse up to 160 employers for certain expenses. Economic Development Secretary Manuel A. Laboy Rivera said the funding will […]
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