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 […]
chat_bubble0 Comment
visibility2839 Views
The 20/22 Act Society donates $1.2M to 37 nonprofits in Puerto Rico
January 4, 2022
The 20/22 Act Society announced the distribution of funds to some 37 nonprofit organizations on in Puerto Rico, who received a combined $1.2 million. “Commitment to charities is the most important pillar of our organization,” said Robb Rill, founder of The 20/22 Act Society. “For the second year in a row and despite the prevailing […]
chat_bubble0 Comment
visibility13649 Views
FCC launches new affordable broadband connectivity subsidy program
January 4, 2022
Following Congressional directives in the Infrastructure Investment and Jobs Act, the Federal Communications Commission officially launched the Affordable Connectivity Program, the $14.2 billion successor program to the Emergency Broadband Benefit which helped almost 9 million afford internet access during the pandemic. Effective now, eligible households are encouraged to apply to receive up to $30 per […]
chat_bubble0 Comment
visibility2598 Views
Frommer’s includes San Juan in its ‘10 Best Places to Go’ in US in ’22
January 4, 2022
Frommer’s Travel Guide has put together a list of its 10 Best Places to Go in the United States this coming year, which includes San Juan, which it describes as “newly revitalized following its quincentenary.” “With COVID-19 still a major concern, the Frommer’s staff struggled with whether to publish our annual Best Places article for […]
chat_bubble0 Comment
visibility3664 Views
USDA opens call for grants to preserve affordable rural rental housing
January 4, 2022
The US Department of Agriculture announced it is accepting applications for grants to assist in the preservation of affordable rural rental housing, for which it is making $3 million available. Grant recipients will provide services to multi-family housing borrowers and applicants. These services will help facilitate the transfer of properties financed with USDA direct loans […]
chat_bubble0 Comment
visibility1374 Views
EDB: Key indicators show Puerto Rico’s economic recovery in ’21
January 3, 2022
Several positive indicators point to an economic improvement on the island during 2021 in the face of the great losses caused by the COVID-19 pandemic, Puerto Rico Economic Development Bank President Luis Alemañy said. The agency’s Center for Economic Studies — headed by Economists Gladys Medina and Juan Carlos Gonzalez — offered a rundown of […]
chat_bubble0 Comment
visibility4363 Views
Puerto Rico private sector urges Executive, Legislative to ‘execute’ in ’22
January 3, 2022
The Puerto Rico Chamber of Commerce (CofC, in Spanish) asked the government — both the Executive and Legislative branches — the schedule to begin “executing” to move from recovery to economic growth, said Luis Gierbolini, president of the private sector trade group. In his statement, Gierbolini said Puerto Rico must move to resolve the issues […]
chat_bubble0 Comment
visibility3433 Views
Puerto Rico Opportunity Zone Fund invests in Fusion Farms
December 30, 2021
Monllor Capital Partners LLC announced that the Puerto Rico Opportunity Zone Fund, LP private equity fund has made an undisclosed investment in Mayagüez-based Fusion Farms, a vertical indoor aquaponic farm developer and operator. The Puerto Rico Opportunity Zone Fund (PROZ) is reportedly the first private equity firm fund focused on Environmental, Social, and Governance (ESG) […]
chat_bubble0 Comment
visibility2014 Views
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 […]
chat_bubble0 Comment
visibility2481 Views
Education Dept. signs $12M agreement to provide fresh milk to lunchrooms
December 30, 2021
The Puerto Rico Education Department and the Milk Industry Promotion Fund signed an agreement through which the agency will invest $12 million to distribute fresh milk to the island’s public-school lunchrooms. The agreement will be in effect through Sept. 30, 2024 and complies with federal regulations that require offering five food components to lunch service […]
chat_bubble0 Comment
visibility2464 Views
USDA opens call for loans under Intermediary Relending Program
December 30, 2021
The US Department of Agriculture announced it is accepting applications for loans to support economic development and create jobs for people in rural areas, under the Intermediary Relending Program. The initiative provides a low-interest loan to local lenders or “intermediaries” that re-lend the funds to businesses to improve economic conditions and create jobs in rural […]
chat_bubble0 Comment
visibility1679 Views
14 small businesses in Vega Baja to get $659K in federal grants
December 30, 2021
Fourteen small businesses in the town of Vega Baja will receive grants of up to $50,000 each for a total of $659,112, town Mayor Marcos Cruz-Molina announced. The funding comes following an alliance between the municipality, the Puerto Rico Economic Development Bank, and the Community Socio-Economic Institute (INSEC, in Spanish). The first entrepreneurs who each […]
chat_bubble0 Comment
visibility2305 Views
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 […]
chat_bubble0 Comment
visibility2263 Views
Small inn owners expect challenges in the new year
December 29, 2021
The Puerto Rico Association of Small Inn Owners and Tourism are expecting challenges in 2022, for which they will try to encourage a greater movement of non-resident travelers to the regions outside of San Juan and increase the presence of the group and convention segment in the Porta del Sol and Porta Caribe. “This year […]
chat_bubble0 Comment
visibility1949 Views
FirstBank and INprende graduate 123 entrepreneurs from their 1Éxito program
December 29, 2021
Looki g to strengthen their business models, FirstBank together with INprende graduated 123 entrepreneurs from the third edition of the 1Éxito program. The students participated in five free virtual training sessions on topics related to business development. In addition, for completing the 1Éxito program, they received certificates to open a commercial account at FirstBank without […]
chat_bubble0 Comment
visibility2291 Views
A Dow Jones/Factiva content provider since 2014
Subscribe to our Dollars & Sense podcast!
NIMB ON SOCIAL MEDIA