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Puerto Rico’s Treasury Department establishes procedure for distributing COVID-19 economic incentives to small and medium-sized businesses under Strategic Disbursement Plan for funds received under CARES Act

09 June 2020

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Tax Alerts, Legislation & Policy, National/Federal Taxation

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Puerto Rico

Through Circular Letter (CL) 20-26, the Puerto Rico Treasury Department (PRTD) has established the procedure for distributing funds that the Strategic Disbursement Plan (Strategic Plan) provides under the CARES Act to help small and medium-sized businesses (PYMES for its Spanish acronym).Programs to help PYMESUnder the Strategic Plan, the PRTD will distribute the funds to small and medium-sized companies through two programs. The program for small businesses allows businesses to receive up to US$5,0001 for economic losses suffered as a result of the COVID-19 pandemic and for expenses related to the pandemic, while the program for medium-sized businesses allows businesses to...