Saturday, September 19, 2020

Puerto Rico congresswoman urges employers to claim employee retention credit

By on August 15, 2018

SAN JUAN – Puerto Rico Resident Commissioner Jenniffer González Colón will provide a briefing, along with the Treasury Department, on the employee retention tax credit for suspended 2017 business operations due to hurricanes Irma and Maria.

The event will be held at the Electronic Lottery Theater, known as the Drawing Room, Friday, Aug. 17, at 9 a.m. Registration begins at 8 a.m

González Colón, Florida Rep. Carlos Curbelo and U.S. Virgin Islands delegate to Congress Stacey Plaskett presented an amendment to the Hurricane Disaster Relief Act of 2017 (H.R. 3823, Section 503) and the Employee Retention Credit for Employers nine days after María’s impact in Puerto Rico.

Employers whose businesses were inoperable from Sept. 4-15, 2017, due to Hurricane Irma; and from Sept. 16 to Jan. 1, 2018, because of Hurricane Maria can claim up to $1,920 for each eligible employee paid during said period. Employers whose net income is more than $10 million could be eligible for a $1,560 credit per retained employee.

“We have managed to get that employers on the island who paid salaries during hurricanes Irma and Maria receive an economic incentive from the federal government that fluctuates between $1,560 and $1,920 per employee. This incentive is my way of thanking and recognizing thousands of employers who, in such a difficult moment, kept the economy on its feet,” González Colón said.

Representatives of the resident commissioner’s office, Treasury, Small Business Administration (SBA), United Retailers Center, Trade and Export Co., Economic Development Bank, Manufacturers Association and Chamber of Commerce will be attending the event to provide further information to participants.

“The Department of the Treasury has disbursed millions of dollars for the tax credit of local employers for the retention of employees after the passage of hurricanes Irma and Maria. Small and midsize businesses are extremely important for us and for Governor Ricardo Rosselló. They constitute a fundamental and essential component for the development and economic stability of Puerto Rico,”  Treasury Secretary-designate Teresa Fuentes said in the congresswoman’s release.

“Traditionally, the credits for retention of employment granted by the Federal Treasury are limited to North American entities that pay federal contributions. It is a historic achievement that this benefit has been granted as a reimbursement to the entrepreneurs of the Island at such a critical time due to the passage of hurricanes,” CofC President Kenneth Rivera Robles added in the release.

To reserve a space, visit Treasury’s website here.

Hurricane-hit businesses in Puerto Rico have received $100 million in credit

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