Congress files bill to end conflicts of interest in PROMESA debt restructuring
February 24, 2021
Rep. Nydia M. Velázquez (D-NY) has introduced the “Puerto Rico Recovery Accuracy in Disclosures Act of 2021.” Known as PRRADA, the bill would extend current US law to require disclosures of conflicts of interest in all PROMESA bankruptcy proceedings in Puerto Rico, and thereby improve transparency and restore confidence in the island’s future. Senator Bob […]
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Biden administration implements changes in the Paycheck Protection Program
February 23, 2021
The U.S. Small Business Administration is making a number of temporary and permanent changes to the Paycheck Protection Program (PPP) to increase funding received by smaller businesses, including a 14-day period during which only businesses and nonprofits with fewer than 20 employees will be able to submit applications. The program’s exclusive period for smaller businesses […]
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Gov’t buys elderly residential complex in Ponce for $6.1M
February 22, 2021
The Puerto Rico Public Housing Administration announced the acquisition of the Égida Estancias Doradas en Ponce, a residential project for the elderly, for $6.1 million. The project was owned by Ponce Elderly Limited Partnership and operated under a rental subsidy from the Department of Housing in accordance with Act 173 of Aug. 31, 1996, local […]
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FEMA funds will go to replace 63 cameras on Baldorioty de Castro Ave.
February 19, 2021
The Federal Emergency Management Agency’s recent award of $1.3 million to the Puerto Rico Police seeks to address damages caused by Hurricane María to several police facilities throughout the island, the agency confirmed. This obligation pushes to $45 million the FEMA funds earmarked for repairing stations, replacing essential police equipment and video system equipment on […]
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Treasury Dept.: 30K taxpayers still waiting for $600 COVID-19 aid checks
February 17, 2021
An estimated 30,525 taxpayers have not received the disbursement of the $600 financial stimulus, reportedly due to errors in their bank information, Treasury Department officials said. “They must have received a message, either by email or through the platform, indicating a rejection [of the deposit] by the bank. They have to update their bank information […]
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FEMA allocates $10.7M for permanent work at University of Puerto Rico
February 15, 2021
The Federal Emergency Management Agency (FEMA) approved nearly $10.7 million to rebuild the Facundo Bueso Annex at the University of Puerto Rico for its campus in Río Piedras. The structure was demolished in 2018 since it posed a threat to the health and safety of the university community as a result of damage from Hurricane […]
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Labor Dept. announces $465M federal unemployment benefits payout
February 12, 2021
The Puerto Rico Department of Labor and Human Resources announced the disbursement of a combined $465 million in unemployment benefits, split between $371.3 million in Pandemic Unemployment Assistance (PUA) payments and $94 million in retroactive disbursements. Labor Secretary Carlos J. Rivera-Santiago confirmed that the latter payout covers the retroactive weekly payments of the $300 approved […]
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Puerto Rico Institute of Statistics opens call for paid internship
February 12, 2021
The Puerto Rico Institute of Statistics announced that during the next two weeks — and while the available spaces are filled — it has opened a call for paid internships for graduate students of statistics, mathematics, computer science or in any other area based on statistics. This also includes economics, planning, demography, epidemiology, biostatistics, criminology, […]
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OBoard reaches ‘agreement in principle’ on debt, drawing concerns
February 11, 2021
The Financial Oversight and Management Board for Puerto Rico announced that it reached an agreement in principle with several creditor groups to lower Puerto Rico’s debt to what it termed “sustainable levels” as a result of a mediation process. In tandem with the announcement, the Oversight Board asked the court to extend the deadline for […]
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Treasury Dept. seeks exclusion from federal Foreign Tax Credit public policy
February 11, 2021
The Puerto Rico Treasury Department has asked its federal counterpart to clarify whether a new regulation under consideration concerning credits granted for taxes paid by corporations doing business abroad would apply to Puerto Rico. In a letter sent to US Treasury Secretary Janet Yellen, the local government asked for the proposed “Guidance Related to the […]
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CDBG-DR assigns $20.8M to San Juan for recovery works in the city
February 11, 2021
The Municipality of San Juan will receive $20.8 million from the Community Development Block Grant (CDBG-DR) City Revitalization Program for the restoration of infrastructure in areas still affected by the 2017 hurricanes. The funding is part of a sub-recipient agreement signed between San Juan Mayor Miguel Romero-Lugo and Puerto Rico Housing Department Secretary William Rodríguez-Rodríguez, […]
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PRASA unveils $40M improvement plans for eastern-area water systems
February 9, 2021
The Puerto Rico Aqueduct and Sewer Authority announced the reconstruction of the Caguas Central Laboratory, at an investment of some $40 million. It consists of the construction of a structure designed under the new codes established for earthquakes and atmospheric systems, PRASA Executive President Doriel Pagán-Crespo said. She added that during the last quarter of […]
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GAO: Puerto Rico spent most of its ’18 Medicaid budget on contractors
February 8, 2021
The U.S. Government Accountability Office (U.S. GAO) released a report urging the Centers for Medicare & Medicaid Services (CMS) to crack down on Puerto Rico’s procurement process, as in 2018 the Commonwealth paid contractors almost all of its Medicaid spending, or 97% of its $2.5 billion budget. The GAO’s recommendation of a “risk-based oversight approach” […]
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Puerto Rico to get $4.3M from McKinsey & Co. opioid case settlement
February 5, 2021
The Commonwealth of Puerto Rico is among 47 states, the District of Columbia, and four territories that will split $573 million from that consulting firm McKinsey & Co. entered into to settle claims that it “fueled” the country’s opioid crisis. Puerto Rico will get a little more than $4.3 million, said Justice Secretary Domingo Emanuelli, […]
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HUD renews $20.7M in funding to 63 homeless programs in Puerto Rico
February 4, 2021
The U.S. Department of Housing and Urban Development announced it has renewed funding for 63 homeless support programs in Puerto Rico, meaning the availability of $20.7 million for that purpose. The allocation is part of a global $2.5 billion budget to renew existing grants for more than 6,500 community-based housing and service providers across the […]
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