The Puerto Rico Chapter of the Associated General Contractors of America (AGCPR) described the reactivation of the island’s construction industry and the 26,000 jobs it represents on May 11 as “a positive step.” “Reopening the construction sector is an affirmative and important step to achieve the necessary balance between the health and economic wellbeing of […]
The U.S. Department of Housing and Urban Development will allocate $42.7 million in COVID-19 relief funding to help low-income Americans in Puerto Rico residing in public housing, Secretary Ben Carson announced. The funding, made available by the CARES Act will be awarded to Public Housing Authorities (PHAs) across the nation, including Puerto Rico. “HUD has […]
Gov. Wanda Vázquez announced the extension of the islandwide curfew to May 25, while allowing a limited reopening of certain industries, businesses and services under specific conditions. In a pre-recorded message, Vázquez said the gradual reactivation of the island’s economy — which has been under shelter-in-place and business lock-down orders since Mar. 16 to fight […]
Banco Popular de Puerto Rico has received a total of 127,000 moratorium applications, split between auto, personal and mortgage loans, Popular Inc. CEO Ignacio Álvarez confirmed. Of that number, 100,000 are in its own portfolio, and the remaining 27,000 are mortgage loans owned by third-parties such as Fannie Mae, Freddie Mac and the Federal Housing […]
First BanCorp., the bank holding company for FirstBank Puerto Rico (reported net income of $2.3 million, or $0.01 per diluted share, for the first quarter of 2020, compared to $36.4 million, or $0.16 per diluted share, for the fourth quarter of 2019, and $43.3 million, or $0.20 per diluted share, for the first quarter of […]
The Federal Emergency Management Agency has awarded a $6.8 million grant to the Luis A. Ferré Performing Arts Center in San Juan, an iconic cultural center with a 39-year history of history of hosting more than 15,000 events. The grant was assigned in April 24, FEMA said. After Hurricane María, the steps leading up to […]
Recognizing the need for new standards of cleaning, disinfection, hygiene, and the competitive advantage that the implementation of additional measures provide for the island as a tourist destination, the Puerto Rico Tourism Company announced the creation of a program to grant a gold-star validation seal to tourism-related businesses. This certification (or badge) will be granted […]
The U.S. Department of Transportation has granted a waiver to allow foreign air carriers to provide certain expanded cargo and passenger transfer services at Puerto Rico’s international airports over a two-year term, the agency announced. With its decision, Puerto Rico becomes the first U.S. territory in the Caribbean to become a “hub” for foreign air […]
The U.S. Department of Commerce’s Economic Development Administration is awarding a $13 million grant to the University of Puerto Rico in Ponce to establish a disaster resilient research and business facility to support high-growth businesses focused on the health and medical tourism industries. The EDA grant, to be located in a Tax Cuts and Jobs […]
OFG Bancorp, parent of Oriental bank, reported $131.3 million in revenue for the first quarter ended Mar. 31, 2020, with a strong increase in due to its acquisition of the Puerto Rico and U.S. Virgin Islands operations of The Bank of Nova Scotia (Scotiabank), bank officials said. Upon disclosing its latest results, the financial institution […]
Puerto Rico’s telecommunications industry is ready to operate at its “maximum capacity,” taking the necessary measures to preserve the health and safety of its customers and employees, Felipe Hernández, president of the Puerto Rican Telecommunications Alliance said. The executive stressed that the sector is “not only important for consumers, but is also a fundamental pillar […]
The Puerto Rico Science, Technology and Research Trust Grant Program has selected six projects from local institutions with innovative projects to combat the COVID-19 virus on the island, it announced. The program, which was designed to select five winners with a total budget of $500,000, was expanded to include six winners, who split $600,000. The […]
The Financial Oversight and Management Board for Puerto Rico today presented the Municipal Revenues Collection Center (CRIM, in Spanish), Puerto Rico’s municipalities, and the government of Puerto Rico a repayment plan for towns to reimburse the Commonwealth for the retirement benefits paid to municipal retirees. The repeal of Puerto Rico Law 29-2019 by the U.S. […]
Puerto Rico residents can now find COVID-19 testing locations in Puerto Rico through the Apple Maps database, which has been extended throughout the U.S. mainland and the island, tech giant Apple announced. A few weeks ago, the company released a mobility data trends tool for Apple Maps “to support the impactful work happening around the […]
Gener8tor, MECA International Art Fair (MECA), the Museum of Art and Design of Miramar (MADMi), and LA-X announced the availability of an Emergency Response Program for Puerto Rico’s creative professionals, consisting of a one-week virtual agenda designed to help artists, musicians, designers and other creative professionals identify, understand and secure resources to withstand the crisis […]
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