Sunday, July 5, 2020

Puerto Rico Gov Announces Receipt of $2.2 billion in Cares Act Aid

By on April 22, 2020

Gov. Wanda Vázquez (CB file)

SAN JUAN – Gov. Wanda Vázquez Garced announced Wednesday that the government of Puerto Rico received $2.2 billion in direct aid provided by the Coronavirus Aid, Relief and Economic Security (Cares) Act.

The legislation provides a $150 billion Coronavirus Relief Fund to cover the expenses incurred in states and territories due to the public health emergency caused by the pandemic from March 1 to Dec. 30.

According to the Congressional Research Service, the estimated allocation for Puerto Rico is $2.24 billion, which can be used for necessary expenditures that were incurred due to Covid-19 and not accounted for in the budget.

“Last Thursday, April 17, the Department of the Treasury sent the request for these funds included in the CARES Act and $2.2 billion is already deposited in the coffers of the government of Puerto Rico. The funds will be used to continue guaranteeing the well-being of all citizens amidst this fight against COVID-19. This way, we will have liquidity to mitigate the fiscal impact and make viable various programs for Puerto Ricans,” the governor said.

The government of Puerto Rico is waiting for the guidelines that will help comply with the parameters established by the U.S. Treasury for the use of the funds.

The funds are in addition to the $1,200 for island residents will receive from the legislation.

In the governor’s office press release, Treasury Secretary Francisco Parés stressed that his department is still waiting for the approval of the plan submitted to the U.S. Treasury for the distribution.

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