Pierluisi breaks down use for $4B ARPA allocation to Puerto Rico
August 4, 2021
Gov. Pedro Pierluisi offered a detailed breakdown of the use that will be given to some $4 billion allocated to the Puerto Rico under the American Rescue Plan Act of 2021. During a news conference — and flanked by Secretary of State Omar Marrero, Treasury Secretary Francisco Parés and Office of Management and Budget Executive […]
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Investment Portfolio for Growth program open to grant up to $50M in loans
August 3, 2021
The Puerto Rico Department of Housing announced the opening of the Investment Portfolio for Growth Program (IPG), which is receiving applications to grant up to a maximum of $50 million in low-interest, long-term, partially forgivable loans. IPG has an allocation of $800 million in CDBG-DR recovery funds and is pursuing the island’s economic revitalization on […]
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Puerto Rico General Fund net income exceeds projections by $42.9M in May, Treasury says
July 30, 2021
The Puerto Rico Treasury Department informed that net income shored up into Puerto Rico’s General Fund exceeded $1.4 billion in May, beating the government’s projections by $42.9 million. In a press release, agency Secretary Francisco Parés said the projected amount was $1.3 billion, representing a growth of 3.1%. “This projection is included in the new […]
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USDA releases $966M in PAN funds to Puerto Rico in response to COVID-19
July 29, 2021
The US Department of Agriculture’s Food and Nutrition Service announced the release of $966.12 million in additional Nutritional Assistance Program (PAN, in Spanish) funds to help Puerto Rico residents “who are still struggling from the COVID-19 pandemic.” More than 1.5 million Puerto Rico residents — nearly half of the island’s population — participate in the […]
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Congressmen re-introduce tax credit bill that would benefit US territories
July 28, 2021
US Sen. Bob Menendez (D-N.J.), a senior member of the Senate Finance Committee, and Roger Wicker (R-Miss.) reintroduced the Territory Economic Development Tax Credit Act (TEDTCA), which would create a tax credit for wages and tangible investments made by US-based businesses in US territories. This bill will support job creation and help strengthen the US […]
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Puerto Rico Housing Dept. signs $13M disaster recovery contract with consulting firm IFC
July 27, 2021
The Puerto Rico Housing Department recently awarded global consulting and digital services provider ICF a $13 million contract amendment to expand the implementation of the agency’s Single Family Rehabilitation, Reconstruction & Relocation Program (R3). The contract for this work currently runs through summer 2022, ICF confirmed. R3 is a Community Development Block Grant Disaster Recovery […]
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FEMA OKs $90M in Community Disaster Loans for earthquake-affected towns
July 23, 2021
The Federal Emergency Management Agency (FEMA) announced the approval of nearly $90 million in low-interest Community Disaster Loans, known as CDLs, to assist the municipalities affected by the 2020 earthquakes in their long-term recovery. Twenty-five municipalities in the south, center and west of the island benefitted from this federal assistance, which ended on June 30. […]
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Puerto Rico businesses affected by ’20 storms, flooding still may apply for SBA loans
July 19, 2021
The US Small Business Administration is reminding small businesses and most private nonprofit organizations in Puerto Rico that Economic Injury Disaster Loans (EIDLs) are still available to anyone in the declared municipalities in Puerto Rico affected by severe storm and flooding on Sept. 13, 2020. The application deadline is Aug. 5 in the following adjacent […]
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GP Strategies sues 4 Puerto Rico towns to collect nearly $3.7M in unpaid fees
July 15, 2021
GP Strategies, a firm dedicated to providing solutions to improve organizational effectiveness, is suing four Puerto Rico municipal governments for non-payment of some $3.7 million, News is my Business learned. In separate lawsuits filed at the Superior Courts in San Juan, Caguas, Carolina and Mayagüez, GP Strategies basically exposes the same cause for going after […]
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11 firms interested in developing ‘spaceport’ at Ceiba airport
July 14, 2021
The Puerto Rico Ports Authority announced it has stirred interest from 11 aerospace firms interested in becoming a master developer of services to establish a “spaceport” at the José Aponte de la Torre regional airport in Ceiba. Ports Authority Executive Director Joel A. Pizá-Batiz said the Request for Information (RFI) began in March, and 27 […]
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Pierluisi designates Marrero to Secretary of State post
July 13, 2021
Gov. Pedro Pierluisi announced the designation of Omar Marrero as Secretary of State, who if confirmed, would steer two government offices. Marrero, who is currently the executive director of the Fiscal Agency and Financial Advisory Authority (AAFAF, in Spanish), working directly with the Financial Oversight and Management Board for Puerto Rico to finish the restructuring […]
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State Insurance Fund Corp. exceeds operational savings required by OBoard
July 12, 2021
The State Insurance Fund Corp. (State Insurance Fund Corp., in Spanish) confirmed it exceeded by $1.2 million the savings that the Financial Oversight and Management Board for Puerto Rico required for its operating budget for Fiscal 2021. So said CFSE Administrator Jesús M. Rodríguez-Rosa, confirming that the Oversight Board required the corporation to achieve spending […]
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DTOP vows to rebuild Puerto Rico roads with $299M FEMA allocation
July 9, 2021
To date, the Federal Emergency Management Agency (FEMA) has obligated nearly $299 million to the Department of Transportation and Public Works (DTOP, in Spanish) to repair damage and optimize state roads and bridges. This includes nearly $92 million approved during 2021 to address infrastructure in nearly 30 municipalities. The obligations represent permanent work projects to […]
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Puerto Rico drivers can transfer vehicles through CESCO Digital app
July 8, 2021
Puerto Rico drivers now have access to expanded services available through the Department of Transportation and Public Works (DTOP, in Spanish) CESCO Digital mobile app, which now allows for transferring the ownership of vehicles, agency Secretary Eileen Vega announced. The app, which already allows users to access a digital version of their driver’s license and […]
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Puerto Rico’s small businesses can still apply for CDBG grants
July 8, 2021
Owners of small and medium-sized businesses in Puerto Rico that were affected by Hurricanes Irma and María in 2017 may continue applying for help available through the Small Business Financing Program, under the Community Development Block Grant (CDBG) Program. Puerto Rico Housing Department Secretary William Rodriguez, said so far, the program has disbursed $24.5 million […]
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