The Puerto Rico Treasury Department has asked its federal counterpart to clarify whether a new regulation under consideration concerning credits granted for taxes paid by corporations doing business abroad would apply to Puerto Rico. In a letter sent to US Treasury Secretary Janet Yellen, the local government asked for the proposed “Guidance Related to the […]
The Municipality of San Juan will receive $20.8 million from the Community Development Block Grant (CDBG-DR) City Revitalization Program for the restoration of infrastructure in areas still affected by the 2017 hurricanes. The funding is part of a sub-recipient agreement signed between San Juan Mayor Miguel Romero-Lugo and Puerto Rico Housing Department Secretary William Rodríguez-Rodríguez, […]
Puerto Rico Education Secretary Elba Aponte-Santos confirmed plans to invest $6.6 million in protective gear and materials for the reopening of public schools in a “safe” and “healthy” way. The Financial Oversight and Management Board of Puerto Rico approved the funding and oversaw the investment for a detailed list of materials, cleaning and protection products […]
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 […]
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 […]
Bluhaus Small Business Fund, a Puerto Rico-based private equity fund, completed a $5 million investment in Acrecent Financial Corporation, an alternative lender with nearly two decades dedicated to addressing the credit needs of small and medium-sized enterprises. This investment is the Bluhaus’ inaugural transaction after its establishment in March 2020 and being licensed by the […]
Startup accelerator gener8tor announced the launch of gBETA San Juan, the first gener8tor program to be offered in both English and Spanish. gBETA is a pre-accelerator for early-stage companies, and gBETA San Juan will add to the 23 existing programs across the U.S. and Canada, it confirmed. gBETA is a free high performance accelerator for […]
The Puerto Rico Aqueduct and Sewer Authority announced the reconstruction of the Caguas Central Laboratory, at an investment of some $40 million. It consists of the construction of a structure designed under the new codes established for earthquakes and atmospheric systems, PRASA Executive President Doriel Pagán-Crespo said. She added that during the last quarter of […]
As the call for a greener cyberspace gains momentum, beginning with migrating the thick of our digital operations to “greener pastures” within the web, users should surmise whether a public, a hybrid or a private cloud is the cleaner option. The trend toward sustainable cloud design means that remote computing providers commit to carbon reduction […]
San Juan-based Optico Fiber announces the launch of Gigabit Duo, a new broadband Internet service offering speeds of up to 2 Gigabits per second (2Gbps). The Gigabit Duo service is available in all areas of the Optico Fiber network. Gigabit Duo is “the fastest residential broadband service available in Puerto Rico,” company executives said, adding […]
The U.S. Government Accountability Office (U.S. GAO) released a report urging the Centers for Medicare & Medicaid Services (CMS) to crack down on Puerto Rico’s procurement process, as in 2018 the Commonwealth paid contractors almost all of its Medicaid spending, or 97% of its $2.5 billion budget. The GAO’s recommendation of a “risk-based oversight approach” […]
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 […]
Liberty Puerto Rico vowed not to raise fees for its internet, television and telephony services in 2021, President Naji Khoury said in an email sent to customers over the weekend. “Despite the investment we made to expand our network and the yearly increase in programming costs from television channels, we are absorbing a great amount […]
The Commonwealth of Puerto Rico is among 47 states, the District of Columbia, and four territories that will split $573 million from that consulting firm McKinsey & Co. entered into to settle claims that it “fueled” the country’s opioid crisis. Puerto Rico will get a little more than $4.3 million, said Justice Secretary Domingo Emanuelli, […]
Chick-fil-A announced it has selected Site Centers, which operates the RVI shopping centers, as the home for the first round of openings of its new restaurants in Puerto Rico. “When Chick-fil-A first considered expanding to Puerto Rico, they quickly determined that Plaza del Sol in Bayamón and Plaza Escorial in Carolina were the perfect locations. […]
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