October 18, 2022
Corporate Compliance
Notification from the State Department
On September 18, 2022, Hurricane Fiona hit Puerto Rico causing serious damage to a large portion of our population. The aftermath of Fiona represents an additional challenge to our citizens, entrepreneurs and entities that conduct business in the Island. The U.S. Small Business Administration (“SBA”) provides low-interest loans for businesses of all sizes, including private non-profit organizations with damage caused by the passage of the Hurricane Fiona.
"As Secretary of State, it is of the utmost importance for me to share any available economic assistance programs and opportunities with the business community of Puerto Rico. To that effect, I would like to notify that the U.S. Small Business Administration (“SBA”) provides low-interest loans for businesses of all sizes, including private non-profit organizations with damage caused by the passage of the Hurricane Fiona. The loans offered by the SBA and their terms are the following:
Business Physical Disaster Loans: Businesses can apply for up to 2 million dollars ($2mm) to repair or replace disaster-damaged or destroyed real estate property (machinery, structure, inventory, etc.).
Economic Injury Disaster Loans (EIDLs): Businesses can apply for up to $2 million ($2mm) in economic loss and the funds can be used for working capital (payroll, operating expenses, etc.)."
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"As Secretary of State, it is of the utmost importance for me to share any available economic assistance programs and opportunities with the business community of Puerto Rico. To that effect, I would like to notify that the U.S. Small Business Administration (“SBA”) provides low-interest loans for businesses of all sizes, including private non-profit organizations with damage caused by the passage of the Hurricane Fiona. The loans offered by the SBA and their terms are the following:
Business Physical Disaster Loans: Businesses can apply for up to 2 million dollars ($2mm) to repair or replace disaster-damaged or destroyed real estate property (machinery, structure, inventory, etc.).
Economic Injury Disaster Loans (EIDLs): Businesses can apply for up to $2 million ($2mm) in economic loss and the funds can be used for working capital (payroll, operating expenses, etc.)."
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