Gov’t authorizes $49M in aid to private hospitals for COVID-19 expenses
June 1, 2020
The government has authorized $49.5 million in funding to assist Puerto Rico’s private hospitals reimburse expenses related to the COVID-19 emergency. Gov. Wanda Vázquez said the funding comes from the Private Hospital Assistance Program, included in the Strategic Disbursement Plan under the CARES Act. “We recognize the challenges that our hospital institutions have had due […]
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Dept. of Transportation unveils initiative for emergency license, ID renewals
June 1, 2020
The Department of Transportation and Public Works (DTOP, in Spanish) announced an initiative to help residents who need current documents for emergency travel, medical treatments, vehicle exports, among others, during the shutdown of the government’s Driver Service Centers (CESCO, in Spanish). The special procedure will allow CESCO staff, “who have been provided with the necessary […]
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Labor Dept. moves jobless benefits ‘drive-up’ service to Convention Center
June 1, 2020
Starting today, the Puerto Rico Labor Department is moving its “drive-up” unemployment benefits document drop-off service to the Puerto Rico Convention Center in the Miramar sector of San Juan, agency Secretary Briseida Torres said. “Given the reopening of business activity and the need to provide a more efficient service to applicants, we decided to move […]
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Impactivo, Day Health Strategies partner to support healthcare providers
June 1, 2020
Impactivo and Day Health Strategies (DHS) have joined efforts to assist the nation’s primary healthcare providers and enable them to move forward in a world changed by COVID-19. The consultancies have partnered with researchers and practitioners nationwide to inform their newly launched “at-home healthcare solution” in the recently released white paper entitled, “Primary Care Transformation […]
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Economic impact of COVID-19 virus in Puerto Rico revised upward
May 29, 2020
The direct impact of the COVID-19 emergency on Puerto Rico’s economy has been revised upward to $9.7 billion, from an initial $6.9 billion, economic analysis firm Estudios Técnicos revealed. The 40.5% increase responds to an update of the parameters associated with the lockdown period and the month-equivalent magnitude of the initial impacts, the firm said. […]
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SBA, Treasury Department announce $10B for CDFIs to participate in PPP
May 29, 2020
The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, announced that it is setting aside $10 billion of Round 2 funding for the Paycheck Protection Program to be lent exclusively by Community Development Financial Institutions (CDFIs). CDFIs work to expand economic opportunity in low-income communities by providing access to financial products and […]
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Emergency communications systems, P.R. Police get $1.6M from FEMA
May 29, 2020
Communications systems used to handle emergencies on the island as well as several Puerto Rico Police buildings will benefit from more than $1.6 million in grants awarded under the Federal Emergency Management Agency’s Public Assistance program, the agency announced. The funds will help those in uniform to continue providing vital safety services to communities, it […]
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Popular Inc. wraps up $500M accelerated share repurchase transaction
May 28, 2020
Popular Inc. announced the completion of its $500 million accelerated common stock repurchase transaction announced for 2020. The completion came earlier than expected, as the counterparty in the transaction exercised its right under the agreement to implement the early termination date clause when the trading price of Popular’s common stock fell below a specified level […]
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USDA grants $2.2M loan to town of Cabo Rojo to improve landfill operation
May 28, 2020
The U.S. Department of Agriculture announced it has approved a $2.2 million loan to the municipality of Cabo Rojo, to improve the town’s landfill operations. The assignment is part of a global $281 million that the federal agency is investing in 106 rural water and wastewater infrastructure improvement projects in 36 states and Puerto Rico, […]
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New York Fed announces new format for ‘High School Fed Challenge’
May 28, 2020
The Federal Reserve Bank of New York today announced a new format for the “High School Fed Challenge,” an annual competition designed to enhance and promote economic education. Any high school in the Federal Reserve’s second district — which includes New York State, Northern New Jersey, Puerto Rico, the U.S. Virgin Islands, and Fairfield County, […]
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Labor groups present recommendations to governor to protect workers
May 28, 2020
The Puerto Rico Workers Federation, AFL-CIO, headed a group of about 35 unions who met with Gov. Wanda Vázquez and administration officials to present a list of suggestions to “ensure the health and safety of all workers” as the island’s economy reopens amid the COVID-19 health crisis. During a meeting at the Puerto Rico Convention […]
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Oversight Board’s ’20 Fiscal Plan proposes 1-yr. pause on gov’t rightsizing
May 27, 2020
The Financial Oversight and Management Board for Puerto Rico today presented the 2020 Fiscal Plan for the Commonwealth of Puerto Rico for certification, which calls for, among other actions, a one-year delay in most government rightsizing activity to allow it to focus on structural reforms and efficiency measures. The document will be up for the […]
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Puerto Rico Labor Dept. confirms payout of $727M in jobless benefits
May 27, 2020
The Puerto Rico Labor Department has disbursed nearly $727 million in unemployment benefits to more than 210,000 beneficiaries since April 1, agency Secretary Briseida Torres said. She said $569 million have been disbursed from the regular Unemployment Insurance Program in the past two months, including federal supplementary aid approved by the CARES Act, since April […]
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Puerto Rico restaurants reboot operations as physical distancing sets in
May 27, 2020
Puerto Rico restaurants have been given the green light to reopen for business, at reduced capacity and under physical distancing restrictions that are prompting most to reboot to move forward. One major consequence of the distancing required to contain COVID-19 contagion is the virtual elimination of the self-serve buffet concept, which is now a thing […]
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Liberty Puerto Rico issues $90M in debt to fund AT&T acquisition
May 27, 2020
Liberty Latin America Ltd. announced that its subsidiary, Liberty Puerto Rico has issued $90 million in senior secured notes to support the funding needed for its acquisition of AT&T Puerto Rico’s assets on the island and the U.S. Virgin Islands. The sale of additional 6.75% Senior Secured Notes due 2027 was executed on a private […]
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