Gov’t agencies to promote entrepreneurship after end of jobless benefits
October 14, 2021
The heads of the Puerto Rico Economic Development Bank and the Labor Department signed a collaborative agreement to provide funding and grants from the Small Business Financing-CDBG-DR program to new and existing entrepreneurs who received unemployment and Pandemic Unemployment Assistance (PUA) benefits. People who qualify for the microentrepreneur financing program may receive up to $25,000 […]
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Gov’t unveils new online platform to cut back bureaucracy
October 13, 2021
Puerto Rico government officials announced the launch of the “Identificación Electrónica de Acceso en Línea” platform, known as IDEAL, an online tool that connects public agencies, vowing to eliminate bureaucracy and streamlining processes that citizens and businesses get when submitting applications for certifications, services, contracts and permits. During a news conference, Gov. Pedro Pierluisi said […]
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DDEC grants tax exemptions incentives to young entrepreneurs in 15 towns
October 13, 2021
The Department of Economic Development and Commerce’s (DDEC, in Spanish) Office of Business Incentives announced it has granted tax exemption incentives to 25 young entrepreneurs from 15 municipalities throughout the island to develop new businesses. The agreements provide, for a period of three years, the following benefits: 100% exemption in the payment of tax on […]
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Puerto Rico gets $2.4M to prevent fraud in unemployment programs
October 4, 2021
The US Department of Labor recently awarded the Puerto Rico Labor Department a little more than $2.4 million to help the agency detect and combat fraud in its unemployment insurance programs. The funds are part of a global $195.7 million allocation awarded to states and territories, and the District of Columbia, the federal agency said […]
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Biden taps 2 women with Puerto Rican roots to key positions at WTO, Treasury
September 27, 2021
President Joe Biden has announced that he intends to name Puerto Rican attorney María Luisa Pagán to be deputy US trade representative and ambassador to the Geneva-based World Trade Organization (WTO). Her nomination must be confirmed by the US Senate. Pagán was born and raised in Puerto Rico and currently resides in Maryland. A federal […]
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Gov’t announces trade mission to Dominican Republic later this year
September 23, 2021
Looking to promote and strengthen the presence and incursion of local companies into the Dominican Republic market, the Department of Economic Development and Commerce (DDEC, in Spanish), through its Trade and Export Program, is recruiting for the first in-person multisectoral trade mission since the start of the pandemic, from Nov. 30-Dec. 3, 2021. “Currently, the […]
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DDEC, UPR Mayagüez launch a second call for Innova that includes $100K incentive
September 22, 2021
The Department of Economic Development and Commerce (DDEC, in Spanish) and the University of Puerto Rico’s Mayagüez campus, signed a collaborative agreement to launch the second call for the Puerto Rico Innova program — a project that seeks local entrepreneurs — of which finalists may request a $100,000 incentive. The finalists may also request a […]
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Treasury Dept. confirms Premium Pay compensation program open for eligible workers
September 17, 2021
Employers of specific private sector industries can now access the link in their SURI accounts to request the payment of additional compensation, or Premium Pay, for employees who meet the eligibility requirements, Treasury Department Interim Secretary Ángel Pantoja-Rodríguez said. The $2,000 Premium Pay payment comes from a $200 million fund allocated by Gov. Pedro R. […]
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Puerto Rico Economic Dev’t Bank wants to turn PUA recipients into entrepreneurs
September 7, 2021
The Puerto Rico Economic Development Bank is looking to convert those who benefitted from the Pandemic Unemployment Assistance program into “entrepreneurs instead of employees,” agency President Luis Alemañy said. The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, passed in 2020 created the PUA program through which thousands of individuals in Puerto Rico […]
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Puerto Rico Economic Dev’t Bank confirms 169K local workers are self-employed
September 6, 2021
The Puerto Rico Economic Development Bank confirmed over the weekend that close to one-sixth of the island’s workers, or about 15.8%, are self-employed. The data was provided at a press conference during the United Retailers Association’s (CUD in Spanish) convention, when EDB President Luis Alemañy said that as Pandemic Unemployment Assistance (PUA) benefits come to […]
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Ponce gets $6.7M from FEMA to repair cultural facilities
September 2, 2021
The Enrique “Coco” Vicéns Recreational and Cultural Center, known as “La Guancha” in Ponce, received a $6.7 million allocation from the Federal Emergency Management Agency (FEMA), for permanent repairs, the agency announced. In addition to being a meeting place, the iconic complex in the island’s second-largest town is key for its economy. During regular operations, […]
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PRASA to deploy $46M in infrastructure upgrades
September 1, 2021
A trio of government agencies — the Puerto Rico Aqueduct and Sewer Authority, the Infrastructure Financing Authority (AFI, in Spanish), and the Health Department — announced the signing of an agreement to carry out $46 million in improvements to the water utility’s infrastructure. During a news conference, officials from all agencies confirmed that the money […]
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COR3 leads sessions on how to maximize use of reconstruction funds
August 27, 2021
The Central Office for Recovery, Reconstruction and Resilience (COR3) carried out a series of orientation sessions on the management of funds under sections 428 and 406 of the Federal Emergency Management Agency (FEMA) Public Assistance program. “We’re at an important moment in which agencies, municipalities and nonprofit organizations are developing new reconstruction projects, and there […]
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InvestPR launches ‘Impeller’ online tool to list business opportunities in Puerto Rico
August 26, 2021
In its ongoing bid to attract capital investment to the island Invest Puerto Rico, announced the launch of Impeller, an online hub for investment opportunities on the island. The proprietary tool provides a growing list of business opportunities for issuers and companies looking to access on- and off-island investment deals, InvestPR CEO Rodrick Miller said. […]
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Pandemic unemployment aid ends Sept. 4 after disbursing $9.6B in Puerto Rico
August 26, 2021
The Department of Labor and Human Resources announced the end of the benefits of temporary assistance programs such as the Pandemic Unemployment Assistance (PUA) and the Pandemic Emergency Unemployment Compensation after disbursing $9.6 billion in Puerto Rico in 18 months. “Today, some 130,000 unemployment and PUA claimants were notified, via email, about the imminent end […]
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