Francisco Parés Alicea

Puerto Rico Treasury Secretary Francisco Parés Alicea

Puerto Rico Treasury Secretary Francisco Parés Alicea announced that the local Treasury Department (Hacienda) already submitted the draft to distribute the $1,400 economic stimulus before the Internal Revenue Service (IRS).

Parés reported the move a few minutes after President Joe Biden signed the $1.9 billion aid package, which includes sending the $1,400 to a large part of the citizens affected by the coronavirus pandemic.

"The new federal economic stimulus package having become law, and before the call for a sense of urgency by Governor Pedro Pierluisi, we have already submitted to the IRS the draft of the Distribution Plan of the $1,400 aid program," Parés informed.

The injection to the local economy would amount to $3.5 billion, according to Parés.

This morning, the incumbent said the agency was waiting for the signature of the measure to send the draft to the IRS. "This typically goes through an IRS and Treasury evaluation, so we want to fill out this draft immediately once the president signs it," he said in a radio interview.

Originally, Biden was going to sign the document on Friday, but he signed it today as he gave a speech to the nation.

The package extends until the beginning of September the time in which unemployed individuals can receive a subsidy of $300 per week. In addition, it includes expanded tax credits for children, child care and family leave, as well as subsidies for landlords, food programs, and utility bills.

This is the third rescue plan approved in the United States since the pandemic began a year ago. The first package included checks for $1,200. The second round of aid included checks for $600, which were disbursed on the island last January.

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