Vimenti grants special $100 incentive to its participating families
June 1, 2020
Looking to help mitigate the economic effects that the COVID-19-related quarantine has caused, Vimenti by Boys & Girls Clubs of Puerto Rico provided the families of the project with an economic incentive of $100. The aid was delivered at Vimenti School along with the lunch that the project provides to their families twice a week, […]
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Economic impact of COVID-19 virus in Puerto Rico revised upward
May 29, 2020
The direct impact of the COVID-19 emergency on Puerto Rico’s economy has been revised upward to $9.7 billion, from an initial $6.9 billion, economic analysis firm Estudios Técnicos revealed. The 40.5% increase responds to an update of the parameters associated with the lockdown period and the month-equivalent magnitude of the initial impacts, the firm said. […]
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SBA, Treasury Department announce $10B for CDFIs to participate in PPP
May 29, 2020
The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, announced that it is setting aside $10 billion of Round 2 funding for the Paycheck Protection Program to be lent exclusively by Community Development Financial Institutions (CDFIs). CDFIs work to expand economic opportunity in low-income communities by providing access to financial products and […]
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Heineken commits $500K to drive reopening of small businesses affected by lockdown
May 29, 2020
Heineken announced an initiative with which it has committed to invest $500,000 to support small local cold consumption businesses affected by the lockdown of businesses due to the COVID-19 pandemic in Puerto Rico. Through the “Heineken Invita” initiative, the gradual reopening of local establishments will be promoted, offering them resources that include product and promotional […]
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Lemonade Day Puerto Rico announces free virtual summer program
May 29, 2020
Lemonade Day Puerto Rico, a business education program that teaches young people how to plan and operate their own businesses, announced its virtual business education program for this summer, the Lemonade 2020 Virtual Summer. The summer program will offer enrolled children and family access to ten virtual workshops and online videos that support the lessons […]
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Popular Inc. wraps up $500M accelerated share repurchase transaction
May 28, 2020
Popular Inc. announced the completion of its $500 million accelerated common stock repurchase transaction announced for 2020. The completion came earlier than expected, as the counterparty in the transaction exercised its right under the agreement to implement the early termination date clause when the trading price of Popular’s common stock fell below a specified level […]
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USDA grants $2.2M loan to town of Cabo Rojo to improve landfill operation
May 28, 2020
The U.S. Department of Agriculture announced it has approved a $2.2 million loan to the municipality of Cabo Rojo, to improve the town’s landfill operations. The assignment is part of a global $281 million that the federal agency is investing in 106 rural water and wastewater infrastructure improvement projects in 36 states and Puerto Rico, […]
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New York Fed announces new format for ‘High School Fed Challenge’
May 28, 2020
The Federal Reserve Bank of New York today announced a new format for the “High School Fed Challenge,” an annual competition designed to enhance and promote economic education. Any high school in the Federal Reserve’s second district — which includes New York State, Northern New Jersey, Puerto Rico, the U.S. Virgin Islands, and Fairfield County, […]
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Labor groups present recommendations to governor to protect workers
May 28, 2020
The Puerto Rico Workers Federation, AFL-CIO, headed a group of about 35 unions who met with Gov. Wanda Vázquez and administration officials to present a list of suggestions to “ensure the health and safety of all workers” as the island’s economy reopens amid the COVID-19 health crisis. During a meeting at the Puerto Rico Convention […]
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Op-Ed: Contracts in times of pandemic
May 28, 2020
The COVID-19 pandemic has brought disorientation and confusion on all fronts, and one of them is the business legal arena, and what’s applicable and what isn’t in a situation as unique as this. From huge business transactions to everyday ordinary ones, everything seems unclear. For example, in recent days we have heard complaints from many […]
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CBP in San Juan seizes shipment of counterfeit alloy wheels
May 28, 2020
U.S. Customs and Border Protection San Juan Field Operations announced Tuesday the seizure of a shipment consisting of 844 counterfeit alloy car wheels imported into Puerto Rico. The estimated manufacturer suggested retail price of all the counterfeit products seized is approximately $238,000, had the goods been genuine, the CBP said. “Purchasing knock-offs of high-end, […]
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Oversight Board’s ’20 Fiscal Plan proposes 1-yr. pause on gov’t rightsizing
May 27, 2020
The Financial Oversight and Management Board for Puerto Rico today presented the 2020 Fiscal Plan for the Commonwealth of Puerto Rico for certification, which calls for, among other actions, a one-year delay in most government rightsizing activity to allow it to focus on structural reforms and efficiency measures. The document will be up for the […]
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Puerto Rico Labor Dept. confirms payout of $727M in jobless benefits
May 27, 2020
The Puerto Rico Labor Department has disbursed nearly $727 million in unemployment benefits to more than 210,000 beneficiaries since April 1, agency Secretary Briseida Torres said. She said $569 million have been disbursed from the regular Unemployment Insurance Program in the past two months, including federal supplementary aid approved by the CARES Act, since April […]
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Puerto Rico restaurants reboot operations as physical distancing sets in
May 27, 2020
Puerto Rico restaurants have been given the green light to reopen for business, at reduced capacity and under physical distancing restrictions that are prompting most to reboot to move forward. One major consequence of the distancing required to contain COVID-19 contagion is the virtual elimination of the self-serve buffet concept, which is now a thing […]
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Liberty Puerto Rico issues $90M in debt to fund AT&T acquisition
May 27, 2020
Liberty Latin America Ltd. announced that its subsidiary, Liberty Puerto Rico has issued $90 million in senior secured notes to support the funding needed for its acquisition of AT&T Puerto Rico’s assets on the island and the U.S. Virgin Islands. The sale of additional 6.75% Senior Secured Notes due 2027 was executed on a private […]
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