TransPerfect, owned by Puerto Rico-based exec., merges with Semantix
August 2, 2021
TransPerfect, a provider of language and technology solutions for global business, announced it will merge operations with Semantix, the Nordics’ largest provider of translation and interpretation services, through the acquisition of the group’s parent entity, Semantix International Group AB. The deal is said to be worth somewhere in the mid-$90 million, News is my Business […]
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New research reveals price no longer primary driver of travel decisions
August 2, 2021
New research from Expedia Group reveals shifting views on travel, including positive sentiment on vaccine passports, increased budgets, and an enduring demand for safety and financial security. The Traveler Value Index examined the views of 8,000 people in eight countries to understand their values and expectations as the pandemic becomes more controlled in many parts of the world. “As […]
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Puerto Rico General Fund net income exceeds projections by $42.9M in May, Treasury says
July 30, 2021
The Puerto Rico Treasury Department informed that net income shored up into Puerto Rico’s General Fund exceeded $1.4 billion in May, beating the government’s projections by $42.9 million. In a press release, agency Secretary Francisco Parés said the projected amount was $1.3 billion, representing a growth of 3.1%. “This projection is included in the new […]
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SBA to open Paycheck Protection Program direct forgiveness website
July 30, 2021
The US Small Business Administration will launch a streamlined Paycheck Protection Program forgiveness application website to allow some 6.5 million borrowers with PPP loans of $150,000 or less to apply for forgiveness directly through the SBA, it announced. On Aug. 4, the site will begin accepting applications from borrowers that have a PPP loan with […]
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Foundation for Puerto Rico moving forward with destination plans for eastern region
July 30, 2021
Foundation for Puerto Rico (FPR) is moving ahead with its Bottom Up Destination Recovery Initiative to drive the island’s recovery based on a sustainable model that supports communities to become more resilient and proactive in the development of their social, natural and cultural assets. On Aug. 11, the program will present the destination plans created […]
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Op-Ed: What makes or breaks Puerto Rico’s investment climate
July 30, 2021
A good investment climate offers opportunities for companies ranging from microenterprises to multinationals. Promoting a favorable investment climate allows them to invest productively, create jobs, attract new investments to the island, or expand operations, among other activities. The recent determination of Moody’s Investors Service to withdraw its ratings for the Government of Puerto Rico and […]
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USDA releases $966M in PAN funds to Puerto Rico in response to COVID-19
July 29, 2021
The US Department of Agriculture’s Food and Nutrition Service announced the release of $966.12 million in additional Nutritional Assistance Program (PAN, in Spanish) funds to help Puerto Rico residents “who are still struggling from the COVID-19 pandemic.” More than 1.5 million Puerto Rico residents — nearly half of the island’s population — participate in the […]
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SBA announces up to $300K to fund Women’s Business Centers in Puerto Rico
July 29, 2021
The U.S. Small Business Administration announced the availability of $300,000 for up to two new grant opportunities for established and aspiring Women’s Business Center (WBC) host organizations. When funded, the WBC’s will provide outcome-oriented business services for women entrepreneurs in Puerto Rico, the agency said. “The SBA’s Women’s Business Center program is a dedicated resource partner, and […]
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158K households have signed up to FCC’s Emergency Broadband Benefit program
July 29, 2021
The Federal Communications Commission (FCC) confirmed that 158,333 households in Puerto Rico have enrolled in the Emergency Broadband Benefit Program, joining some 4 million others across the US mainland. The $3.2 billion subsidy program initiated by Congress provides a temporary $50 to $75 discount on eligible households’ internet bills during the duration of the pandemic. […]
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Congressmen re-introduce tax credit bill that would benefit US territories
July 28, 2021
US Sen. Bob Menendez (D-N.J.), a senior member of the Senate Finance Committee, and Roger Wicker (R-Miss.) reintroduced the Territory Economic Development Tax Credit Act (TEDTCA), which would create a tax credit for wages and tangible investments made by US-based businesses in US territories. This bill will support job creation and help strengthen the US […]
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Chemical Solutions invests $1.1M to produce organic disinfectant
July 28, 2021
Yabucoa-based Chemical Solutions, LLC acquired the rights to manufacture in Puerto Rico hypochlorous acid, an organic, water-based disinfectant that combats virus and bacteria, and is 99% effective, company officials announced. After months of negotiations and through a $1.1 million investment, this new manufacturing line will catapult Chemical Solutions into the international market, making it the […]
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Puerto Rico Police Association launches lending platform for first responders
July 28, 2021
The Puerto Rico Police Members Association (AMPPR, in Spanish), in partnership with Orchid Funding LLC, announced the launch of a new lending program for its members, public employees, and pensioners. In anticipation of the lending platform’s launch, AMPPR and Orchid closed a $25 million credit facility with Celeres Capital Advisors LLC, Medalist Partners LP, and […]
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SBA grants $4.2M in Puerto Rico through Shuttered Venue Operator program
July 27, 2021
The U.S. Small Business Administration provided an update on the progress of its Shuttered Venue Operator program, confirming that as of July 26, it has approved 28 awards in Puerto Rico amounting to a little more than $4.2 million. The agency also confirmed it awarded one SVOG grant for $92,956 to a program participant in […]
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Puerto Rico Housing Dept. signs $13M disaster recovery contract with consulting firm IFC
July 27, 2021
The Puerto Rico Housing Department recently awarded global consulting and digital services provider ICF a $13 million contract amendment to expand the implementation of the agency’s Single Family Rehabilitation, Reconstruction & Relocation Program (R3). The contract for this work currently runs through summer 2022, ICF confirmed. R3 is a Community Development Block Grant Disaster Recovery […]
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Uber Eats expands beyond restaurants to groceries, other essentials
July 27, 2021
Uber Eats announced it is expanding beyond food deliveries by integrating a greater variety of businesses in its platform. Currently, users can find in the app stores such as the virtual supermarkets Jetson and La Comprita, and even convenience stores such as 24 Market. “As a technology company, continuous innovation is part of Uber Eats’ […]
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