Puerto Rico Gov. Wanda Vázquez informed that the Treasury Department, or Hacienda, disbursed more than $115 million in economic stimulus payments to small- and midsize-business (PyMES) owners impacted by the coronavirus pandemic.
According to Vázquez, Hacienda, through its Unified Internal Revenue System (SURI) has deposited $115,803,000 to 22,803 PyMES. Of these, 21,730 were midsize businesses that employ between 50 to 500 people and received a payment of $10,000. The remaining 1,073, small businesses that have between two and 49 employees, received $5,000 each.
Hacienda Secretary Francisco Parés Alicea said, "this process of aid distribution commissioned by the governor is a continuous one that should last until December. Since we began disbursing aid in April, nearly $1.4 billion have been paid out of the $1,200 stimulus from the CARES Act, and about $230 million among grants of $500 and $1,000 that continue to be deposited for self-employed individuals. The Treasury has also kept paying reimbursements and other incentives."
The PyMES that can benefit from aid include non-profit entities that provide direct services to citizens and that meet the required number of employees. The financial aid program applies to all types of business, both individually and through a legal entity such as a company, limited liability company or corporation. The distribution model for this financial assistance is "first come, first served."
To request the financial assistance, business owners must access the link that was enabled in their SURI accounts.
They must certify that the amount of the aid will be used to compensate the economic losses due to the interruption of operations caused by the COVID-19 emergency or for related allowed necessary expenses, as established in the Guidelines for the Program of Assistance to PyMES.
All business owners requesting financial aid must submit a copy of Form 941-PR and Form for the Employer's Quarterly Federal Declaration for the quarter that ended on March 31, 2020, along with evidence that they filed it to the Internal Revenue Service (IRS).
In the cases of PyMES that have not submitted the Quarterly Return for the quarter that ended on March 31, 2020, the agency will use the information provided in the Quarterly Return for the quarter ended on December 31, 2019, to determine their eligibility for the aid, based on the number of employees reported in said return.
Business owners must also provide their bank account information to receive the payment via direct deposit.