Emergency Incentives Announced for Companies Affected by Irma in Puerto Rico
SAN JUAN – Puerto Rico Gov. Ricardo Rosselló announced Thursday that the Economic Recovery Program has been established by his administration to provide emergency assistance to Puerto Rican businesses in the wake of Hurricane Irma.
The program offers incentives of up to $250,000 from the Special Incentives Program for the acquisition of machinery and equipment, raw materials and infrastructure, among others.
The program was created via executive order by the secretary of the Economic Development & Commerce Department (DDEC by its Spanish acronym) and executive director of the Puerto Rico Industrial Development Co. (Pridco), Manuel Laboy Rivera.
“The Economic Recovery Program provides the necessary tools to companies based in Puerto Rico to deal with the damages caused by the atmospheric phenomenon. I thank the Secretary of Economic Development, Manuel Laboy, for working quickly to provide emergency funds to these companies that are the engine of the island’s economy,” the governor said in a written statement.
The program provides agile mechanisms to assist Puerto Rico-based companies, particularly small and midsize businesses (Pymes by its Spanish acronym), if they were left damaged by Hurricane Irma.
“We have evaluated the available funds from Pridco to provide the needed economic assistance for our industry, especially small and midsize businesses, so they can reestablish their operations as soon as possible and minimize the impact that the hurricane strike could have caused,” Laboy Rivera said.
The DDEC official also authorized the granting of loan guarantees to those who qualify to stimulate the manufacturing and service industries. The amounts of such loans can range from $5,000.00 to $150,000 depending on the business’ volume.
This mechanism will be developed in coordination with the Economic Development Bank (EDB). The DDEC secretary is already working with EDB President Luis Burdiel on the matter.
The DDEC secretary indicated that any tenant directly affected by the weather system, can present a letter requesting concession of rent or discount accompanied by evidence of the damage suffered.
For additional information, contact DDEC’s temporary customer service at 787-758-4747 Ext. 3499, or email email@example.com.