FEMA has OK’d 9K+ Hurricane María recovery projects in Puerto Rico
January 21, 2022
The recent number of projects that the Federal Emergency Management Agency (FEMA) has obligated to the government of Puerto Rico has exceeded 9,100, representing more than $25.9 billion in federal funds for the island’s recovery after Hurricane María, the agency stated. Hundreds of projects have already been completed while others are in the bidding and […]
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US Army Corps of Engineers allocates $230M for Puerto Rico waterways improvements
January 20, 2022
The US Army Corps of Engineers has assigned some $230 million for improvements to the Caño Martín Peña, the San Juan Bay, and the Culebrinas River, as part of the Biden Administration’s Infrastructure Act. Of that amount, $163 million will go to restore the Caño Martín Peña and the nearby areas of the San Juan […]
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US District Court approves Puerto Rico’s debt adjustment plan
January 19, 2022
After more than five years, the US District Court for the District of Puerto Rico approved a Plan of Adjustment that reduces the commonwealth’s debt by 80% and saves Puerto Rico more than $50 billion in debt service payments. Among other matters, the plan orders modifying some $33 billion in central government obligations. In a […]
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EDB doubled its financing capacity for SMEs in ’21 vs. ’19
January 18, 2022
The Puerto Rico Economic Development Bank doubled the number of loans approved for small and mid-sized businesses in 2021, when compared to 2019, agency President Luis Alemañy said, adding that in doing so, “the public corporation has become one of the main sources of aid and financing” for that segment known as SMEs. Offering a […]
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Gov’t opens $75.6M Puerto Rico Homeowner Assistance Program application cycle
January 11, 2022
The US Department of Treasury approved Puerto Rico’s plan to use some $75.6 million for the Homeowner Assistance Program to help homeowners who have faced difficulties paying the mortgage on their primary residence, and other housing-related expenses, due to the COVID-19 pandemic. “This program is aimed at preventing mortgage defaults, home foreclosures and the loss […]
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Puerto Rico get $35.4M from US gov’t for home energy assistance
January 10, 2022
Due to the passage of the American Rescue Plan, Puerto Rico has received $35.4 million for the Low-Income Home Energy Assistance Program (LIHEAP) available this fiscal year, which runs through September 2022. As part of a state-by-state breakdown of funding, the White House reported that in addition to an annual appropriation of $15.2 million for […]
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Pierluisi names new Puerto Rico Labor Secretary
January 10, 2022
Gov. Pedro Pierluisi has appointed Gabriel Maldonado-González as Puerto Rico’s new Department of Labor and Human Resources secretary, filling the vacancy left by his predecessor, Carlos Santiago, who stepped down Dec. 31. Maldonado has extensive government and private sector experience, as well as in the field of labor law, both in the state and federal […]
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PRIDCO expects to reap benefits of ‘strategic transformation’ in ’22
January 5, 2022
After wrapping up what he called a “complex year” during which many projects were kicked-off and made possible using Puerto Rico Industrial Development Company (PRIDCO) properties, agency Executive Director Javier Bayón said 2022 brings a loaded agenda in favor of Puerto Rico’s economic development. PRIDCO officials spent the better part of 2021 reshaping the agency’s […]
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FEMA moves forward with earthquake recovery efforts in Puerto Rico
January 5, 2022
Two years after the string of earthquakes that hit Puerto Rico at the end of 2019, the recovery continues with more than $523 million that the Federal Emergency Management Agency (FEMA) has allocated. The funds are distributed among projects in 14 municipalities of the southern, western, and central parts of the island. Among the structures […]
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Individual investors paid nearly $100M in taxes in 2017-2018, DDEC report shows
January 4, 2022
Beneficiaries of the Individual Investor Incentive program under Law 60, or the Puerto Rico Tax Code, paid nearly $100 million in taxes in 2017 and 2018, according to the Department of Economic Development and Commerce’s (DDEC, in Spanish) “Annual Report on the performance of the incentives granted under the Puerto Rico Incentives Code.” The first […]
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US Dept. of Treasury grants 1-year transition period for taxpayers under Act 154
December 30, 2021
The US Department of Treasury and the IRS released the final regulations related to the Foreign Tax Credit under Act 154, which grants an additional transition year to taxpayers who currently pay under that tax system, Puerto Rico Treasury Secretary Francisco Parés confirmed. “The provisions in the regulations, regarding Puerto Rico, are the product of […]
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FEMA obligations for permanent work in Puerto Rico exceed $19M
December 29, 2021
While the Federal Emergency Management Agency (FEMA) maintained a fast-paced obligation of funds last year, construction work leads the way toward the revitalization of many communities throughout the island, the agency said. To date, FEMA has allocated more than $25.7 billion in federal funds, of which more than $19 billion are for permanent work. Hundreds of projects […]
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Puerto Rico Treasury processes 99% of returns filed this taxable year
December 20, 2021
The Puerto Rico Treasury Department confirmed that despite the need of more staff, close to 1.2 million income tax returns for individuals and corporations for taxable year 2020 have been processed, which represents 99% of the total returns filed. Of that total, about 1 million have received their refunds. “We have quickly disbursed close to […]
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DDEC, SBA urge SMEs and to apply for COVID-19 recovery loans before Dec. 31
December 20, 2021
The Department of Economic Development and Commerce (DDEC, in Spanish) and the U.S. Small Business Administration are urging small and medium-sized enterprises (SMEs) and nonprofits to apply for the Economic Damage Disaster Loan if their operations have been hit by the effects of the COVID-19 pandemic before the Dec. 31 deadline. On Oct. 8, the […]
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USDA grants Puerto Rico $38.5M to improve critical rural infrastructure
December 17, 2021
The US Department of Agriculture granted $38.5 million to nine projects in Puerto Rico, which will improve critical rural infrastructure, the agency announced. Through this funding, the US government hopes to help expand access to high-speed internet, clean water and reliable electricity in people’s homes and businesses across rural areas, it said in a statement. […]
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