Sunday, October 21, 2018

Puerto Rico far from meeting U.S. Treasury requirement to receive disaster loans

By on April 3, 2018

SAN JUAN – It seems the Puerto Rico government is far from reaching the minimum of $1.1 billion to qualify for the $4.7 billion in Community Disaster Loans approved by Congress in October.

According to Fiscal Agency and Financial Advisory Authority figures released Friday, as of March 23 the local Treasury Single Account, or TSA, had about $2.05 billion in the bank.

U.S. Treasury Secretary Steven Mnuchin and Gov. Ricardo Rosselló agreed to terms for the disbursement of the funds last month after the federal department established a threshold before releasing the funds.

U.S. Treasury Secretary, Puerto Rico governor reach agreement on disaster loans

The TSA has to drop to less than $1.1 billion and not $800 million as the U.S. Treasury, originally required for the government to be able to access funds that were granted to the island as a result of the destruction caused when Hurricane Maria struck in September.

It was also agreed that the funds would be available according to need until 2020.

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